Prolific oil production from U.S. shales is weighing on the need for imports, OPEC acknowledged in its latest Monthly Oil Market Report (MOMR), and analysts at Barclays predicted that the Organization of the Petroleum Exporting Countries will see its influence over market balances decline over the next few years.
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Denver-based SM Energy Co. is marketing all of its properties in the Anadarko Basin, including its Granite Wash interests. The sale of the gas-weighted assets is part of normal high-grading activities, the company said Wednesday. Proceeds could be spent in the Permian Basin or in the Eagle Ford Shale, analysts speculated Wednesday.
Her resignation from the Commission does not come as a surprise as she informed President Obama in January that she planned to leave the CFTC before her term ended (see Daily GPI, Jan. 28). Asked where she intended to go after the CFTC, Sommers told NGI, “I don’t know. I have not started looking for my next opportunity yet.”
“We have thousands and thousands of well locations,” he said at the UBS Global Oil and Gas Conference. “We’ll be drilling at this pace for many years to come, assuming the [Nymex] strip pricing that we have today. We do plan to drill close to 400 wells this year and that certainly, of all of our operations, can flex more than any others as we need to respond to gas prices, one way or the other [see Shale Daily, May 24].”
As an option for fleet operators turned off by high up-front costs of switching off of diesel or gasoline, two firms in the West have come up with a leasing alternative for long-haul liquefied natural gas (LNG)-powered tractor trailers.
A group of elected officials, economic development and real estate experts in northeastern Ohio have developed a proposal to create a network of wet gas gathering lines and other infrastructure in the Utica Shale, using the region’s steel industry, abandoned or partially used rail lines and existing highways.
Stability has come to the Texas oil and gas exploration and production sector, which is a good thing for producers and for consumers, said the economist who compiles the state’s monthly Texas Petro Index (TPI).
Range Resources Corp.’s management team is “convinced” that its best wells are still to come in the Marcellus Shale after some new wells punched into a previously drilled area with five years of production history were “substantially better than previous wells,” according to COO Ray Walker.
A decision about whether to retire the still idle San Onofre Nuclear Generating Station (SONGS) in Southern California could come by the end of this year, the CEO of Edison International, the majority owner/operator, said Tuesday.