Conocophillips

Data gathered from 30 large domestic natural gas producers indicate that the U.S. inventory of gas reserves has grown to about 300 Tcf, according to a new report from the American Gas Association (AGA). That estimate, based in large part on new discoveries in shale plays, shatters the previous domestic reserves record of 293 Tcf, which was recorded in 1967.

Don’t like today’s low natural gas prices? Hang on, they will change, eventually, ConocoPhillips Gas & Power’s Jim Duncan, manager of market research, told a Houston audience last week.

Don’t like today’s low natural gas prices? Hang on, they will change, eventually, ConocoPhillips Gas & Power’s Jim Duncan, manager of market research, told a Houston audience Thursday.

Don’t like today’s low natural gas prices? Hang on, they will change, eventually, ConocoPhillips Gas & Power’s Jim Duncan, manager of market research, told a Houston audience Thursday.

Enterprise Products Partners LP (EPP) and Enbridge Inc. will hold concurrent open seasons Jan. 4-Feb. 10 to solicit capacity commitments from shippers for an expansion of their Seaway crude oil pipeline and an extension of the pipeline into the Port Arthur/Beaumont refining market in southeast Texas, the companies said.

The shale gas revolution has improved global energy security and has helped a “mature industry be reborn through technology,” ConocoPhillips CEO Jim Mulva said last week in Qatar.

ConocoPhillips, which is spinning off its refinery assets to create a pure-play explorer, has agreed to sell its interests in two U.S. pipeline companies for a total of $2 billion. An agreement with a subsidiary of Caisse de depot et placement du Quebec is for a 16.55% stake in Colonial Pipeline Co. and Colonial Ventures LLC; the transaction is to close in 1Q2012. Definitive agreements also were reached with Enbridge Holdings (Seaway) LLC for a stake in Seaway Crude Pipeline Co., which is to close in December. Once closed, these transactions, along with sales already closed in 4Q2011, would total close to $10.5 billion by the end of 2012.

Three Wyoming producers — Encana Oil & Gas (USA) Inc., Noble Energy and ConocoPhillips — eventually will seek permission from the Bureau of Land Management (BLM) to drill up to 4,200 natural gas wells over 265,000 acres in the state.

It is becoming impossible to ignore the Bakken Shale in North Dakota as an oil play that may be at the center of a domestic upswing in U.S. production, according to a report released Wednesday by the Washington, DC-based Energy Policy Research Foundation Inc. (EPRINC).