Explore

The Department of the Interior’s Minerals Management Service (MMS) has approved, with conditions, Shell Offshore, Inc.’s plan to explore two leases in the Beaufort Sea off the north coast of Alaska, MMS said Monday.

Newfield Exploration Co. and Hess Corp. launched plans to jointly explore 140,000 gross acres of the Marcellus Shale. Financial details were not disclosed; the terms of the transaction are dependent upon Newfield and Hess finalizing additional agreements over the next few weeks, the companies said. The equal partnership would cover acreage primarily in Susquehanna and Wayne counties, PA. Newfield, based in Houston, would operate the venture. Newfield entered the Woodford Shale in 2003 and assembled 165,000 net acres. To date the producer has drilled close to 300 horizontal wells; current gross operated production is about 300 MMcfe/d. Marcellus drilling is not expected to begin until 2010. Newfield said this year’s Marcellus Shale activities would be budgeted under its existing $1.45 billion capital expenditures.

Newfield Exploration Co. and Hess Corp. launched plans Wednesday to jointly explore 140,000 gross acres of the Marcellus Shale.

A recent appeals court ruling means that Shell Alaska may continue to explore and develop its Beaufort Sea leases in Alaska. Recently a three-judge panel of the U.S. Court of Appeals for the 9th Circuit affirmed a lower court decision that the government’s Lease Sale 202 was conducted properly in 2007.

A recent appeals court ruling means that Shell Alaska may continue to explore and develop its Beaufort Sea leases in Alaska. Last week a three-judge panel of the U.S. Court of Appeals for the 9th Circuit affirmed a lower court decision that the government’s Lease Sale 202 was conducted properly in 2007.

The Commodity Futures Trading Commission (CFTC) has scheduled two hearings this week and one in early August to explore whether the agency should set position limits on energy commodities, as well as whether exemptions are appropriate.

The Commodity Futures Trading Commission (CFTC) Tuesday said it will hold two hearings next week and one in early August to explore whether the agency should set position limits on energy commodities, as well as whether exemptions are appropriate.

An estimated $10 billion of floating production systems (FPS) designed to explore offshore for oil and natural gas failed to materialize as the global economy began to derail last year, but a recovery in the sector should begin in 2010, energy consultant Douglas-Westwood said in a new report. Projects worth an estimated $46 billion total are forecast to begin ramping up through 2013. Africa, North America and Latin America are expected to take 59% of the forecast global FPS capital expenditures, with an estimated 121 FPS facilities expected to be installed worldwide through 2013. Brazil’s national oil company Petroleo Brasilerio (Petrobras) is expected to be the biggest spender. Last year Petrobras was given approval by the Minerals Management Service to develop the first floating production storage offloading (FPSO) facility in the deepwater Gulf of Mexico (see NGI, May 5, 2008). The FPSO is to be built in the Cascade-Chinook area in the Walker Ridge region of the Lower Tertiary trend, which is 165 miles offshore Louisiana in 8,200 feet of water.

An estimated $10 billion of floating production systems (FPS) designed to explore offshore for oil and natural gas failed to materialize as the global economy began to derail last year, but a recovery in the sector should begin in 2010, energy consultant Douglas-Westwood said in a new report. Projects worth an estimated $46 billion total are forecast to begin ramping up through 2013.