Devon Energy has agreed to sell its Cherokee coalbed methane project in the Anadarko Basin in southeastern Kansas and northeastern Oklahoma to Oklahoma City-based Quest Resource Corp. for $126 million, which Devon said is approximately equal to its net investment in the assets. The deals is expected to close next week.
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Companies from all sectors of the gas industry were able to save a total of 42 Bcf of gas, or about $126 million at a gas value of $3/Mcf, by reducing methane emissions from unit operations and equipment leaks, according to annual results recently released on the Natural Gas STAR Program by the U.S. Environmental Protection Agency (EPA). The EPA said the savings surpassed the STAR program’s 40 Bcf goal for 2001.