Recent Louisiana Energy Legislation

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Presentation transcript:

Recent Louisiana Energy Legislation Marjorie McKeithen (504) 582-8420 mmckeithen@joneswalker.com

Thanks to Sarah Brehm

General Policy HCR 93: Establishes the Louisiana Climate Change Policy Commission for evaluating the policy considerations, goals, or objectives relevant to the implementation of a comprehensive policy for the state for climate change (filed) HR 104: Requests the House Committee on Commerce to study the development of a green energy policy within the state of Louisiana (filed) HR 38: Urges and requests the Department of Economic Development and the Department of Natural Resources to promote an alternative energy supply (filed) HB 624: Encourages collection and use of waste fats, oils, and grease in manufacturing of biodiesel (Act 217)

Taxes (passed) HB 110: Increases the individual and corporate income tax credit for the purchase of new clean-burning motor vehicles & cost to retrofit (Act 469, effective for expenditures after 1/1/09) SB 10: Provides exception to severance taxes on production within qualified CO2 tertiary recovery projects after payout (Act 450) HB 765: Increases the maximum amount of severance tax collected on natural resources other than sulphur, lignite, and timber – helps local government budgets (will be voted on during upcoming election)

Taxes (passed) HB 733: Authorizes tax credit for certain green job industries (Act 520) HB 858: Expands eligibility for wind and solar energy system tax credits for taxpayers who purchase and install systems on residential properties they do not own (Act 467) SB 224: Authorizes creation of sustainable energy financing districts by local governmental subdivisions (Act 348)

Taxes (failed) HB 824: Would have repealed certain natural gas tax credits (never heard in committee) HB 683: Would have provided royalty payment offset equal to proportionate amount of ad valorem tax paid for deep oil and gas drilling and production (deferred in Senate committee)

Environmental & Permitting HB 159: Creates a drilling permit valid for one year with a fee of twice the six-month permit fee (Act 126) HCR 38: Asks Congress to take such actions as are necessary to preserve and maintain the exemption from the Safe Drinking Water Act for hydraulic fracturing (filed) HB 829: Transfers supervision of ground water resources and water well drillers from DOTD to DNR (Act 437)

“Green” Oil Bills HB 661 (“La. Geologic Sequestration of Carbon Dioxide Act”): Creates a comprehensive statewide program which provides for incentives and regulation of the use of carbon dioxide for enhanced oil recovery (Act 517) SB 10: Provides an exception to the imposition of severance taxes due on production which would otherwise be due once payout has been achieved for production within a qualified carbon dioxide tertiary recovery project which is permitted on/after July 1, 2009 (Act 450)

“Green” Oil Recovery There are significant oil resources (“stranded oil”) in the U.S. amenable to recovery through enhanced oil recovery techniques using CO2 Total of 400 billion barrels of stranded oil in the U.S., of which about 87 billion barrels are technically recoverable Total of around 14 billion barrels onshore and offshore Louisiana, of which about 7.7 billion barrels are technically recoverable