May 10, 2026 to May 16, 2026

This is Queen Street Analytics' weekly digest of regulatory developments, legislative discussions and other government-related news concerning oil and gas production, wells, drilling, petroleum and fuels refining, pipelines, LNG, hydrocarbons, and all Landman fans. Once a week, we break down the most important updates in this space in under five minutes.

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📋 In This Week's Newsletter

• 🇺🇸 Federal Government News
• 📜 Legislative Updates
• 📚 What We're Reading This Week

Federal Government News

BOEM Proposes Revised Oil Spill Financial Responsibility Forms for Offshore Facilities

The Bureau of Ocean Energy Management issued a proposed information collection request to revise the Oil Spill Financial Responsibility (OSFR) forms required for offshore facilities under the Oil Pollution Act. Key changes include updated Insurance Certificate, Surety Bond, and Financial Guarantee forms, explicitly linking coverage periods to incident timing. The revisions specify OSFR providers are liable for claims from incidents occurring after the instrument effective date and before termination, without retroactive application. Estimated annual responses will decrease to 2,223, with a revised burden of 28,245 hours due to streamlined demonstration methods. Comment deadline for this collection is July 14, 2026, and stakeholders may provide feedback via regulations.gov.

Sources: www.federalregister.gov

FERC Seeks Comment on Extension of FERC-577 Natural Gas Facilities Environmental Review Collection

The Federal Energy Regulatory Commission is requesting public comment on the continued collection of environmental review information from natural gas companies seeking facility authorization, as well as landowner notifications. The agency corrected previous burden tables and maintains no changes to the reporting requirement. Estimated annual burden stands at 378,538 hours, involving 25,328 responses with associated costs of $38,989,414. Comments are due by June 11, 2026, and must reference Docket IC26-7-000 and FERC-577. Industry respondents include 107 natural gas companies for environmental reviews and 164 for landowner notifications.

Sources: www.federalregister.gov

FERC Requests Public Comment on Extension of FERC-923 Communications Collection Between Gas Pipelines and Electric Transmission Operators

FERC is soliciting comment for a three-year extension of the information collection (FERC-923) facilitating voluntary communications between interstate natural gas pipelines and electric transmission operators. The collection allows for the exchange of non-public operational information between 189 gas pipelines and 156 public utility transmission operators to promote reliability, estimating 4,140 annual responses and a total annual burden of 2,070 hours. No changes are proposed to the reporting requirements; submitted comments are due July 13, 2026.

Sources: www.federalregister.gov

PHMSA Solicits Comments on Argent LNG Special Permit Request for Membrane Tank Technology

The Pipeline and Hazardous Materials Safety Administration is seeking public input on Argent LNG, LLC's request for a special permit regarding new membrane LNG storage tanks in Lafourche Parish, Louisiana. Argent LNG seeks to use the 2026 edition of NFPA 59A standards, rather than the 2001 edition currently referenced in federal regulations, for the design, construction, and testing of its facilities. PHMSA has issued proposed permit conditions intended to ensure pipeline safety; comments on the application are due June 10, 2026.

Sources: www.federalregister.gov

Black Bayou Gas Storage Seeks Approval for Caverns Amendment Project in Louisiana

Black Bayou Gas Storage, LLC has filed for authorization to modify casing shoe depth, minimum operating pressure gradient, and cavern shapes for four planned storage caverns in Cameron Parish, Louisiana, with the goal to increase working gas capacity from 9.7 Bcf to 11.1 Bcf per cavern. The proposal would decrease base gas capacity to 4.2 Bcf. The application is pending before FERC, with a comment and intervention deadline set for May 27, 2026. The Commission will conduct environmental review and schedule is to be announced.

Sources: www.federalregister.gov

Legislative Updates

A bill to amend the Natural Gas Act to include a definition of the term "public interest", and for other purposes.

Bill 4520 was read twice and referred to the Senate Committee on Energy and Natural Resources. The measure would amend the Natural Gas Act to add a formal definition of 'public interest', potentially affecting regulatory evaluations for pipeline and infrastructure projects.

Sources: www.congress.gov

To impose a windfall profits excise tax on crude oil during hostilities with Iran

Bill 8803 proposes an excise tax on crude oil profits, rebating proceeds to individual taxpayers until all hostilities with Iran cease, the Strait of Hormuz fully reopens, and oil drops below $75 per barrel. The bill was referred to the House Committee on Ways and Means.

Sources: www.congress.gov

License to Drill Act advances in the House

Bill 7831, the License to Drill Act, was ordered to be reported by unanimous consent. The legislation relates to energy sector permitting and is pending further consideration.

Sources: www.congress.gov

Nationwide Consumer and Fuel Retailer Choice Act of 2025 reaches Senate

Bill 1346 passed the House and was received in the Senate, where it was referred to the Committee on Environment and Public Works. The bill addresses environmental protection concerns and consumer choice in fuel retailing.

Sources: www.congress.gov

Energy Threat Analysis Center Act of 2026 placed on Union Calendar

Bill 7305, focusing on national energy threat analysis, was placed on the Union Calendar as Calendar No. 563. The proposed center would monitor and analyze energy security risks.

Sources: www.congress.gov

What We're Reading This Week

• BP to cut pipeline gas trading team as LNG focus grows, sources say: BP is reducing its pipeline gas trading team as company shifts focus to LNG markets.
• Canada, Alberta Finalize Carbon-Tax Deal, Sets Stage For New Pipeline Proposal: Canada and Alberta reached a carbon tax agreement, which could support new pipeline projects.
• UAE's new oil pipeline push to double export capacity bypassing Hormuz: UAE is advancing a pipeline initiative to double export capacity and bypass the Strait of Hormuz.
• Libya aims to restart Ras Lanuf oil refinery within a year, NOC says: The Libyan National Oil Corporation targets restarting the Ras Lanuf refinery within twelve months.
• Santa Marta talks focused minds on exit from fossil fuels. Now the hard part begins: International discussions in Santa Marta concentrated on plans for fossil fuels phase-out.
• Syria selects offshore block for first deep-water oil, gas project with Chevron: Chevron will collaborate on Syria's first deep-water oil and gas offshore project.
• ADNOC Drilling ready to expand UAE oil capacity past 5 million bpd target if asked: ADNOC Drilling announced preparedness to expand UAE's oil production capacity above its 5 million bpd target.
• Russia revises down oil and gas production and exports forecasts for 2026-2029, document shows: Russian government has lowered oil and gas output and export projections for 2026-2029.
• In Qatar, Energy Sector Damage Is Severe, and the Way Back Will Be Long: Qatar faces significant challenges in restoring its energy sector after recent disruptions.

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