U.S. shale liquids production could triple during the next few years, nearing 1.5 million b/d, according to an “Energy Insight” report from a Massachusetts-based energy consulting firm, Energy Security Analysis Inc. (ESAI). The eventual impact on U.S. imports and exports of energy could be significant, but there are still uncertainties and challenges.
Barrels
Articles from Barrels
Letter Writers Spar Over Hydrofracking in Ohio
Supporters and opponents of hydraulic fracturing (hydrofracking) have taken turns voicing their opinions in an Ohio newspaper in Marcellus territory this month, just days after a nonprofit organization declared the state’s program regulating the practice to be well managed.
Moody’s: Gas Woes Weigh on E&P Outlook
Despite a recent winter-driven run-up in natural gas prices, it’s still a better thing to have one’s energy in the form of barrels than cubic feet, and that will remain so for a while, Moody’s Investors Service said in a report released last Tuesday.
Moody’s: ‘Another Price Retreat May Be Inevitable’
Despite a recent winter-driven run-up in natural gas prices, it’s still a better thing to have one’s energy in the form of barrels than cubic feet, and that will remain so for a while, Moody’s Investors Service said in a report released Tuesday.
BP: Output Potential of 4.3 Million Boe/d by 2012
BP plc replaced 112% of its annual production in 2007, building its proved reserves of oil and gas to 17.8 billion boe, the company reported Wednesday. It also added about 2.4 billion new barrels to its nonproved resource base, which now stands at 42.1 billion boe.
BP: Output Potential of 4.3 Million Boe/d by 2012
BP plc replaced 112% of its annual production in 2007, building its proved reserves of oil and gas to 17.8 billion boe, the company reported Wednesday. It also added about 2.4 billion new barrels to its nonproved resource base, which now stands at 42.1 billion boe.
NGI The Weekly Gas Market Report
Workers Smell Money in the Oil Patch Again
Demand drives prices up, which spurs investment, which creates more supply: barrels, Btus… and employees. The energy industry will find itself seriously short of a variety of skilled and professional employees for quite some time, but the supply response is ratcheting up in a number of ways.
Energy Workforce: The Supply Response has Begun
Demand drives prices up, which spurs investment, which creates more supply: barrels, Btus… and employees. The energy industry will find itself seriously short of a variety of skilled and professional employees for quite some time, but the supply response is ratcheting up in a number of ways.
Royal Dutch/Shell Cuts Oil and Gas Reserves Again
Royal Dutch/Shell Group said Thursday it recategorized an additional 250 million barrels of oil equivalent (boe) of proven reserves at the end of 2002. It also reduced the volume of proved reserves that it planned to book in 2003 by 220 million boe.
Industry Briefs
Range Resources said its proved reserves rose 18% to 685 Bcfe last year, including 486 Bcf of gas and 33 million barrels of oil and gas liquids. Discoveries and extensions added 69 Bcfe, about 90 Bcfe were acquired and upward revisions added 7 Bcfe, bringing the total increase for the year to 166 Bcfe. The increase was offset by 58 Bcfe of production and the sale of 1 Bcfe of reserves. The pretax present value of the company’s proved reserves at year-end, based on constant prices and costs and discounted at 10% rose to $1.4 billion, representing a 45% increase during the year. The valuation was based on year-end Nymex prices of $6.19/MMBtu and $32.52/bbl, compared to $4.75/MMBtu and $31.17/bbl a year earlier. The company replaced 286% of production in 2003, including 130% from drilling and revisions and 156% from acquisitions. Excluding the impact of price increases, reserve replacement would have been 271%. Total anticipated finding costs in 2003 averaged $1.26/Mcfe.