Natural Gas News – March 16, 2018

Natural Gas News – March 16, 2018

Natural Gas Vehicles Group Asks Congress for Fuel Tax Credit Extension

Transport Topics reported: Daniel Gage, president of National Gas Vehicles for America, asked lawmakers March 14 for a five-year extension of alternative fuel tax credits and the alternative fueling infrastructure credit. The alternative fuel tax credit offers a credit of 50 cents per gallon on alternative fuels such as natural gas, liquefied hydrogen and propane. The alternative fueling infrastructure credit offers a tax credit of 30% for natural gas fueling equipment. Both of these credits expired Dec. 31, 2017. NGVA represents various companies, government agencies and environmental groups and supports the use of natural gas as a transportation fuel. Gage stated that vehicles that run on natural gas with Zero Emissions Equivalent technology produce 90% fewer nitrogen oxide emissions. Gage urged lawmakers to extend these credits into 2022, which he said would offset the cost of new, cleaner trucks and accelerate investment for businesses. For more visit ttnews.com or click http://bit.ly/2GwR3cv

BP to Sell Oilfields in Egypt to Shift Focus to Natural Gas

Oilprice.com reported: British Petroleum has begun to sell off its mature oil fields in Egypt to shift its focus to developing the country’s large natural gas reserves, according to a new report by Bloomberg. The Gulf of Suez assets have been available to purchase for a few months, it has now been disclosed, and British Petroleum is hoping to raise roughly $1 billion from a deal, sources close to the matter said. BP has an overall goal to sell between $2 billion and $3 billion in assets this year, which is a less ambitious liquidation goal than last year when it sold $4.3 billion in properties, leases, and projects. BP brought a total of seven oil and gas production projects online in 2017. For more visit oilprice.com or click http://bit.ly/2GykvPc