Join

A “well saturated” market and sustained drilling led Bank of America Merrill Lynch (BofA) to join other energy analysts in cutting the price forecast for U.S. natural gas in 2011.

In a major speech Thursday directed at Wall Street, President Obama called on the titans of industry to “join us” in supporting sweeping reform of the financial regulatory system, and he urged industry lobbyists to put a stop to their “furious” attempts to shape the legislation to their special interests.

In a major speech Thursday directed at Wall Street, President Obama called on the titans of industry to “join us” in supporting sweeping reform of the financial regulatory system, and he urged industry lobbyists to put a stop to their “furious” attempts to shape the legislation to their special interests.

The Baker Hughes Inc.-BJ Services Co. marriage took a few more steps down the aisle last week as the companies received stockholder approval of the deal and reached an agreement with the U.S. Department of Justice (DOJ) on what assets they will need to divest before consummating the merger.

Even as burgeoning North American shale plays are reshaping the world’s natural gas market, a Canadian company is looking to join those that have already taken the drilling technology across the pond.

Even as burgeoning North American shale plays are reshaping the world’s natural gas market, a Canadian company is looking to join those that have already taken the drilling technology across the pond.

Even as burgeoning North American shale plays are reshaping the world’s natural gas market, a Canadian company is looking to join those that have already taken the drilling technology across the pond.

Ohio could join the ranks of cash-strapped states that have turned to oil and natural gas drilling on state lands as a means to replenish recession-wracked coffers. Ohio House Speaker Armond Budish, a Democrat, said recently that lawmakers may consider allowing drilling in state parks as long as it does not harm the environment, the Associated Press reported. A study committee recently estimated drilling on state lands could generate $3 million or more in revenue for the state. Earlier this week Republican members of the Pennsylvania House of Representatives unveiled a plan to further tap into prolific Marcellus Shale deposits by expanding natural gas drilling to 390,000 acres of state forest land over the next three years — a proposal one conservation group quickly labeled “irresponsible” (see Daily GPI, March 25).

ExxonMobil Corp. boosted its proven reserves in 2008 by 1.5 billion boe, more than replacing the amount of oil and natural gas it produced. The Irving, TX-based major said reserves added totaled 103% of the resources it produced last year. ExxonMobil had 22.8 billion boe of reserves at year-end 2008, split evenly between natural gas and oil. Excluding asset sales, the producer replaced 110% of its output. Using the Dec. 31, 2008 oil and gas prices required by the Securities and Exchange Commission to make reserves calculations, ExxonMobil replaced 136% of its output, the company said. Prices from a single day, it said, are not useful for making long-term investment decisions. At the end of 2008, ExxonMobil’s proved reserves base increased to 22.8 billion boe. The company’s reserves life, at current production rates, is 15.3 years. The portion of proved reserves already developed was estimated at 62%.