A well count “evolution” is taking place across the United States because the “cost of opportunity of drilling shale gas is growing,” said Societe Generale analysts in a note to clients.
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Oil and natural gas producers and environmental groups routinely have been at odds with each other over the practice of hydraulic fracturing (fracking), but they are now working together to draft a framework for regulation.
Some of the biggest natural gas producers in North America are doing what needs to be done to cope with low commodity prices and tight credit markets. Anadarko Petroleum Corp. has dropped around 30% of its U.S. onshore rigs since the end of 2008, the company said last week. And XTO Energy Inc. is slicing $1 billion from its capital expenditures (capex) for 2009.
The Citizens Utility Board (CUB) on Wednesday asked Illinois state regulators to act on a series of proposed measures to help consumers cope with the exorbitant heating bills predicted for this winter, and in the future. In a letter to the Illinois Commerce Commission (ICC), CUB urged the agency to coordinate several short-term and long-term actions to assist natural gas customers.
President Clinton has ordered the release of an additional $300million in funds to help low-income households cope with risingheating bills this winter, and announced four steps to tackle theenergy shortages and high prices in California, Washington andOregon.