Denver-based Gasco Energy Inc., whose natural gas exploration and production (E&P) is centered in the Uinta Basin of Utah, shut in some of its wells and will not finish some recompletions until Rocky Mountain commodity prices edge higher, CEO Mark Erickson said last week.
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Denver-based Gasco Energy Inc., whose natural gas exploration and production (E&P) is centered in the Uinta Basin of Utah, has shut in some of its wells and will not finish some recompletions until Rocky Mountain commodity prices edge higher, CEO Mark Erickson said.
Since Hurricane Katrina stormed through the Gulf of Mexico, most of the concerns about oil and natural gas production have centered on the damaged offshore production platforms and drilling rigs. But in the short-term, that’s not the most important part. Producers are contending with a lack of communication services, not enough surveillance aircraft, and above all, lost employees, most of whom are focused on their own survival and that of their families and homes in the New Orleans area.
Keeping May natural gas futures firmly centered around the psychological $7 figure, natural gas traders on Tuesday pushed the prompt month higher, only to be repelled by resistance at $7.09 for the second consecutive session.
Denver-based Cimarex Energy Co., whose exploration efforts are centered in the MidContinent and Gulf Coast regions, reported Wednesday that its second quarter aggregate oil and natural gas output handily beat its production guidance, increasing 28% over a year ago on the strength of significant natural gas production.
In an indication of how El Paso Corp. intends to turn around its troubled and heretofore U.S.-centered oil and gas production business, subsidiary El Paso Production Co. announced late Monday that it will purchase the rest of a joint oil and natural gas operation that it operates in Brazil with Unocal Corp.
In a bold move to improve its competitive advantage, ChevronTexaco will sell some of its non-strategic U.S. assets, cut up to 200 U.S. jobs, consolidate several U.S. offices and consider whether to sell some of its producing and midstream assets in western Canada. The program, which only targets North American operations, is expected to be completed in 2004.
Edge Petroleum Corp., whose gas-rich operations up to now have been centered on the onshore Gulf Coast and northern Rocky Mountains, on Tuesday expanded its focus with an agreement to explore an area of southeastern New Mexico’s Permian Basin with partners Pure Energy Group and Chisos Ltd. The area of mutual interest (AMI) agreement covers all of Eddy and Lea counties, as well as a portion of southern Chaves County, where Pure and Chisos own approximately 47,000 gross (27,000 net) acres.
Incentives and profits for speculative trading are out, and traditional hedging and marketing centered on assets are in, according to the head of theWestern Power Trading Forum.
Coalbed methane (CBM) production, which up to now has been mostly centered in the Rocky Mountain Basin, appears to be where it’s at for both large and small domestic producers, with several recent announcements to beef up exploration and production in not only the well known basin in Colorado, Utah and Wyoming, but also in smaller plays around the United States.