Drilling

Chesapeake Energy Corp. can see some daylight following the deluge of U.S. natural gas, but it won’t be until the end of the year that the producer is able to report a decline in domestic output, CEO Aubrey McClendon said Friday.

Reflecting the “formidable power” of drilling technology that transformed the natural gas industry, surging unconventional oil production in North America is redefining the industry and should transform international trade over the next five years, the International Energy Agency (IEA) said Friday.

The U.S. Lower 48 onshore has 1.1 quadrillion cubic feet equivalent (Qcfe) of recoverable resources across 450,000 drilling locations, according to a new analysis by Calgary-based ITG Investment Research, which, not surprisingly, cited the big-name shales for being reserves and production stars.

Reflecting the “formidable power” of drilling technology that transformed the natural gas industry, surging unconventional oil production in North America is redefining the industry and should transform international trade over the next five years, the International Energy Agency (IEA) said Friday.

Drilling demand from North America’s shale boom, as well as the beginnings of a recovery in the Gulf of Mexico, revved the four biggest domestic oilfield service companies in 2010 and 2011, but this year has been a different story, according to a review by IHS Inc.

Drilling demand from North America’s shale boom, as well as the beginnings of a recovery in the Gulf of Mexico, revved the four biggest domestic oilfield service companies in 2010 and 2011, but this year has been a different story, according to a review by IHS Inc.

The U.S. Lower 48 onshore has 1.1 quadrillion cubic feet equivalent (Qcfe) of recoverable resources across 450,000 drilling locations, according to a new analysis by Calgary-based ITG Investment Research, which, not surprisingly, cited the big-name shales for being reserves and production stars.

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.

The Pennsylvania Public Utility Commission (PUC) said natural gas producers have paid most of nearly $206 million owed under the drilling impact fee enacted under Act 13, surging past the $180 million that the state had estimated it would take in this year from its new omnibus Marcellus Shale law.