Sunday, February 5, 2023
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA
Oil Market News Today
Advertisement
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
Oil Market News Today
No Result
View All Result
Home oil & gas

Colorado scales back proposed fee hike on oil, gas industry after estimates

July 28, 2020
in oil & gas
Colorado scales back proposed fee hike on oil, gas industry after estimates
Share on FacebookShare on Twitter


Latest Oil MArket NewsPosts

UK: Oil and Gas Production Efficiency Hits 80% Three Years ahead of Target

Alberta overhauls system to clean up old oil and gas wells, with 90,000

Alberta overhauls system to clean up old oil and gas wells, with 90,000

The Colorado Oil and Gas Conservation Commission is scaling back a proposed mill levy increase on oil and gas companies after revising its projections of commodity prices and production upward.

The COGCC said Friday that it will consider raising the levy to 1.5 mills from 1.1 mills. The original proposal was an increase to 1.7 mills, the maximum allowed.

The increase, which will be considered in an Aug. 4 hearing, will help cover an anticipated budget shortfall, regulators said. Revenue from the levy has fallen as oil and gas prices and production have slumped.

Raising the levy to 1.5 mills will generate nearly $16 million in the 2020-21 fiscal year, the COGCC said. The agency estimates that companies will pay an additional $3.4 million.

The mill levy, last raised in 2018, is assessed on the market value of oil and gas sold in Colorado. The revenue covers about two-thirds of the COGCC’s budget.

“The refined Mill Levy rate request, along with reducing COGCC expenditures, ensures COGCC can continue to provide services that are protective of public health, safety, welfare, wildlife resources and the environment,” agency director Julie Murphy said in an email.

The COGCC said as the mill levy revenue decreased because of declines in the industry, the agency tapped its reserves for a total of $4.2 million in the fiscal year that ended June 30. Even before the pandemic triggered a drastic plunge in demand, oil and gas companies were struggling because of heavy debt, a glut of oil and a price war by Saudi Arabia and Russia.

Projections showed that costs would again outpace revenue this fiscal year, according to the COGCC. However, updated estimates show that oil and gas prices and production aren’t expected to be as low as first thought, Murphy said.

The COGCC staff predicts that oil production will total roughly 40.5 million barrels from July through September, compared to about 49 million barrels for the same period in 2019.

In written comments to the COGCC, industry associations said the costs of a higher mill levy could further dampen companies’ production. They suggested a smaller increase and then a reduction when prices and production pick up.

The COGCC said raising the mill levy, which functions like a fee, shouldn’t run afoul of the Taxpayer Bill of Rights, a constitutional amendment that, among other things, limits tax increases.



Read More: Colorado scales back proposed fee hike on oil, gas industry after estimates

Tags: ColoradoestimatesfeeGashikeIndustryoilproposedscales

Related Posts

UK: Oil and Gas Production Efficiency Hits 80% Three Years ahead of Target
oil & gas

UK: Oil and Gas Production Efficiency Hits 80% Three Years ahead of Target

by Oil Market
July 31, 2020
0

Production efficiency on the UK Continental Shelf (UKCS) has improved for the seventh consecutive year and for 2019 reached...

Read more
Alberta overhauls system to clean up old oil and gas wells, with 90,000
oil & gas

Alberta overhauls system to clean up old oil and gas wells, with 90,000

by Oil Market
July 30, 2020
0

The Alberta government is revamping how it regulates oil and gas producers in an attempt to start addressing the...

Read more
Alberta overhauls system to clean up old oil and gas wells, with 90,000
oil & gas

Alberta overhauls system to clean up old oil and gas wells, with 90,000

by Oil Market
July 30, 2020
0

The Alberta government is revamping how it regulates oil and gas producers in an attempt to start addressing the...

Read more
UK Government ‘looking at’ oil and gas sector deal, Michael Gove says –
oil & gas

UK Government ‘looking at’ oil and gas sector deal, Michael Gove says –

by Oil Market
July 29, 2020
0

Michael Gove has reiterated the UK Government’s consideration of a north-east oil and gas sector deal and confirmed he...

Read more
Environmental law group seeks to stop Alberta inquiry into oil and gas
oil & gas

Environmental law group seeks to stop Alberta inquiry into oil and gas

by Oil Market
July 28, 2020
0

EDMONTON -- An environmental law group wants a court to suspend the Alberta government's inquiry into oil and gas...

Read more
Hurricane tackling production issues at Lancaster – News for the Oil and
oil & gas

Hurricane tackling production issues at Lancaster – News for the Oil and

by Oil Market
July 27, 2020
0

Hurricane Energy has managed to boost production from its Lancaster field, west of Shetland, using new equipment. The London-listed...

Read more
Next Post
Environmental law group seeks to stop Alberta inquiry into oil and gas

Environmental law group seeks to stop Alberta inquiry into oil and gas

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Today Oil Markets

It could be longer than a year for oil industry to recover from pandemic,

It could be longer than a year for oil industry to recover from pandemic,

3 years ago
Sandalwood Oil Market 2020 | Covid19 Impact Analysis | Business Outlook,

Sandalwood Oil Market 2020 | Covid19 Impact Analysis | Business Outlook,

3 years ago

Storage bottlenecks: BPC defers oil cargoes in July

3 years ago
Altrad to Assist with Tolmount Platform Hook-Up

Altrad to Assist with Tolmount Platform Hook-Up

3 years ago
Thai proposes oil and gas executive as additional rehab planner

Thai proposes oil and gas executive as additional rehab planner

3 years ago
Counties oppose activists’ efforts to intervene in oil, gas rules suit

Counties oppose activists’ efforts to intervene in oil, gas rules suit

3 years ago

Oil Market

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Construction of Dangote oil refinery Africa’s largest nears completion

Construction of Dangote oil refinery Africa’s largest nears completion

July 31, 2020

Russia Oil Market

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

July 29, 2020
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

July 28, 2020

Europe Oil Market

Oil rises further from 3-week lows, but headwinds loom amid pandemic

Oil rises further from 3-week lows, but headwinds loom amid pandemic

July 31, 2020
Shell posts $18billion loss in second quarter – News for the Oil and Gas

Shell posts $18billion loss in second quarter – News for the Oil and Gas

July 30, 2020
Path to net zero: European oil majors outpace US companies on climate goals

Path to net zero: European oil majors outpace US companies on climate goals

July 29, 2020
Oil price holds near four-month high amid bearish signals – News for the

Oil price holds near four-month high amid bearish signals – News for the

July 28, 2020
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 MarketFor Oil.com

No Result
View All Result
  • Home
  • Market
    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas

© 2020 MarketFor Oil.com