Increase

The well count and rig count in the U.S. onshore both increased slightly during the second quarter of 2014. The former was boosted by strong gains in the Permian Basin, Marcellus Shale and Granite Wash formation, while the latter reflected a slight improvement in drilling efficiencies, Baker Hughes Inc. (BHI) said Friday.

Sales by more than two dozen leading natural gas marketers during the first three months of 2014 increased 0.61 Bcf/d (about 0.5%) compared with 1Q2013, a small rebound for a market that had been on a downward slope for nearly two years, according to NGI’s 1Q2014 Top North American Gas Marketers Ranking.

A Gulf Coast refined products export terminal that was reactivated to take advantage of the shale oil boom has loaded its first cargo, operator Enterprise Products Partners LP said Tuesday.

May natural gas is set to open 4 cents higher Wednesday morning at $4.57 as traders weigh issues with natural gas storage builds. Overnight oil markets rose.

With support from the oil/gas industry, Colorado lawmakers are recrafting a bill (HB 1356) this session to increase maximum fines that can be assessed against oil and natural gas operators for "significant waste of oil/gas resources." Similar legislation was defeated last year (see Daily GPI, May 10, 2013).

An oil industry-funded study says allowing export of domestic crude oil would create thousands of jobs and be a boon to consumers and the U.S. economy.

Federal rules to increase penalties for offshore facilities involved in oil spills has been delayed to give the oil and natural gas industry more time for review, the Department of Interior said this week.

North Dakota’s record-setting pace for oil and natural gas production continued to slow for the most recent month reported, and the prospects are for the slowing trend to continue at least through March, the state’s top oil/gas official said Thursday.

President Obama’s proposed budget for fiscal 2015 calls for $11.7 billion to fund the Department of Interior (DOI), including millions for study of hydraulic fracturing (fracking), and funds to oversee oil and gas development on federal lands on- and offshore. Some of the funding burden would be shifted onto industry in the form of fees.