Exploring

Poll Finds Strong Support for Drilling Off North Carolina Coast

A Harris Interactive poll found that 74% of North Carolina voters support moving forward with exploring for and eventually producing oil and natural gas off the state’s Atlantic Coast.

March 26, 2013

Nova Scotia Looks for Secure Natural Gas Supplies

Nova Scotia officials are exploring options to secure a more stable natural gas supply and are issuing a request for proposals (RFP) to examine challenges on price volatility and meeting gas demand now and into the future.

January 16, 2013

Industry Brief

Penn Virginia Corp.’s 40% working interest partner in its Lavaca County, TX, Eagle Ford Shale acreage has elected to go “nonconsent” on the last 17 initial unit wells on the acreage. Penn Virginia said it will seek a partner to acquire the 40% working interest. Of 17 initial unit wells, seven have been drilled, two are being drilled and eight remain to be drilled, the company said. The current working interest partner will have no participatory rights in any subsequent wells drilled in the unit. As a result, Penn Virginia’s net Eagle Ford acreage in Lavaca County will increase from about 9,200 acres to about 13,400 acres upon the drilling of all of the initial unit wells. “We expect that each of the drilling units will support up to an additional four primary development wells after the initial well,” Penn Virginia said. “To date, our Lavaca County wells have generally met or exceeded expectations with average reserves of approximately 500,000 boe and attractive economics.” In October, Penn Virginia acquired about 4,100 net Eagle Ford acres in Gonzales and Lavaca counties for about $10 million. Other nonoperated working interest owners were expected to acquire some of the acreage (see Shale Daily, Oct. 4). One year ago, the company said it was exploring the Eagle Ford with an undisclosed “major oil and gas company” (see Shale Daily, Dec. 21, 2011).

December 19, 2012

Chimera, Pemex Shale Oil Contract Disputed

Houston-based Chimera Energy Corp. announced on Tuesday that it had received drilling logs from Petroleos Mexicanos (Pemex), the Mexican state-owned petroleum company, and had “formulated a 90-day schedule for the first deployment” of its nonhydraulic shale oil extraction in Mexico’s Chicontepic Basin, even as concerns arose about the accuracy of many of the company’s statements.

September 13, 2012

Hess Asks For Patience in Bakken

As part of lackluster first quarter results released Wednesday, Hess Corp. said it doesn’t expect to meet production targets in the Bakken Shale this year, but warned analysts to be patient with the company while it shifts its focus from international basins toward its three liquids rich shale plays in the United States.

April 26, 2012

Oilfield Services Business Next Financial Windfall for Chesapeake?

Chesapeake Energy Corp., which has used a variety of savvy financial means to raise money for exploring and developing its vast unconventional portfolio in the United States, is preparing to launch its diverse onshore oilfield services unit through an initial public offering (IPO), a separate company that would continue to be closely tied to its main customer, the Oklahoma City-based producer.

April 18, 2012

Industry Briefs

Representatives from a unit of BP plc began signing agreements with landowners in Trumbull County, OH, as the company readies to begin exploring its Utica/Point Pleasant Shale leasehold in 2013. In March BP completed an agreement with the Associated Landowners of the Ohio Valley to lease close to 84,000 acres in an unexplored area of the county, which is in the northeastern part of the state (see Shale Daily, March 28). With the agreements now in place, BP is executing individual terms with landowners, which may take up to six months. BP’s Ohio shale purchase moved it into ninth place among Utica/Point Pleasant leaseholders, according to data compiled from company reports by NGI’s Shale Daily. The top leaseholder is Chesapeake Energy Corp., which has an estimated 1.2 million net acres, followed by EnerVest and EV Energy Partners, which together lease an estimated 760,000 net acres. Chevron Corp. follows with 600,000 net acres.

April 12, 2012

Encana Prowls for More Investors

Encana Corp. is exploring opportunities to bring more partners aboard to participate in “selective” joint ventures (JV) in North America, which would allow the company to double gas-weighted production over the next five years, CEO Randy Eresman said Thursday.

February 14, 2011

Encana Prowls for More Investors

Encana Corp. is exploring opportunities to bring more partners aboard to participate in “selective” joint ventures (JV) in North America, which would allow the company to double gas-weighted production over the next five years, CEO Randy Eresman said Thursday.

February 11, 2011

Futures Remain Firm as Eastern Cold Could Linger

Even after exploring lower price levels in early Friday trade, January natural gas futures were able to finish on a positive note as traders appeared unable to move past the fact that much of the eastern U.S. is starting to resemble the conditions found inside an icebox. The prompt-month contract tacked on six-tenths of a cent Friday to close at $4.349, which is down 3.9 cents from the previous Wednesday’s close.

December 6, 2010
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