World energy consumption will increase by 56% between 2010 and 2040, driven largely by increased demand from developing countries, according to the International Energy Outlook 2013 (IEO2013), which was released last Thursday by the Energy Information Administration (EIA). It sees global natural gas demand increasing by 64%.
Articles from Driven
Driven by the Bakken Shale play, North Dakota’s oil and natural gas production continued to soar in May, but well completion rates were slowing amid a continued boom for drilling new wells, according to the latest monthly report from the state’s Department of Mineral Resources (DMR).
Driven primarily by the continued success of its drilling program in the Marcellus Shale, Range Resources Corp. saw its production volumes surge to a record high of 910 MMcfe/d in 2Q2013, a 27% increase over 2Q2012, the Forth Worth, TX-based company said. Production during the quarter was 79% natural gas, 15% natural gas liquids (NGL) and 6% crude oil and condensate. Oil and condensate production increased 39% compared with 2Q2012, NGL production rose 35% and natural gas production increased 24%, Range said. Total 2Q2013 production exceeded the high end of Range’s guidance of 880-890 MMcfe/d due to the timing of turning wells to production and continued positive performance of wells in the Marcellus Shale. Range’s production number came in “well ahead of both Street and our estimate of 904 MMcfe/d,” said Wells Fargo Securities analysts, who added that they are looking for an update from the company on Marcellus infrastructure and pricing.
Physical natural gas prices Wednesday for Thursday delivery fell an average of 8 cents nationally as double-digit, power-driven declines in the East and Northeast prompted declines in next-day gas that at some points exceeded $1.00. On the West Coast, however, prices made small advances as the independent system operator predicted high next-day power loads. At the close of trading the expiring July contract had added 6.0 cents to $3.707 and August rose 6.7 cents to $3.737. August crude oil gained 18 cents to $95.50/bbl.
Low natural gas prices have driven down Fayetteville Shale drilling activity and production, but the Arkansas dry gas play has plenty more to give, and the rigs will be coming back to get it when natural gas has a $5 handle, the Arkansas Geological Survey’s Ed Ratchford told NGI.
A flood debris-driven sour gas leak on a wellhead pipeline in the Turner Valley south of Calgary was brought under control at midday Friday, according to the Alberta Energy Regulator and the natural gas production operator, Calgary-based Legacy Oil & Gas Inc.
Nearly 100 shale gas-driven chemical industry projects in the United States, worth about $71.7 billion, will generate $20 billion in federal, state and local tax revenue by 2020, according to an analysis by the American Chemistry Council (ACC).
Nearly 100 shale gas-driven chemical industry projects in the United States — worth about $71.7 billion — will generate $20 billion in federal, state and local tax revenue by 2020, according to an analysis released Monday by the American Chemistry Council.
The natural gas cash market on average added 6 cents Wednesday for Thursday delivery led by weather-driven gains in the Great Lakes and East. In fact, points across the country were firmly in the black on the day outside of a handful of northeastern spots and a couple of midwestern points. Futures managed to build on Tuesday’s gains and at the close, June was higher by 4.6 cents at $4.070, and July had added 4.5 cents to $4.113. June crude oil rose 9 cents to $94.30/bbl.