Equivalent

While others have touted U.S. shale gas potential as equivalent to two Saudi Arabias, the western United States by itself could equal one, according to a report released Monday by an oil and natural gas advocacy group, Denver-based Western Energy Alliance. It contends that resources in the West could exceed today’s major U.S. energy imports by 2020.

Whether one loves or hates hydrocarbon fuels, “they are here to stay,” an energy lecturer and author told a Houston audience. “They provide nine out of 10 units of energy, nine out of 10 units of power…That will remain the case for decades to come. Energy transitions happen over decades or centuries, not over years.” The transition under way now is to natural gas, particularly that from shale plays, he said.

Apache Corp. CEO Steve Farris last week credited the company’s portfolio and employees for helping achieve record oil-equivalent production and the third-highest quarter for earnings during 1Q2011, and he predicted that exploration would grow in Oklahoma and Texas.

Greenhouse gas (GHG) emissions from the domestic oil and natural gas industry declined by more than 48 million metric tons of carbon dioxide equivalent in 2007 and 2008, a reduction comparable to taking 9.7 million cars off the roads, according to the results of a new study sponsored by the American Petroleum Institute (API).

Greenhouse gas (GHG) emissions from the domestic oil and natural gas industry declined by more than 48 million metric tons of carbon dioxide equivalent in 2007 and 2008, a reduction comparable to taking 9.7 million cars off the roads, according to the results of a new study sponsored by the American Petroleum Institute (API).

Apache Corp.’s acquisition of nine Permian Basin natural gas and oil fields from Marathon Oil Corp. may be the first of several purchases this year, executives said Thursday.

Unocal Corp.’s board of directors has endorsed an increased takeover offer of $17 billion from Chevron Corp., potentially ending the fierce bidding war by China’s National Offshore Oil Co.(CNOOC) for the U.S. oil and natural gas company.

Cabot Oil & Gas Corp. last Tuesday reported record proved reserves of 1,202 billion cubic feet equivalent (Bcfe) for the company at the end of 2004, up 5% over last year.

Cabot Oil & Gas Corp. on Tuesday reported record proved reserves of 1,202 billion cubic feet equivalent (Bcfe) for the company at the end of 2004, up 5% over last year.