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Industry Briefs

The U.S. State Department signed a memorandum of understanding (MOU) with India's Ministry of Petroleum and Natural Gas that will allow the two countries to share technical expertise on shale gas resources. Preliminary estimates by India's Association of Petroleum Geologists indicate that India's shale gas reserves may be larger than its proven conventional gas deposits. The MOU would help India assess its shale gas resources and help to train Indian personnel. As part of the agreement, the U.S. Geological Survey plans to study India's shale gas resources. The United States also would help India prepare for its first shale gas auction, which is scheduled to be held by the end of 2011.

Antero Resources has closed the sale of its midstream assets in the Woodford Shale area of the Arkoma Basin to Cardinal Midstream LLC for $270 million, after giving effect to working capital adjustments (see Shale Daily, Oct. 5). The sale included a 60% membership interest in Centrahoma Processing LLC, which is a joint venture with MarkWest Energy Partners LP that operates two cryogenic processing plants in the Arkoma Basin with 100 MMcf/d of capacity. In addition, Antero sold to Cardinal approximately 50 miles of gathering pipeline and an amine treating plant with 42 MMcf/d of capacity. Following the midstream closing and application of proceeds to the repayment of bank debt, Antero has $532 million of available and undrawn borrowing capacity under its new bank credit facility and $49 million of cash on hand, resulting in total liquidity of $581 million.

The Texas Commission on Environmental Quality (TCEQ) said results from a air monitor installed in the Decatur, TX, area in the Barnett Shale are now available online. The auto gas chromatograph monitor will provide near real-time air quality readings and hourly averages. Testing for 46 different volatile organic compounds (VOC), including benzene, the monitor will also provide total non-methane VOC concentrations and meteorological data. The Decatur monitor is the fifth such device sited in the Barnett Shale, and TCEQ is evaluating locations for additional monitors.

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