The shale gas revolution has improved global energy security and has helped a “mature industry be reborn through technology,” ConocoPhillips CEO Jim Mulva said this week in Qatar.
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Industry Brief
ConocoPhillips, which is spinning off its refinery assets to create a pure-play explorer, has agreed to sell its interests in two U.S. pipeline companies for a total of $2 billion. An agreement with a subsidiary of Caisse de depot et placement du Quebec is for a 16.55% stake in Colonial Pipeline Co. and Colonial Ventures LLC; the transaction is to close in 1Q2012. Definitive agreements also were reached with Enbridge Holdings (Seaway) LLC for a stake in Seaway Crude Pipeline Co., which is to close in December. Once closed, these transactions, along with sales already closed in 4Q2011, would total close to $10.5 billion by the end of 2012.
NRDC: Oil Shale Production to Strain Colorado River Basin
The Natural Resources Defense Council (NRDC) on Thursday warned that using water from the Colorado River Basin to produce oil shale could impact agricultural and municipal water uses affecting 15% of the nation’s crops and up to 30 million people from Wyoming to Southern California.
Industry Briefs
Swift Energy Co. agreed to sell its interests in six fields in South Louisiana, two in Texas and one in Alabama to an undisclosed private oil and gas company for $53.5 million. Swift said it would use the proceeds to fund a portion its 2011 capital expenditures. Production attributable to the fields being sold averaged 10.6 MMcfe/d during 1Q2011 with aggregate proved reserves of 92.2 Bcfe (19% proved developed producing and 65% natural gas) at year-end 2010. The sale is expected to close within the next two months.
AccuWeather.com: Hurricane Season Intensifying
The 2011 Atlantic hurricane season, which has so far produced five named storms but little damage to the U.S. coastline or energy interests in the Gulf of Mexico, may be poised to ramp up tropical activity, according to forecasters at AccuWeather.com.
AccuWeather.com: Hurricane Season Could Intensify Soon
The 2011 Atlantic hurricane season, which has so far produced five named storms but little damage to the U.S. coastline or energy interests in the Gulf of Mexico, may be poised to ramp up tropical activity, according to forecasters at AccuWeather.com.
More Named Storms in Updated NOAA Forecast
The 2011 Atlantic hurricane season during its first nine weeks has thrown little tropical activity at the U.S. mainland and energy interests in the Gulf of Mexico, but it has produced five named storms, and the National Oceanic and Atmospheric Association (NOAA) expects as many as 14 more named storms to form this year.
NOAA Increases Number of Named Storms in Hurricane Forecast
The 2011 Atlantic hurricane season during its first nine weeks has thrown little tropical activity at the U.S. mainland and energy interests in the Gulf of Mexico, but it has produced five named storms, and the National Oceanic and Atmospheric Association (NOAA) expects as many as 14 more named storms to form this year.
EPA Finalizes ‘Good Neighbor’ Emissions Rules
In a move that may work in the favor of natural gas interests, the Environmental Protection Agency (EPA) has finalized Clean Air Act protections “that will slash hundreds of thousands of tons of smokestack emissions,” EPA said Thursday.
EPA Finalizes ‘Good Neighbor’ Emissions Rules
In a move that may work in the favor of natural gas interests, the Environmental Protection Agency (EPA) has finalized Clean Air Act protections “that will slash hundreds of thousands of tons of smokestack emissions,” EPA said Thursday.