The Pennsylvania Public Utility Commission (PUC) last week had taken down from its website a list of how impact fee revenue generated by Act 13, the state’s omnibus Marcellus Shale law, was distributed to county and municipal governments.
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New York DEC Chief: Frack Study Health Experts Not Contracted
A panel of outside experts that will help conduct a health impact analysis of high-volume hydraulic fracturing (HVHF) in New York are not yet under contract, Department of Environmental Conservation (DEC) Commissioner Joseph Martens said Friday.
LNG Export Debate Ongoing in Australia
U.S. Department of Energy (DOE) staffers planning to go Down Under over the holidays to escape talk of liquefied natural gas (LNG) exports and their market impacts might want to reconsider. LNG and gas markets are a source of controversy in Australia, too.
Industry Briefs
Natural gas well completions in 3Q2012 were down considerably from a year ago, according to the American Petroleum Institute’s latest well completion report, which indicated that 2,209 gas wells were completed in the period, a 35% decline from y3Q2011; oil well completions rose by 18% to 8,580. “The oil and natural gas industry expanded oil drilling in the third quarter…thanks in large part to access on private and state lands,” said Hazem Arafa, director of API’s statistics department. Overall, well completions — including oil and gas wells — maintained high levels from a year ago, with 12,291 wells completed during the third quarter, according to the API report. Total exploratory well completions in the third quarter remained the same (700 wells), and total footage drilled rose 3% to 91.985 million feet.
On the Other Side of the World: An LNG Export Debate
U.S. Department of Energy (DOE) staffers planning to go Down Under over the holidays to escape talk of liquefied natural gas (LNG) exports and their market impacts might want to reconsider. LNG and gas markets are a source of controversy in Australia, too.
API: Gas Drilling Nose-Dived in Third Quarter
Natural gas well completions during the third quarter were down considerably from the same period a year ago, according to the American Petroleum Institute’s latest report on well completions, which was released Monday.
Fitch: ‘Modest’ NGL Price Improvement Ahead
Low natural gas liquids (NGL) prices have been weighing down the profitability of midstream processors, and slowing NGL demand is likely to pressure profitability in the near term, but the outlook is generally good further out, Fitch Ratings said in a recent note on NGLs and midstream processors.
Fitch Projects ‘Modest’ NGL Price Improvement Coming
Low natural gas liquids (NGL) prices have been weighing down the profitability of midstream processors, and slowing NGL demand is likely to pressure profitability in the near term, but the outlook is generally good further out, Fitch Ratings said in a recent note on NGLs and midstream processors.
Industry Brief
Penn Virginia Corp. has acquired about 4,100 net Eagle Ford Shale acres in Gonzales and Lavaca counties, TX, for about $10 million. Under existing joint venture agreements, other nonoperated working interest owners are expected to acquire 17% of the net acreage in Gonzales County and 46% of the net acreage in Lavaca County, increasing Penn Virginia’s Eagle Ford acreage position by about 3,000 net acres to a total of 30,000 net acres (40,100 gross). The acquired 3,200 net acres of leasehold in Gonzales County is adjacent to Penn Virginia’s development area and is estimated to contain 20 horizontal well locations, excluding any down-spaced drilling opportunities. The acquired 895 net acres of leasehold in Lavaca County is complementary to existing leasehold in nine units, with an estimated addition of 10 horizontal well locations, the company said.
ExxonMobil Builds Bakken Portfolio with Denbury Agreement
ExxonMobil Corp. has increased its hold in the Bakken Shale to nearly 600,000 net acres after agreeing to acquire Denbury Resources Inc.’s entire portfolio in the play, 196,000 net acres. The North Dakota and Montana properties had average production in the first six months of this year of about 15,400 boe/d, 88% weighted to oil and liquids.