Rep. Edward Markey of Massachusetts, the leading Democrat on the House Natural Resources Committee, and Sen. Ron Wyden of Oregon, a senior Democrat on the Senate Energy and Natural Resources Committee, on Thursday urged President Obama to use his power under the Energy Policy and Conservation Act of 1975 to restrict the export of natural gas, coal, petroleum products and petrochemical feedstocks. Markey earlier in the year introduced two bills to block liquefied natural gas (LNG) exports (see Daily GPI, Feb. 15).
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Obama Called on to Cap LNG Exports
Rep. Edward Markey of Massachusetts, the leading Democrat on the House Natural Resources Committee, and Sen. Ron Wyden of Oregon, a senior Democrat on the Senate Energy and Natural Resources Committee, on Thursday urged President Obama to use his power under the Energy Policy and Conservation Act of 1975 to restrict the export of natural gas, coal, petroleum products and petrochemical feedstocks. Markey earlier in the year introduced two bills to block liquefied natural gas (LNG) exports.
Industry Briefs
Warburg Pincus LLC is leading a group of investors to fund up to $1.125 billion in Venari Resources LLC, a new Gulf of Mexico (GOM) deepwater explorer helmed by former Nexen Inc. executive Brian Reinsborough. The Dallas-based explorer also would be financed by Kelso & Co., The Jordan Co., and Asian investment giant Temasek Holdings. Venari, which is Latin for “hunt,” plans to target subsalt reservoirs, which are pockets of oil and natural gas that had been obscured by salt layers until advances were made in seismic imaging technology. Initial investments of 10-25% are to be made in GOM exploration blocks, with Venari providing technological expertise to majority lease owners.
Industry Brief
Copano Energy LLC plans to add an additional 400 MMcf/d of cryogenic processing capacity at its Houston Central complex in Colorado County, TX, to meet demand from producers in the liquids rich Eagle Ford Shale. The expansion would bring Copano’s cryogenic capacity at the facility to 1 Bcf/d. The project is expected to cost $190 million and be in service mid-2014. Copano also announced a new long-term fee-based gathering and processing agreement with a “major” Eagle Ford producer, which combined with previously announced producer commitments, will support the expansion. Copano had previously announced plans for an initial 400 MMcf/d cryogenic processing expansion at Houston Central, which is expected to be in service during the first quarter of 2013 (see Shale Daily, April 21, 2011). “This second cryogenic expansion project reaffirms our commitment to being a leading midstream service provider in the Eagle Ford shale,” said CEO R. Bruce Northcutt.
FERC Report: Shales Boost Production, Lower Prices
Continuing high natural gas production levels driving prices to the sub-$2 level raise concerns of an eventual production bust that could result in higher prices for producers, according to a market report Thursday by FERC’s Office of Enforcement (OE).
Penn Virginia Buying Chief’s Marcellus Gathering Unit for $1B
Penn Virginia Resource Partners LP (PVR) is buying Chief Gathering LLC for $1 billion. Chief Gathering serves northeastern Pennsylvania Marcellus Shale producers and is a sister company to producer Chief Oil & Gas LLC.
First Utica Production Called ‘Significant’
The first glimpse of Utica Shale productivity in Ohio makes two things clear: Chesapeake Energy Corp. is leading the way and it is producing a fair amount of natural gas.
AGA: Shales Push Natural Gas Reserves to Record 300 Tcf
Data gathered from 30 large domestic natural gas producers indicate that the U.S. inventory of gas reserves has grown to about 300 Tcf, according to a new report from the American Gas Association (AGA). That estimate, based in large part on new discoveries in shale plays, shatters the previous domestic reserves record of 293 Tcf, which was recorded in 1967.
One Year In, First Utica Production Figures Called ‘Significant’
The first glimpse of Utica Shale productivity makes two things clear: Chesapeake Energy Corp. is leading the way and it is producing a fair amount of natural gas.
Clean Energy Signs 10-Year Fueling Station Partnership
With the talk getting more testy in the political arenas on whether natural gas for transportation needs tax incentives, a leading gas-for-transportation fuel and infrastructure provider, Clean Energy Fuels Corp., announced Monday it signed a 10-year deal with a major fleet operator, Saddle Creek Corp., to build fueling stations to support its expanding natural gas-powered truck fleet.