Billions

U.S. shale natural gas resources have the potential to ignite a domestic manufacturing “renaissance” that could create one million jobs and billions in energy cost savings, according to a new report by industry consultant PwC US.

Hurricane Irene was bearing down on the East Coast over the weekend, potentially causing billions in damage, but it may be only the first of eight major Atlantic hurricanes, according to Andover, MA-based WSI Corp., which last week said it expects a total of 15-18 named storms, including eight hurricanes, four of them Category Three or greater, to form this year. The forecasters also said they expect much of the northern United States to experience temperatures averaging significantly above normal over the next three months.

Connecting wellheads — particularly those in shale gas fields — to gas-fired turbines and burner tips will require billions in spending on midstream infrastructure over the next 25 years, according to a new report. Adding to the projected demand for new pipe, storage and other facilities is the increasing focus on liquids-rich gas production.

Department of Interior (DOI) Secretary Ken Salazar announced Tuesday that the agency is considering simplifying the process used to calculate billions of dollars in royalty payments to the federal government for oil and gas production from publicly owned land and offshore sources.

Major producers Thursday defended themselves against Senate Democrats’ claims that they don’t need the billions of dollars of federal tax breaks that they currently receive (see Daily GPI, May 12; May 4).

BP plc’s decision to invest billions in India’s offshore, just one month after a billion-plus tie-up with a Russian producer, doesn’t mean the oil major is abandoning the United States, CEO Bob Dudley said last week.

With dry gas prices continuing to disappoint, the oil and liquids-rich Eagle Ford Shale in South Texas is continuing to draw numerous investors and billions of dollars from near and far, including most recently China’s CNOOC Ltd. (China National Offshore Oil Corp.) in a deal valued at more than $2 billion.

In recently filed motions, Virginia’s two leading gas producers blasted would-be class action lawsuits by landowners that seek to collect billions of dollars based on claims that the companies produced coalbed methane gas to which they were not entitled.

In recently filed motions, Virginia’s two leading gas producers blasted would-be class action lawsuits by landowners that seek to collect billions of dollars based on claims that the companies produced coalbed methane gas to which they were not entitled.