November’s midterm elections provided an outline for where the country is headed politically for the next two years and the results are largely positive for the oil and gas industry. Scott Segal, founding partner at Bracewell & Guiliani, said the results, which saw the Republican Party take control of the U.S. Senate while maintaining control of the House of Representatives, represent a return to the regular order of business.
During a webinar held by the law firm to discuss the results and their ramifications on legislation and regulation, Segal said that this regular order signifies that congressional members will once again offer amendments and legislation rather than trying to stymie the opposition party. This includes taking up some of the legislation in the Senate that already passed in the House. While this doesn’t sound like such a big change, it is when you consider that the current Senate only took up a total of seven amendments.
The reason these results are likely to result in smoother legislative sailing is not just because of one party controlling both the House and Senate, but because of the expected new Senate Majority Leader, Sen. Mitch McConnell of Kentucky.
According to Segal, McConnell’s decades of experience and status as a long-time student of the Senate will help him keep order while also reaching across the aisle to see legislation get through the Senate.
Segal stated that while it isn’t yet known what will be the main focus for the new Senate, it is likely that energy legislation, including LNG exports to non-free trade agreement countries and the Keystone XL Pipeline, will be focal points based on their place in the Republican agenda. It is expected that the Senate will vote on legislation that previously passed the House that seeks approval for the Keystone XL, but the timing for such a vote is unknown.
Recommended Reading
PGS Wins 3D Contract Offshore South Atlantic Margin
2024-04-08 - PGS said a Ramform Titan-class vessel is scheduled to commence mobilization in June.
Going with the Flow: Universities, Operators Team on Flow Assurance Research
2024-03-05 - From Icy Waterfloods to Gas Lift Slugs, operators and researchers at Texas Tech University and the Colorado School of Mines are finding ways to optimize flow assurance, reduce costs and improve wells.
TGS Commences Multiclient 3D Seismic Project Offshore Malaysia
2024-04-03 - TGS said the Ramform Sovereign survey vessel was dispatched to the Penyu Basin in March.
Subsea Tieback Round-Up, 2026 and Beyond
2024-02-13 - The second in a two-part series, this report on subsea tiebacks looks at some of the projects around the world scheduled to come online in 2026 or later.
AI Advancing Underwater, Reducing Human Risk
2024-03-25 - Experts at CERAWeek by S&P Global detail the changes AI has made in the subsea robotics space while reducing the amount of human effort and safety hazards offshore.