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The Utica Shale could hold 782 trillion cubic feet of natural gas and nearly 2 billion barrels of oil according to a new study. New study shows greater potential for Utica Shale By: Laura Legere (Pittsburgh Post Gazette) The Utica Shale and associated hydrocarbon-rich rock zones hold significantly more potentially recoverable natural gas than early estimates predicted, according to research released Tuesday at a workshop in Canonsburg. It turns out, according to the new studys estimates, the total Utica Shale play could hold technically recoverable volumes of 782 trillion cubic feet of natural gas and nearly 2 billion barrels of oil. The estimates from a research partnership organized by West Virginia University represent the average of a wider range of possibly recoverable amounts of oil and gas in the Utica, which stretches beneath parts of Ohio, West Virginia, Pennsylvania and other states and includes neighboring oil- and gas-bearing geologic layers. A 2012 U.S. Geological Survey
By Dustin Monke on Jun 10, 2015 at 6:45 p.m. Satellite images that circulated the Internet more than two years ago purported to show natural gas flares lighting up the Bakken Oil Patch as bright as a major metropolitan city were highly processed, manipulated and inaccurate, researchers at the University of North Dakotas Energy Environmental Research Center said Wednesday. Chris Zygarlicke, the EERCs deputy associate director for research, said he took an interest in the images because the science involved aligns closely with his background. He said having driven through western North Dakota and the Oil Patch, he believed the images were inaccurately portraying the area. Theres no way that were lighting up the land like you see people talking about everywhere, he said. So, since late 2013, Zygarlicke and researchers from the EERC and UNDs aerospace department have used images gathered from the National Oceanic and Atmospheric Administration to determine what the Oil Patch truly looks
The shale boom has caused major shifts in the global energy market as evidenced by the U.S. overtaking Russia as the largest oil and gas producer in the world. Rakteem Katakey of Bloomberg reports on the implications of this. U.S. Ousts Russia as Top World Oil, Gas Producer in BP Data By: Rakteem Kataskey (Bloomberg Business) The U.S. has taken Russias crown as the biggest oil and natural-gas producer in a demonstration of the seismic shifts in the world energy landscape emanating from Americas shale fields. U.S. oil production rose to a record last year, gaining 1.6 million barrels a day, according to BP Plcs Statistical Review of World Energy released on Wednesday. Gas output also climbed, putting America ahead of Russia as a producer of the hydrocarbons combined. The data showing the U.S.s emergence as the top driller confirms a trend thats helped the worlds largest economy reduce imports, caused a slump in global energy prices and shifted the countrys foreign policy priorities. We
A new report by the EPA is causing lawmakers to call for fracking bans to be rescinded in some states. EPA declares no widespread harm to drinking water from fracking, boosting industry By: Fox News Fracking supporters were boosted Thursday by a new Environmental Protection Agency report finding the controversial oil-and-gas extraction process has not caused widespread harm to drinking water. The findings were contained in a draft assessment, as part of a report requested by Congress. The report said the agency did not find evidence that any process has led to widespread, systemic impacts on drinking water resources in the United States. The agency did say the controversial drilling technique could affect drinking water if safeguards arent maintained. It found specific instances where poorly constructed drilling wells and improper wastewater management affected drinking water resources. But the EPA also reported the number of cases was small compared with the large number of wells
Randall Luthi of Beltway Insiders weighs in on Shells plans to begin Arctic oil and natural gas exploration. The Arctic Myth | Commentary By: Roll Call Americas economic future depends on energy. I have often been critical of Congress and the Obama administration for not doing enough to secure our energy future, but I am pleased to give credit where credit is due. The administration got it right with the recent announcement from the Bureau of Ocean Energy Management conditionally approving Shells Application for Permit to Drill in the Chukchi Sea. Predictably, however, the announcement triggered a torrent of teeth gnashing, including a short-sighted and alarmist letter written by 18 senators from the presidents own party and the ranting and raving of extreme environmental groups about the destruction of the Arctic due to oil and gas exploration. Its well past time to take a close look at the Arctic Myth that this group of senators and others are continuing to put forward as fact,
Based on an accident-free 2013, the Center for Offshore Safety declared the US offshore oil and gas industry safer than ever but noted some areas which could benefit from further improvement. COS report finds US offshore operations safer, can improve By: Michael T. Slocum (OGJ) The US offshore oil and gas industry is safer than ever, though there is still room to improve, according to the first annual performance report released Apr. 8 by the Center for Offshore Safety (COS). The report, which is based on 2013 operations data collected from COS members, highlights metrics for conducting scheduled maintenance and inspections, as well as completing safety and environmental audits. Notably, COS found that there were zero fatalities or losses of well control in the deepwater Gulf of Mexico during more than 42 million work-hr in 2013. This is the first report of its kind to be published by US regulators or industry, said COS Executive Director Charlie Williams. Americas offshore oil and
Deeper shales, such as the Utica in Ohio and Pennsylvania, are attractive to producers as they are showing potential for producing more gas and liquids. Energy companies explore lower shales for greater yields of gas, liquids By: Katelyn Ferral (TribLIVE) Low natural gas prices that have companies balancing spending cuts with promises of ramped-up production are driving some new development in the Utica and Point Pleasant shale, where deeper wells can yield more gas and liquids. Range Resources, Consol Energy, and Rice Energy are among Marcellus shale producers reporting positive results from their Utica and Point Pleasant wells, and are expecting to drill more there despite budget cuts of up to 45 percent. Its relatively early days in the Utica so I think companies are still trying to figure out the optimal drilling and production and fracturing techniques, but I think youll continue to see increasing production rates and ultimate recovery rates from these wells, said Dave Yoxtheimer,
Pentair has been a trusted name in pumping solutions for more than a century, and this article explains just how theyve made an impact on the industry. Pentair: Inspired Solutions For A Changing World By: Pentair, Ltd. Any mention of pumping solutions and Oil and Gas in the same sentence usually conjures up images of the products, and the more than a century of experience that Pentair provides for this industry. We have two products that we are selling into oil and gas, said George Richert, sales manager, National Accts. One product line is the Aplex reciprocating series of pumps and the other is the ANSI end suction series of pumps. The end suction series are used to transfer fluids from the wellhead to either the salt water disposal sites directly through pipelines or load trucks which transfer the fluid or crude oil to the collection site. The Aplex reciprocating pumps are used in several oil and gas applications where high pressures and modest flows require these quality manufactured
The Associated Press talked with Exxon CEO Rex Tillerson about future U.S. oil and gas exploration in the Arctic. Exxon CEO Talks Arctic Oil Drilling, Risks, Lessons By: Jonathan Fahey (AP) WASHINGTON (AP) The Arctic is the next great frontier for oil and gas and one of the most environmentally fragile places on earth. An Energy Department advisory council study adopted last week said the U.S. should start exploring for oil and gas in the Arctic soon in order to feed future demand, and that the industry is ready to safely exploit the Arctics huge reserves, despite recent mishaps. In an exclusive interview with the Associated Press, ExxonMobil CEO Rex Tillerson, who led the committee that produced the report, talked about why he thinks Arctic exploration is worth the risk. Exxon has decades of experience working in that part of the world, including successful projects in Russia but also a catastrophic oil spill in Alaskas Prince William Sound when the Exxon Valdez oil tanker ran
The midstream oil and gas firm that typically focuses on the Mid-Continent region and Rockies will set its sights on refinery operations in Louisiana. Tulsa-based SemGroup announces first Gulf Coast pipeline project By: Rod Walton (Tulsa World) SemGroup Corp. is making its first move into the Gulf Coast by building and operating three new pipelines in Louisiana, the Tulsa-based midstream oil and gas firm announced Thursday. The Maurepas Pipelines system will support Motiva Enterprises LLCs refinery operations in Norco and Convent, Louisiana. SemGroup, which is mainly focused in the Mid-Continent region and Rockies, has been eying Gulf Coast operations since Carlin Conner took over as CEO in early 2014. We have been talking about regional diversification and pointing to the Gulf Coast, Conner said in an exclusive interview with the Tulsa World. Its a very active market (with) a lot of infrastructure needs. Theres a lot going on, he added. If youre going to be a major midstream player
Low gas prices are forcing drillers to use new techniques in order to meet production goals in existing shale plays. Drillers new techniques, experience cut well costs, boost yields By: David Conti (TribLIVE) Ray Walker often invokes a favorite saying when asked how shale gas companies can increase production by 20 percent or more while cutting spending on drilling by more than 40 percent. The rock rules, said Walker, executive vice president and chief operating officer at Range Resources Corp., repeating a phrase he used during the Fort Worth-based companys most recent earnings call. When youre in the core ... of a play, that means you have the best rock, and the best of all those technical things that make the rock produce more, he said. With natural gas prices at their lowest levels since 2012, companies need to squeeze more gas from that rock in the Marcellus and Utica shales, and do it more cheaply. By focusing on drilling in core areas with improved technology and demanding
Petroleum demand in February reached its highest average since 2008, and rose 1.5% from last year. API: February US petroleum demand is highest since 2008 By: Nick Snow (OGJ) Total US petroleum demand reached an average 19.3 million b/d in Februarythe highest level for the month since 2008, the American Petroleum Institute reported on Mar. 19. The amount represented a 1.5% year-to-year increase from February 2014s nearly 19 million b/d. Greater demand for gasoline and jet fuel and a colder-than-usual February brought total February deliveries back to pre-recession levels, API Chief Economist John Felmy said. At the same time, the continued strength of crude oil and refinery production ensured that stocks of crude and refined products remained high. API said Februarys US gasoline demand edged up 0.1% to an average 8.7 million b/d, its highest level for the month since 2009. Gasoline production averaged nearly 9.5 million b/d, a record for the month and 1.9% higher year-to-year. Distillate
ExxonMobil CEO Tillerson is calling for policy changes that would reflect our newfound abundance, including enabling U.S. exports of oil and gas. ExxonMobil CEO Says Sound Energy Policies Needed in North America By: Exxon Mobil Corp. The U.S. government needs to adjust its energy policies to ensure that America can realize all the benefits of the new era of energy abundance, Rex W. Tillerson, chairman and chief executive of Exxon Mobil Corporation said Thursday. We need sound energy policies policies equal to the innovation that has redefined the modern energy landscape, Tillerson said in an address to The Economic Club of Washington. It is time to build policies that reflect our newfound abundance that view the future with optimism, that recognize the power of free markets to drive innovation, and that proceed with the conviction that free trade brings prosperity and progress. As examples, Tillerson said that Congress and the White House need to enable U.S. exports of oil and
A recent study has shown that Ohios major shale play can remain profitable even at lower prices. While rigs have been cut by 16% in the play, the results from those wells continue to improve. Utica Shale profitable at $3/Mcf gas, RBC analysis finds By: Bill Holland (SNL) Recent well results and fourth-quarter production reports out of Ohio indicate that the Utica Shale is profitable with natural gas prices in the neighborhood of $3/Mcf, RBC Capital Markets LLC said in a research report March 5. While activity in the shale has slowed with a 16% cut in rigs working the play, well results continue to improve, RBC said, particularly those of smaller drillers such as Antero Resources Corp., Gulfport Energy Corp. and Aubrey McClendons privately held American Energy Partners LP. Anteros liquids-rich wells were again quite impressive, with 16 new wells averaging 2,284 [barrels of oil equivalent per day] (6% oil), RBC analysts led by Leo Mariani wrote after reading the latest fourth-quarter
In this commentary piece, Ron Insana of CNBC weighs in on why reducing reliance on foreign suppliers of oil and gas is the answer to many of the U.S. issues in the Middle East. US needs to try harder to win the oil war By: Ron Insana (CNBC) COMMENTARY The Organization for Petroleum Exporting Countries is claiming victory in the latest oil war. The cartel said recently that demand for ITS oil was going back up, while production of non-OPEC oil (read: U.S. shale oil), was going down. But the impact on the U.S. oil industry is already being felt and yet, the U.S. has not formulated a policy response to defend against the economic hostage-taking that goes on in world energy markets. The rapid decline in prices has cost jobs in the oil industry and forced down the number of rigs in operation. And, the International Energy Agency has already warned that U.S. production may remain elevated if oil companies decide to fight the trend and keep drilling regardless of price, leaving supplies
In this opinion piece, Jeffrey Folks reports on the Alaskan offshore drilling deal that the President is proposing to the oil and gas industry, and why he thinks they would be fools to accept it. OPINION: Obamas Offshore Drilling Deal By: Jeffrey Folks Heres a deal for you. You give me a million bucks right now. I promise to pay you the million back in fifteen years. But in two years Ill be leaving town and will have no authority or ability to pay you back. And by the way, I promised to pay you back on a similar deal five years ago and reneged on the deal. But trust me, trust me. Thats the deal the Obama administration is offering the oil and gas industry. Give up drilling in the most promising areas in Alaska right now in return for the right to explore a portion of the offshore Atlantic in 2030 (the same general area promised and then withdrawn following the 2010 Deepwater Horizon oil spill). Its one of those heads I win, tails you lose arrangements, and the oil and gas industry
In this video from Platts,Bentek analysts Ross Wyeno and Kaitlin Meese discuss the future of gas trading between the U.S. and Mexico. VIDEO: US gas exports to Mexico seen doubling over the next five years By: Ross Wyeno and Kaitlin Meese See the video here.
Baker Hughes CEO Martin Craighead is choosing to emphasize the cyclical nature of the oil and gas industry with optimism that the slumping industry will recover like it has many times in the past. Baker Hughes Incorporated Sees a Light Amid Oil Market Darkness By: Matt DiLallo (Motley Fool) Oil-field services provider Baker Hughes (NYSE: BHI ) recently reported strong fourth-quarter results. Unfortunately, those results were overshadowed by an increasingly uncertain short-term outlook as a result of plunging oil prices. However, CEO Martin Craighead sees the pain of the downturn leading to long-term gains for the industry. Here we go again In opening comments during the companys quarterly conference call, Craighead emphasized the industrys cyclical nature: [...] our industry is clearly in the early stages of a down cycle, the same sort of cycle we enter once or twice a decade. As with past cycles, the early days are always marked with a high degree of uncertainty -- which customers
The former Shell Oil president is predicting the U.S. will see $5 dollar gas in the later part of the decade due to high demand and production constraints. Former oil exec: $5-a-gallon gas on the way By: Bill Loveless (USA Today) John Hofmeister attracted national attention in 2010 when he predicted that average U.S. gasoline prices would soar to $5 a gallon in 2012, thanks to rising crude oil prices. His forecast fell short, as the cost of filling up flirted with $4 in 2012, but never went higher. Now, with gasoline prices at $2.14, their lowest level since May 2009, the former president of Shell Oil is issuing another warning, telling motorists that their joy ride may end sooner than they think. The next round of high prices is likely to start later this year, as crude rebounds to the $80s and $90s, perhaps pushing to the $100 level by late in the year or early next, Hofmeister told me the other day after a trip to Calgary, where he was promoting natural gas as a transportation
After plunging nearly 40 percent in November, new well permits rose in December despite falling oil prices. Exclusive: New U.S. well permits rise slightly in December after crude oil plunge By: Kristen Hays (Reuters) - New oil and gas well permits issued across the United States rose slightly in December and surged 72 percent in Colorado and Wyoming after falling sharply in November on tumbling crude prices. Permit counts provided exclusively to Reuters by data firm Drilling Info showed 4,551 new well permits were approved last month, up less than 1 percent from Novembers count of 4,523. New permits plunged nearly 40 percent in November compared with October, signaling a potential slowdown in the shale oil and gas boom that brought the United States head to head with Saudi Arabia as the worlds top crude producer. Crude oil prices have plunged 55 percent since June as demand has not kept up with hefty global supply, including that from the U.S. shale oil boom. [O/R] Allen Gilmer,