New Increased Severance Tax Proposal for Ohio Has Industry Support

By -
From The Columbus Dispatch:
House Republican leaders proposed an increase in the tax on oil and gas drilling in Ohio yesterday, months after rejecting a more robust proposal from Gov. John Kasich.
The bill includes an increase in the “severance” tax on drilling but at a lower rate than what Kasich proposed. Some of the increased tax is offset by a new commercial-activities tax exemption and income-tax credit for those paying the new tax. In all, Rep. Matt Huffman, R-Lima, the bill’s sponsor, said the bill is estimated to raise $1.7 billion over 10 years.
Kasich’s proposal, which he made as part of his two-year budget before legislative Republicans stripped it out, would have raised about $2.8 billion.
Read the whole article here.

And here is the statement from the Ohio Oil and Gas Association about the proposal:



Connect with us on Facebook and Twitter!

Popular posts from this blog

Do You Know The History of Fracking?

By -
Image
  In 2018, 59% of total oil production in the U.S came from hydraulic fracking, which means it accounted for more than two-thirds of domestically manufactured gas. By 2024, fracking will reach an astounding $68 billion market value! Of course, fracking is not a new drilling method as you can trace it back hundreds of years. That's why we want to consider the history of hydraulic fracturing (fracking). We will be stating historical facts about it and focusing on the major historical occurrences that have influenced modern-day fracking. Pre-Fracking Days The idea of fracking started back in 1862 when Edward A.L. Roberts (Civil War veteran) witnessed Confederate soldiers exploding artillery rounds into a canal that obstructed a battlefield. At the time, Edward A.L. Roberts called it superincumbent fluid tamping. On April 26th, 1865, Edward A.L. Roberts began experimenting with exploding torpedoes, which consisted of lowering a torpedo containing an amount of powder from fifteen to tw...
Read more

Pennsylvania Operator To Acquire Three Natural Gas Producers

By -
Image
  Last week, American Energy Partners Inc. stated its plans to acquire three oil and natural gas producers. The deal is valued at almost $11 million and includes companies in western Pennsylvania and West Virginia. American Energy Partners said it would obtain all of the stock and units of the three undisclosed companies. CEO Brad Domitrovitsch says: “ This transaction furthers our commitment to acquiring steady cash-flowing businesses while enhancing our ability to develop alternative green energy opportunities with the vast amount of acreage included in the package.”  The sale involves 467 wells currently yielding 1.25 Bcfe/d and midstream assets spread over 695 acres (includes 100% owned surface and mineral rights). Additionally, there are no drilling commitments or obligations for the properties. American Energy controls several subsidiaries, including:  Oilfield Basics LLC Hickman Geological Consulting LLC American Energy Solutions LLC Hydration Company of PA Gilbert...
Read more

Equinor Finalizes Sale of Bakken Shale Assets

By -
Image
  Equinor, a Norwegian-owned petroleum company, has finally completed the sale of their onshore assets in the Bakken Shale. Their decision to sell their assets comes after a decade of multibillion-dollar losses and criticism for their bad investment choices. Equinor has sold all its operated and non-operated acreage (along with their midstream assets) in the Bakken region in North Dakota and Montana to Grayson Mill Energy for a total of $900 million.  They will continue to operate their assets for the coming four months, after which they'll hand over all of the operations to Grayson Mill Energy. Despite this significant change of ownership, Grayson Mill Energy has stated that nearly all field staff and many of those in the maintenance teams currently on the Bakken assets will remain after the transition.  What do we know about the Equinor Bakken Shale assets?  Equinor Bakken Shale Asset The Bakken region has dramatically evolved during the last decade's shale boom an...
Read more