Around the middle of the year, SM Energy Co. management will have a clearer picture of how to allocate spending among a number of opportunities as it targets annual production growth of 15-20% over the next three years, executives said during a conference call Wednesday.
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Around the middle of the year, SM Energy Co. management will have a clearer picture of how it will allocate its spending among a number of opportunities as it targets annual production growth of 15-20% over the next three years, executives said during a conference call Wednesday.
The Ben Franklin Shale Gas Innovation & Commercialization Center (SGICC) has named a dozen finalists in its annual Shale Gas Innovation Competition, which will award a total of $75,000 to three winners to be selected next month.
The Ohio Oil and Gas Association (OOGA) reported at its annual winter meeting that in 2012 more wells were permitted and completed, and the state saw a substantial increase in the amount of footage drilled.
Overall oil production in Texas declined somewhat in January from December, according to preliminary January production figures from the Railroad Commission of Texas (RRC). But the Eagle Ford Shale kept on pumping, with leading Eagle Ford counties charting substantial oil production increases from year-ago levels.
As part of its ongoing $100 million annual clean transportation program, California energy officials approved another $5.58 million in grants Wednesday to multiple projects, and separately a regional air pollution control board added $3.8 million for hydraulic hybrid gas-powered and other heavy duty fleet vehicles operating in the air quality region.
The South Texas Energy and Economic Roundtable (Steer), which is claimed to be “the most comprehensive Eagle Ford Shale resource in the region,” has opened its offices in San Antonio, TX.
The Alaska Department of Natural Resources (DNR) will hold its annual Cook Inlet and Alaska Peninsula area-wide oil and gas lease sales, as well as a lease sale for geothermal resources on Augustine Island, on Wednesday, May 8. Terms can be obtained in the “Headlines” section of the DNR website. The Augustine Island lease sale is the fourth geothermal lease sale in state history. The last lease sale of this kind was held in 2008 for acreage on Mount Spurr. The Cook Inlet sale includes 815 tracts encompassing 4 million acres. The Alaska Peninsula lease sale includes 1,047 tracts covering 5.8 million acres. The Augustine Island geothermal sale includes 26 tracts on nearly 66,000 acres. In the past two years, the Cook Inlet hydrocarbon basin has seen a resurgence in investment by small, medium and large energy companies, DNR said. Bidders must be qualified by 4 p.m. May 3, and bids must be received no later than 4 p.m. May 6.
Despite a year of languishing natural gas prices, Cabot Oil & Gas Corp. annual revenues for the first time surpassed $1 billion in 2012. Cash flow set records as proved reserves grew by 27% to 3.8 Tcf on organic growth that replaced 417% of record production. The Marcellus Shale gave much despite infrastructure challenges.
EOG Resources Inc. said it now holds 2.2 billion boe of potential recoverable crude oil reserves in the Eagle Ford Shale — reportedly the largest share net to one company in the last 40 years — and plans to continue focusing on oil production in 2013, after posting large increases in oil, condensate and natural gas liquids (NGL) production the year before.