NY Budget Hearing Draws Fracking Opponents as Feb. Deadline Approaches

New York's Department of Environmental Conservation Commissioner Joe Martens met with state lawmakers for a budget hearing, which turned into a three-hour hydraulic fracturing discussion. The commissioner suggested Monday that the state may miss a Feb. 27 deadline to complete its proposed fracking regulations, further delaying the four-year review process.

If the Health Department recommends significant changes, the DEC process will be delayed by months. And if not finalized by the February deadline, DEC's proposed rules expire and would have to be reissued and subjected to another round of public comment.

At the hearing, Martens told legislators that there isn't a timetable for the Supplemental Generic Environmental Impact Statement's (SGEIS) environmental review of fracking, reported the Albany Times Union. Martens said that DEC is still waiting for the Department of Health to finalize its public health review.

"Everybody was under the understanding that the SGEIS would be done in February. So are you saying that is not happening?" Senator Tony Avella (Queens Democrat) asked Martens at the hearing.

"I have to wait until I get the health report until we make any decisions about whether we move forward or not," Martens replied.

The room that housed the hearing was filled with fracking opponents holding signs and openly commenting to Martens testimony, as well as politicians that have long opposed the drilling technique.

Assemblywoman Barbara Lifton, from Ithaca, stated, "people are extremely unsusceptible, to say the least, about the ability of New York state or any other state … that this industry can be adequately regulated … It is in fact dirty – it isn't a clean fuel. New York shouldn't be another guinea pig."

With more than 10 years of journalism experience, Robin Dupre specializes in the offshore sector of the oil and gas industry. Email Robin at rdupre@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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NY Budget Hearing Draws Fracking Opponents as Feb. Deadline Approaches

New York's Department of Environmental Conservation Commissioner Joe Martens met with state lawmakers for a budget hearing, which turned into a three-hour hydraulic fracturing discussion. The commissioner suggested Monday that the state may miss a Feb. 27 deadline to complete its proposed fracking regulations, further delaying the four-year review process.

If the Health Department recommends significant changes, the DEC process will be delayed by months. And if not finalized by the February deadline, DEC's proposed rules expire and would have to be reissued and subjected to another round of public comment.

At the hearing, Martens told legislators that there isn't a timetable for the Supplemental Generic Environmental Impact Statement's (SGEIS) environmental review of fracking, reported the Albany Times Union. Martens said that DEC is still waiting for the Department of Health to finalize its public health review.

"Everybody was under the understanding that the SGEIS would be done in February. So are you saying that is not happening?" Senator Tony Avella (Queens Democrat) asked Martens at the hearing.

"I have to wait until I get the health report until we make any decisions about whether we move forward or not," Martens replied.

The room that housed the hearing was filled with fracking opponents holding signs and openly commenting to Martens testimony, as well as politicians that have long opposed the drilling technique.

Assemblywoman Barbara Lifton, from Ithaca, stated, "people are extremely unsusceptible, to say the least, about the ability of New York state or any other state … that this industry can be adequately regulated … It is in fact dirty – it isn't a clean fuel. New York shouldn't be another guinea pig."

With more than 10 years of journalism experience, Robin Dupre specializes in the offshore sector of the oil and gas industry. Email Robin at rdupre@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Deadline Extended for CNOOC Takeover of Nexen

Canada's Nexen and China National Offshore Oil Corporation (CNOOC) have mutually agreed to extend the closing date of CNOOC’s $15.1 billion takeover of the Canadian oil and gas producer by 30 days to March 2, 2013, CNOOC confirmed Monday in a disclosure.

Nexen revealed the same in a statement released Sunday, adding that it would also postpone the release of its 2012 fourth quarter financial results. Nexen did not specify a date for the release of its results.

"Completion of the Agreement remains subject to the receipt of the United States regulatory approval and the satisfaction and waiver of other customary closing conditions. Key regulatory approvals have been received from Canada, the United Kingdom, the European Union and the People’s Republic of China," Nexen said in its issued statement.

In December last year, Canada approved CNOOC's proposed acquisition of Nexen, clearing a major hurdle for the Beijing-based energy giant in completing what would be China's biggest ever foreign acquisition. It is also the most ambitious bid by a foreign government-owned entity so far to enter North America's booming energy industry.

CNOOC and Nexen were already partners in developing Canada's oil sands. The Chinese company acquired Nexen's bankrupt partner, OPTI Canada Inc., which was involved in the Long Lake oil sands project, in 2011. CNOOC launched its all-cash bid for Nexen on July 23, offering $27.50 a share, or a premium of over 60 percent versus the share price on the last trading day before the two companies announced their proposed transaction.

As part of the acquisition, CNOOC will make Calgary the head office of its North and Central American operations. This office will oversee the operation and growth of Nexen's assets in North and South America, Europe and West Africa and CNOOC 's portfolio in Canada, the United States and Central America.

CNOOC plans to retain Nexen's current management team and employees, and intends to list its common shares on the Toronto Stock Exchange.

For CNOOC, the Nexen deal comes seven years after the Chinese company's 2005 failure to acquire Unocal Corp. for $18.5 billion.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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