Home > News
   Work Related Information
  • Total Enters US Unconventional Gas Business

  • Vietnam Opens Up Oil Sector To More Firms

  • Woodside Loses PetroChina Deal On Browse Gas

  • No Cakewalk for Oilfield Services Firms

  • California Nixes PXP's Offshore Tranquillon Ridge Project PLains Exploration & Production Co.

  • Schlumberger Reviews Int'l Oilfield Services Results for 2Q

  • Pacific Energy to Sell Key Alaska Oil, Gas Assets for $8.1MM

  • Weatherford to Continue Cutbacks

  • Oil Stays Above $65, Natural Gas Continues to Rise

  • Crude Steadies Above $63 as Equities Soar

  • Crude Oil
    symbol
    last price$
    change
    open
    high
    low
    Natural Gas
    symbol
    last price$
    change
    open
    high
    low
    CAD to USD
    symbol
    last price$
    change
    open
    high
    low
    Gold
    symbol
    last price$
    change
    open
    high
    low
    (News) Posted by Jordie Puchinger on July 27 1:54pm

    Plains Exploration & Production Company ("PXP") has announced an update on its Tranquillon Ridge (T-Ridge) project.

    California Nixes PXP's Offshore Tranquillon Ridge Project Plains Exploration & Production Co. | Monday, July 27, 2009

    Plains Exploration & Production Company ("PXP") has announced an update on its Tranquillon Ridge (T-Ridge) project.

    On July 24, 2009, despite support of California Governor Schwarzenegger and bipartisan approval by the California State Senate, the California State Assembly failed to approve legislation authorizing a path forward for PXP's T-Ridge project. Support for T-Ridge has come from Santa Barbara County, the California State Senate, the Governor and a large environmental coalition, including the Environmental Defense Center, Trust for Public Land, and "Get Oil Out", as well as firefighters and peace officers throughout the state. More than two dozen environmental groups have urged approval for T-Ridge because of the significant merits of the project. The T-Ridge project utilizes an existing platform and facilities operating off the Santa Barbara coast to access oil and gas reserves currently drained by PXP and upon project approval will include a steady new revenue stream to the state of California, as well as a range of significant environmental protections and offsets listed below:

    • Donation of nearly 4,000 acres of PXP coastal land for permanent conservation.
    • Termination of PXP's existing oil and gas production operations offshore California in 14 years, and removal of all related onshore processing facilities at the end of the project, instead of the company's current 30+ year production/drilling program.
    • Mitigation of the project's greenhouse gas emissions.

    Economically, to the people of California, the project would provide a $100 million advance to the California General Fund this budget year and as much as $4 billion in royalty revenue over the life of the project.

    "The T-Ridge project is a unique opportunity for California and PXP to significantly accelerate the end of oil production and drilling operations offshore, for California to receive tremendous initial value and offsets in the form of large land donations and alternative energy support, and for California to receive a several billion dollar revenue stream to help bridge the current fiscal crisis. PXP is committed to continue working with California's elected and appointed leaders on a potential agreement for the T-Ridge project to build on the momentum generated by the Administration's and Senate's bipartisan support," commented Mr. Steve Rusch, Vice President Environmental, Health, & Safety and Government Affairs of PXP.

    The T-Ridge project continues to maintain strong support and has benefited from the attention it received during the recent high profile budget debate. PXP intends to continue pushing for the project based on its merits to the state of California and address any misconceptions that groups may have regarding the project.


    There are currently no comments for this thread



    Leave a Comment
    You're not logged in
    Full Name*
    E-Mail
    Company


     
    Partner Sites: Diablo Oilfield Equipment Inc | NOVA (National Oilwell Varco Agency) | Warthog Tubulars | Taber Pipe | Caliper Inspection Bookmark and Share
    © 2009 Oilfield Anything Incorporated. All rights reserved. Use of this Web site constitutes acceptance of the Oilfield Anything Incorporated User Agreement and Privacy Policy.
    Live Chat