Boosted

The recent proliferation of shale and tight sands natural gas development has boosted U.S. natural gas reserves for the eleventh consecutive year to 245 Tcf — the highest level in more than 35 years, according to American Gas Association’s (AGA) year-end 2009 data. “Something is obviously positive in the domestic reserves and production story,” the association said.

Calgary’s Talisman Energy Inc. last week boosted its 2010 capital spending by 10% over 2009 levels to accelerate development in North American natural gas plays, including the Marcellus and Montney shales.

Calgary’s Talisman Energy Inc. on Monday boosted its 2010 capital spending by 10% over 2009 levels to accelerate development in North American natural gas plays, including the Marcellus and Montney shales.

While earlier this year gas demand was boosted by coal-to-gas switching among power generators, gas consumption will decline by 1.9% this year and is projected to decrease an additional 0.4% next year, according to the Energy Information Administration’s (EIA) latest “Short-Term Energy Outlook,” which was released last Tuesday.

While earlier this year gas demand was boosted by coal-to-gas switching among power generators, gas consumption will decline by 1.9% this year and is projected to decrease an additional 0.4% next year, according to the Energy Information Administration’s (EIA) latest “Short-Term Energy Outlook,” which was released Tuesday.

Boosted by funding from joint venture (JV) partner BG Group plc, EXCO Resources Inc. said Tuesday it would increase its natural gas-directed onshore rig count by four to 17 in the first three months of 2010. Most of the drilling is to target East Texas and North Louisiana.

Boosted by funding from joint venture (JV) partner BG Group plc, EXCO Resources Inc. said last week it would increase its natural gas-directed onshore rig count by four to 17 in the first three months of 2010. Most of the drilling is to target East Texas and North Louisiana.

ExxonMobil Corp. boosted its proven reserves in 2008 by 1.5 billion boe, more than replacing the amount of oil and natural gas it produced. The Irving, TX-based major said reserves added totaled 103% of the resources it produced last year. ExxonMobil had 22.8 billion boe of reserves at year-end 2008, split evenly between natural gas and oil. Excluding asset sales, the producer replaced 110% of its output. Using the Dec. 31, 2008 oil and gas prices required by the Securities and Exchange Commission to make reserves calculations, ExxonMobil replaced 136% of its output, the company said. Prices from a single day, it said, are not useful for making long-term investment decisions. At the end of 2008, ExxonMobil’s proved reserves base increased to 22.8 billion boe. The company’s reserves life, at current production rates, is 15.3 years. The portion of proved reserves already developed was estimated at 62%.

ExxonMobil Corp. boosted its proven reserves last year by 1.5 billion boe, more than replacing the amount of oil and natural gas it produced.