Hunt

The hunt is on for shale gas in Europe and it’s likely to be successful with a “substantial impact on global gas markets,” according to a recent analyst’s report. That impact could come as early as 2015.

The hunt to secure a joint venture (JV) partner to help develop some projects in the deepwater Gulf of Mexico is nearly done, Devon Energy Corp. officials said Wednesday.

A spreading revival of enthusiasm for Arctic natural gas prospects has lured an elder statesman of the Canadian resource hunt out of retirement to broadcast reminders of bearish lessons learned the hard way during the last burst of polar drilling.

As expected, the preceding day’s 41.5-cent dive by May futures had a highly negative impact on Friday’s cash prices, which fell by double-digit amounts everywhere except the Florida citygate. The spread of moderate springtime weather into nearly all of the U.S. except along sections of the Canadian border and the decline of industrial load that accompanies a weekend market were other bearish factors.

A spreading revival of enthusiasm for Arctic natural gas prospects has lured an elder statesman of the Canadian resource hunt out of retirement to broadcast reminders of bearish lessons learned the hard way during the last burst of polar drilling.

Interest in Unocal Corp. appears to be growing, with yet another oil major rumored to be in the hunt, sources told the Wall Street Journal. The newspaper reported last week that Eni SpA, headquartered in Rome, Italy, is “taking a hard look” at bidding for the El Segundo, CA-based producer.

Canadian Natural Resources Ltd. said it is in the hunt to acquire some of Murphy Oil Corp.’s Canadian natural gas assets, which are estimated to be worth C$260 million ($193 million).

Devon Energy Corp.’s Canadian subsidiary is looking for partners to share the risk in a hunt for natural gas offshore the Mackenzie Delta, a company executive said Thursday. The Oklahoma City-based independent hasn’t explored in the Far North region in more than 15 years, but is ready to become a player there once again.

Commodity prices are up, and the financial performance of anumber of energy companies is on the rise. The question being askedthis week in Houston is why are Wall Streeters treating energycompany stocks like ugly stepchildren?