American Oil and Gas Reporter - January 2016 - 19

obligation to limit the rule's costs and
anti-competitive harm, API says. The
U.S. District Court for the District of
Columbia supported the industry, which
testified it was working with civil
society groups and the Obama
administration to implement the
Extractive Industries Transparency
Initiative, which they contended would
increase transparency without harming
competitiveness.
Another federal court ordered SEC
in September 2015 to promulgate final
resource extraction rules. Under that
order, the SEC says, it is proposing
rules that would create a new disclosure
regime for payments made to a
government by oil, gas and mining
companies to rights to develop a
country's natural resources.
Companies would be required to
disclose payments made to the U.S. or
foreign governments if the company is
required to file annual reports with the
SEC under the Securities Exchange Act,
the commission says. Companies also
would be required to disclose payments
made by a subsidy or entity it controls.
The rule also would require
companies involved in resource
extraction to disclose payments made to
further commercial development of
those resources.
The SEC rule applies only to U.S.
firms, placing them at a competitive
disadvantage against national oil
companies not subject to the rule,
argues Stephen Comstock, API director
of tax and accounting policy.
"Not only could the rule hurt
millions of Americans who own shares
in oil and natural gas companies, it also
could cost jobs and damage America's
energy security by making it more
difficult for U.S. firms to gain access to
resources abroad," Comstock says.
Under the rule, API points out,
companies would have to reveal
extensive data about how much they
paid in licenses, taxes, royalties and
other fees, while government-owned
companies would escape such
requirements.
The Independent Petroleum
Association of America says it will be
filing comments on the proposed rule.
The SEC will accept comments on the
proposed rule through Jan. 25. The
proposed rule can be accessed through
http://www.sec.gov/news/pressrelease/2
015-277.html. ❒

Coming In February
Special Report:
Enhanced Production

Texas Alliance Merges
With Energy Association
WICHITA FALLS, TX.-The Texas
Alliance of Energy Producers and
National Energy Services Association
have agreed to merge.
NESA, a nonprofit organization based
in Houston, draws members from the
natural gas and crude oil exploration and
production sector, as well as from field
services, marketing, midstream services,
electricity generation and financial
companies. Its stated mission is to
provide education and industry
networking through seminars, workshops
and technical training sessions.
Established more than 50 years ago,
NESA says it has operated under the
names of the National Gas
Transportation Association, Houston
Energy Association, and the Natural
Gas and Electric Power Society.
The Alliance was formed in 2000
with the merger of the North Texas Oil
& Gas Association and the West Central
Texas Oil & Gas Association. It has
more than 3,300 members in 34 states.
"The memberships of both
organizations are very complementary.
Both organizations believe that this move
will be most beneficial for the members
of NESA and the Alliance," says NESA
Chairwoman Theresa Branney.
Alliance Chairman George Rogers
says the unification means that NESA's
746 members immediately receive the full
benefit of Alliance membership, including
receiving all publications, meeting
notices, discounts on Alliance-endorsed
affinity and educational programs, and
eligibility to serve on the association's
Board of Directors and committees.
The Alliance says it will establish an
energy service section to ensure the
needs of its membership are met. ❒

EPA Sets Higher Levels
For Biofuels Production
WASHINGTON-The U.S.
Environmental Protection Agency says
the Renewable Fuel Standard volume
requirements it issued in November
finalize higher levels than its June
proposal. The agency predicts the
higher levels will boost renewable fuel
production and provide support to grow
the biofuels industry.
The agency announcement included
final biofuel volume requirements for
2014, 2015 and 2016, and final volume
requirements for biomass-based diesel
for 2014-17.
The RFS, established by Congress,

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JANUARY 2016 19
http://www.aogr.com http://www.sec.gov/news/pressrelease/2015-277.html http://www.sec.gov/news/pressrelease/2015-277.html http://www.aogr.com
American Oil and Gas Reporter - January 2016

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