PDC Energy (PDCE) Update - May 23
Posted: Thu May 23, 2019 8:45 am
The futures of PDC Energy and SRC Energy are highly dependent on how strict the new Senete Bill 181 will be. My guess is that Weld County and the other local governments in the DJ Basin know how important the oil & gas industry is to there economies.
NGI: Colorado to continue permitting oil, gas projects as rules implemented
The new nine-member Colorado Oil and Gas Conservation Commission (COGCC) on Tuesday listened to mixed public testimony on its future oversight and voted unanimously to continue issuing drilling permits while it implements state Senate Bill (SB) 181. COGCC Executive Director Jeff Robbins said at the time the final criteria provide discretion that will remain in effect until all the rulemakings are completed. Department of Natural Resources Executive Director Dan Gibbs told the COGCC that the legislature did not intend for a drilling permits moratorium while regulatory rules are carved out to support SB 181. Commissioners certainly have their work cut out for them over the next 13 months as they undergo several rulemakings to comply with SB 181," said Colorado Oil and Gas Association (COGA) CEO Dan Haley. Members intend to be active participants in the rulemaking process, he said. Calls for a permitting moratorium during the implementation process of SB 181 are "absurd and completely unnecessary,” Haley said.
Colorado Springs Independent: Colorado gives local governments controversial powers to regulate oil and gas industry
Now that Governor Polis has signed SB 19-181 into law, Colorado has instead given local governments new tools to stop potentially harmful oil and gas activities. The bill was controversial from the start, as the oil and gas industry has a $31 billion annual economic impact on the state. In addition, the bill directs the state's air quality commission to review its air quality testing rules. It also restores local county's ability to regular noise pollution caused by oil and gas production, which used to be exempt from these rules. While the bill probably isn't perfect by any stretch of the imagination, even those in Colorado's oil and gas industry admit that many lawmakers put a lot of hard work in to ensure that they took industry input into account. The Colorado Oil and Gas Association noted, "While we appreciated and supported a few critical amendments that were added to address some of our concerns and that provide a degree of certainty for our member companies, we still oppose the legislation... We are committed to being an engaged stakeholder and constructively working with the governor’s administration to try and get it right."
NGI: Colorado to continue permitting oil, gas projects as rules implemented
The new nine-member Colorado Oil and Gas Conservation Commission (COGCC) on Tuesday listened to mixed public testimony on its future oversight and voted unanimously to continue issuing drilling permits while it implements state Senate Bill (SB) 181. COGCC Executive Director Jeff Robbins said at the time the final criteria provide discretion that will remain in effect until all the rulemakings are completed. Department of Natural Resources Executive Director Dan Gibbs told the COGCC that the legislature did not intend for a drilling permits moratorium while regulatory rules are carved out to support SB 181. Commissioners certainly have their work cut out for them over the next 13 months as they undergo several rulemakings to comply with SB 181," said Colorado Oil and Gas Association (COGA) CEO Dan Haley. Members intend to be active participants in the rulemaking process, he said. Calls for a permitting moratorium during the implementation process of SB 181 are "absurd and completely unnecessary,” Haley said.
Colorado Springs Independent: Colorado gives local governments controversial powers to regulate oil and gas industry
Now that Governor Polis has signed SB 19-181 into law, Colorado has instead given local governments new tools to stop potentially harmful oil and gas activities. The bill was controversial from the start, as the oil and gas industry has a $31 billion annual economic impact on the state. In addition, the bill directs the state's air quality commission to review its air quality testing rules. It also restores local county's ability to regular noise pollution caused by oil and gas production, which used to be exempt from these rules. While the bill probably isn't perfect by any stretch of the imagination, even those in Colorado's oil and gas industry admit that many lawmakers put a lot of hard work in to ensure that they took industry input into account. The Colorado Oil and Gas Association noted, "While we appreciated and supported a few critical amendments that were added to address some of our concerns and that provide a degree of certainty for our member companies, we still oppose the legislation... We are committed to being an engaged stakeholder and constructively working with the governor’s administration to try and get it right."