A “supply shock” to the global energy markets being created by North American oil production will be as transformative to the market over the next five years as was the rise of Chinese demand in the last 15, forcing operators to overhaul global investment strategies and reshape the way oil is transported, stored and refined, the International Energy Agency (IEA) said Tuesday.
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SM Energy Co. is seeing encouraging results from a test well drilled in the Woodbine formation and has added about 10,000 net acres to its position on the northeastern edge of the Eagle Ford Shale in East Texas.
Cimarex Energy Co. will spend $1.4-1.6 billion on capital expenditures (capex) in fiscal 2012, with nearly all of it devoted to drilling for oil and natural gas liquids (NGLs) in the Permian Basin and the Cana-Woodford Shale, company officials said Wednesday.
Nearly $25 billion will be devoted to deepwater development every year between 2008 and 2012, and the North American region will account for more than 25% of the spending, according to a study by energy consultant Douglas-Westwood Ltd. The study confirmed some of the findings from the Minerals Management Service’s Gulf of Mexico (GOM) Lease Sale 205 held earlier this month (see NGI, Oct. 8).
Nearly $25 billion will be devoted to deepwater development every year between 2008 and 2012, and the North American region will account for more than 25% of the spending, according to a study by energy consultant Douglas-Westwood Ltd.
On a day devoted to cross examination of prosecution witnesses in the trial of Enron Corp. founder Kenneth Lay and ex-CEO Jeffrey Skilling, two of the company’s top executives maintained Skilling and others lied repeatedly to cover up financial shenanigans within some of the business units.
The American Gas Association (AGA) has formed a new board-level Committee on Security, Infrastructure Integrity and Reliability, which will be devoted to natural gas delivery system security and reliability issues.