OKLAHOMA CITY (AP) — The Oklahoma House has approved a measure to increase the gross production tax on oil and gas to 7 percent for some wells after defeating a proposal to impose the maximum 7 percent rate on all wells.
Oklahoma House Raises Oil and Gas Production Tax on Some Wells
11/2/2017
The House approved the measure Wednesday on a 64-31 vote. The Republican-controlled chamber tabled attempts by Democrats to raise the gross production tax for all wells as high as 7 percent. The House also defeated a Democratic proposal to raise the rate to 4 percent for all wells currently taxed at less than 4 percent.
State lawmakers are in the sixth week of a special legislative session to fill a $215 million the budget shortfall and look for long-term solutions to chronic shortfalls that have forced deep cuts to state agencies and services.
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Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
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