Booming

With the booming U.S. industry players keeping a close eye out for the opening of global markets, India reported completing its first shale gas well Tuesday as some observers of the Indian energy space speculate that the nation may have its largest natural gas deposits locked in shale. U.S. oilfield services provider Schlumberger drilled India’s first well.

It was only a few months ago that booming times in the Texas oil and gas patch moved the Texas Alliance of Energy Producers to gather a handful of energy reporters at Houston’s Petroleum Club to tout the industry’s success, the market’s wisdom and to speak out against higher taxes. Things have changed a bit since that meeting in July.

It was only a few months ago that booming times in the Texas oil and gas patch moved the Texas Alliance of Energy Producers to gather a handful of energy reporters at Houston’s Petroleum Club to tout the industry’s success, the market’s wisdom and to speak out against higher taxes. Things have changed a bit since that meeting in July.

The Haynesville Shale — a “booming new resource play” — could become the fastest growing shale play to date in the Lower 48, based on initial results from operators, according to a new report from consultancy Wood Mackenzie.

The Haynesville Shale — a “booming new resource play” — could become the fastest growing shale play to date in the Lower 48, based on initial results from operators, according to a new report from consultancy Wood Mackenzie.

Energy Transfer Partners LP intends to build the Texas Independence Pipeline, a $485 million, 42-inch diameter intrastate gas pipeline to serve the booming Bossier and Barnett Shale resource plays of East Texas and north central Texas, the company said last week.

The sale of Crown petroleum and natural gas rights in Saskatchewan for February raised C$197 million for the province, more than doubling the old record of C$85 million set in 1994. The 2007-08 fiscal year total of C$419 million also set a record, more than doubling the previous record of C$202 million set in 1994-95, according to the Saskatchewan government.

The liquefied natural gas (LNG) industry is still “booming” compared to previous years, but participants need to clearly explain to the public how safe LNG actually is, the secretary general of the Society of International Gas Tankers and Terminal Operators said Thursday.

Business was booming in the trading exchange market in 2006 as evidenced by volume records from some of the major energy exchanges. Following IntercontinentalExchange’s (ICE) record volume announcement earlier in the month, the New York Mercantile Exchange Inc. (Nymex) announced last Tuesday that it set an annual total volume record of 276,152,326 contracts in 2006, crushing the previous record of 204,610,365 contracts set in 2005.