American Oil and Gas Reporter - November 2016 - 16

IndustryDigest
Federal Reserve Board
Seeks Tighter Limits On
FHC Commodity Trades
WASHINGTON-The Federal
Reserve Board is asking for public
comments on a proposal it says will
strengthen requirements and limitations
on physical commodity activities of
financial holding companies (FHCs).
The proposal was published in the
Federal Register on Sept. 30.
A small number of firms under the
board's authority engage in physical
commodity activities and investments,
the board says. Some are permitted to
engage in extracting, storing and
transporting commodities, while others
are authorized to trade commodities.
The board warns the possibility of an
environmental accident because of these
activities represents a significant risk to
the firms.
The proposed rule follows a January
2014 advanced notice of proposed rule
making that focused on potential
environmental catastrophes and other
risks associated with physical
commodity activities of FHCs. Based
on comments it received, the Federal
Reserve Board says it proposes to
amend its risk-based capital
requirements to increase the risk
weights associated with physical
commodity and merchant bank
activities to better reflect risks
associated with physical commodity

activities. The proposal also rescinds the
findings underlying the board's orders
authorizing five FHCs to engage in
energy management and energy tolling
activities.
According to the Federal Reserve
Board, the proposed rule would:
* Require firms to hold additional
capital in connection with activities
involving commodities for which laws
would impose liabilities if the
commodity was released into the
environment;
* Tighten the quantitative limit on
the amount of physical commodity
trading that firms may conduct;
* Rescind authorizations that allow
firms to engage in physical commodity
activities involving power plants; and
* Establish new public reporting
requirements on the nature and extent of
firms' physical commodity holdings and
activities.
Under the proposal, FHCs would be
required to hold more capital-covering
300 percent of the value of the physical
commodities they held-to cover the
risks of their energy and commodity
investments. The Federal Reserve
Board says the proposed 300 percent
risk weight will help ensure FHCs have
a capitalization level roughly
comparable to nonbank commodity
trading firms.
According to media reports, the FHC
sector would have to offer $4 billion in
fresh capital to satisfy the proposal. ❒

The West Virginia Oil & Gas Festival
has named Don Supcoe, retired senior
vice president, corporate secretary and
general counsel of Energy Corporation
of America, its 2016 Oil and Gas Man
of the Year. According to the Independent Oil and Gas Association of West
Virginia, the 48th Annual West Virginia
Oil & Gas Festival took place Sept. 1517 in Sistersville, W.V. In addition to
being recognized during a luncheon,
Supcoe, shown here with his wife Patty
(right) and mother Maureen (left), served
as grand marshal of the traditional festival parade. Supcoe worked at ECA
for 35 years, where he also served as
a director. He formerly was senior vice
president of Mountaineer Gas Company, IOGAWV notes. It goes on to
point out that Supcoe won IOGAWV's
Gunslinger Award in 2011, served as
the group's president in 1996 and for
four terms on the association's Board
of Directors. He also served as a vice
president of the Independent Petroleum
Association of America.

16 THE AMERICAN OIL & GAS REPORTER

EPA Extends Deadline
For POTWs Three Years
WEXFORD, PA.-The U.S.
Environmental Protection Agency has
given operators of onshore oil and
natural gas extraction facilities who
have been lawfully discharging
produced water to publicly owned
treatment works another three years to
arrive at alternatives, reports the
Pennsylvania Independent Oil & Gas
Association.
Even so, PIOGA adds, the extension
does not address an underlying error that
inaccurately classifies a number of wells
as "unconventional," and thereby subject
to the prohibition EPA issued in June.
EPA has stated that the regulation is
designed to apply only to unconventional
wells, but the rule's technical data
document cross-references a number of
definitions, some of which diverge from
established Pennsylvania terminology
and list the Appalachian Basin's
Devonian, Clinton-Medina and
Tuscarora formations as unconventional
(AOGR, August 2016, pg. 16).
"While the extra three years of
breathing room are welcome for
conventional producers using POTWs
for their wastewater, PIOGA will
continue to work to demonstrate to the
EPA that its definition of
unconventional is incorrect," the
association states.
According to PIOGA, the direct final
rule EPA published on Sept. 30 set Aug.
29, 2019, as the effective date at which
unconventional facilities would be barred
from discharging to POTWs. However,
PIOGA adds, EPA also indicated that
adverse comments about the extension
could prompt the agency to withdraw the
direct final rule and instead proceed with
a formal proposed rule. ❒

PHMSA Exerts Authority
On Gas Pipeline Safety
With Interim Final Rule
WASHINGTON-The Pipeline &
Hazardous Materials Safety
Administration has released an interim
final rule (IFR) that allows it to impose
emergency restrictions and safety
provisions on gas and hazardous liquid
pipeline facilities. The rule became
effective on publication in the Oct. 14
Federal Register, although the agency



American Oil and Gas Reporter - November 2016

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