ATPG et al get the nod to rsume

[k1f]

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BOEMRE Provides Additional Clarity for Certain Activities Suspended under the Deepwater Moratorium
Issues Notice to 13 Companies

WASHINGTON – The Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) today notified 13 companies whose deepwater drilling activities were suspended by last year’s deepwater drilling moratorium that they may be able to resume those previously-approved activities without the need to submit revised exploration or development plans for supplemental National Environmental Policy Act (NEPA) reviews. Before resuming those activities without additional NEPA review, however, the companies must comply with BOEMRE’s new policies and regulations.

“Going forward, we are substantially enhancing our environmental reviews and analysis under NEPA,” said BOEMRE Director Michael R. Bromwich. “But as we move forward, we are taking into account the special circumstances of those companies whose operations were interrupted by the moratorium and ensuring that they are able to resume previously-approved activities. For those companies that were in the midst of operations at the time of the deepwater suspensions, today’s notification is a significant step toward resuming their permitted activity.”

Today’s notice lays out the steps these companies must take for previously-approved operations to restart. This includes compliance with new regulations and information requirements in Notices to Lessees (NTL) N06 and N10, and the Interim Final Safety Rule.

These operators will not be required to revise a previously submitted Exploration Plan or Development Operations Coordination Document (DOCD) if the worst-case discharge estimated for the project, as calculated pursuant to NTL-N06, is less than the worst-case discharge estimate included by the company in its Oil Spill Response Plan. However, if the worst-case discharge exceeds the Oil Spill Response Plan, further reviews will be conducted.

As described in guidance issued by BOEMRE on December 13, 2010, new exploration and development drilling operations must be conducted under new or revised plans subject to appropriate NEPA analysis (http://www.boemre.gov/ooc/press/2010/press1213.htm).

The 13 companies that received today’s notice are: ATP Oil & Gas Corp., BHP Billiton Petroleum (GOM) Inc., Chevron USA Inc., Cobalt International Energy, ENI U.S. Operating Company Inc., Hess Corp., Kerr-McGee Oil & Gas Corp., Marathon Oil Company, Murphy Exploration & Production Company – USA, Noble Energy Inc., Shell Offshore Inc., Statoil USA E & P Inc., and Walter Oil & Gas Corp.

For more information on the new regulations, go to: http://www.gomr.boemre.gov/homepg/offsh ... rmits.html

[setliff]

this is one dow jones reporters take-----

US Officials Try To Clear Path For Oil Companies To Resume Drilling 01/03 03:00 PM

WASHINGTON (Dow Jones)--U.S. offshore-drilling regulators are trying to clear a path for 13 oil and gas companies to resume drilling in the Gulf of Mexico after the Obama administration suspended their projects following the Deepwater Horizon oil spill.
Amid mounting criticism over the pace of drilling activity in the Gulf, the U.S. Interior Department said Monday these 13 companies could resume their deepwater drilling projects without undergoing additional environmental reviews.
In December, the Interior Department said it would conduct additional reviews for companies submitting new plans or seeking new permits on previously approved plans.
Monday's announcement doesn't represent a shift in policy, but provides a clarification on existing procedures for companies that were already drilling new wells when the moratorium was put in place, a department spokesman said.
By eliminating the need for extra reviews under the National Environmental Policy Act, the department is trying to pave the way for the companies to get back to work, said Michael Bromwich, director of the department's Bureau of Ocean Energy, Management, Regulation and Enforcement.
"For those companies that were in the midst of operations at the time of the deepwater suspensions, today's notification is a significant step toward resuming their permitted activity," Bromwich said in a statement.
The companies, which include ATP Oil & Gas Corp. (ATPG:$16.92,00$0.18,001.08%) , Chevron USA Inc., Noble Energy Inc. (NBL:$84.8100,$-1.2700,-1.48%) and Shell Offshore Inc., will still have to comply with new safety regulations before they revive their deepwater drilling projects.
The Obama administration imposed a moratorium on deepwater drilling in the weeks after the Deepwater Horizon oil spill. Government officials said they wanted to ensure the safety of other drilling projects in the area.
The administration lifted the moratorium in October, but lawmakers and energy companies are now criticizing the speed at which the Interior Department is approving projects in both shallow and deep waters of the Gulf.
-By Tennille Tracy, Dow Jones Newswires; 202-862-6619; tennille.tracy@ dowjones.com

[dan_s]

ATPG is still on our Watch List. First Call current forecasting $7.00 CFPS in 2011.

[adamlloyd]

But does anyone understand how significant this really is? Or is it just more doubletalk from the administration? There still seem to be plenty of hurdles for ATPG to overcome. I look forward to a news release from the company which might put it all in perspective.

Adam

[setliff]

adam, i agree. i feel like that it might be another carrot being thrown out there to defuse the issues. time will tell.

[adamlloyd]

I talked to someone from the company's investor relations department a few minutes ago. He said that the company was closed yesterday, so they only started looking into the situation today. He wouldn't commit on when they would make a formal announcement, but said that they are presenting at some conference tomorrow (I couldn't find any reference to that on their web site). He acknowledged that they would have to address the issue then, either in their presentation or in response to the inevitable questions. As to the significance (I asked if it was time to open a bottle of champagne), all he would say is that "it's not bad news". With luck we'll find out more tomorrow, and at least the market's response today was positive.

Adam

[adamlloyd]

Very little new from the ATPG presentation at the Pritchard conference. Al Reese confirmed that Telemark was not on the approved list. He "expects" that the company will get two permits for Telemark and two for Gomez in 2011, one in the first quarter. But nothing is certain.

Adam

[dan_s]

ATPG is a very risky investment. Just too much debt.

I still hold some Jan, 2012 calls but not reall hopeful.