A fight over expansion at an oil refinery near Nipomo has taken shape, with the source of new oil and a potential clash between federal and county regulation of railroads emerging as key issues.
One of the most prominent oil field redevelopments in Santa Barbara County is set to be acquired by a Chinese jewelry firm. Houston-based ERG Resources confirmed to the Business Times that it is set to be acquired by Beijing-based Goldleaf Jewelry Co., a jewelry firm that also has gold mining investments.
Santa Maria Energy has disclosed plans to pump up to $114 million into Santa Barbara County this year as it pursues its $1.2 billion in oil reserves and more than 7,700 potential drilling locations.
Santa Maria Energy’s deal to go public and bring its total funds raised to date to an estimated $90 million caps a flurry of renewed investment and activity in Santa Barbara County’s oil fields, both onshore and offshore. In addition to 136 wells that Santa Maria Energy has planned, Denver-based Venoco has proposals before regulators Read More →
Santa Maria Energy is going public and raising at least $40 million in new capital — and possibly much more – which could put the firm’s total funds raised at an estimated $90 million.
Santa Maria Energy’s contentious project to drill 136 new oil wells in North Santa Barbara County received approval from the Santa Barbara County Board of Supervisors last month. The Supervisors imposed strict limits on the project’s carbon emissions, essentially implementing a 10,000-ton-per-year cap and requiring the company to buy carbon credits if it goes over that limit.
By Editorial Board / Friday, November 22nd, 2013 / Editorials, Opinion / Comments Off on Editorial: SB County oil cap vote is a slap in Santa Maria’s face
Santa Barbara County has slammed the door on the fingers of the Santa Maria Energy project — but not taken a stand that shuts that door completely. The approach has been, ‘If we can’t block it, we’ll regulate it in to nonprofitability.’
Santa Barbara County’s decision to impose a strict cap on carbon emissions from a proposed oil project puts the county at a competitive disadvantage in California and likely will cut into the money energy firms pump into the regional economy.
The Board of Supervisors voted 3-2 on Nov. 12 to require Santa Maria Energy to cap its carbon emissions at 10,000 tons per year. Santa Maria Energy had proposed 136 wells for a site near Orcutt.
Santa Barbara County’s oil is thick and viscous. In order to extract it, companies inject steam into wells to soften the oil. Burning natural gas to create the steam is what generates the bulk of carbon emissions.
