Prospects for offshore drillers look promising over the next few years, especially for ultra-deepwater (UDW) rigs, which are “essentially sold out” until 2014, according to Raymond James & Associates Inc.
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Drug Use Among Prospective Shale Workers in Eastern Ohio Could Pose Challenge
As oil and gas companies look to hire local workers in eastern Ohio’s booming Marcellus and Utica shales, local and company officials say they are keeping a cautious eye on the issue of drug abuse in the region.
California Governor to Examine Fracking More Closely
California Gov. Jerry Brown said last Friday that he plans to take a closer look at the oil/gas industry’s use of hydraulic fracturing (fracking) in the state, speaking at a renewable energy conference at the University of California, Santa Barbara, and to news media afterwards.
North Carolina Governor Open to Regulated Fracking
After getting a first hand look at hydraulic fracturing (fracking) operations in Pennsylvania’s Marcellus Shale — and with a comprehensive study of the practice due out in her state later this spring — North Carolina Gov. Bev Perdue on Wednesday said she believes fracking can be done safely.
Ohio Governor’s Plan Restructures Gas/Oil Taxes, Adds Regs
The administration of Ohio Gov. John Kasich is proposing to “modernize” taxes and regulations on the oil and gas industry, aiming to cut income taxes by capturing revenue from the prospective Utica Shale boom.
Fracking Market Still Strong, but Won’t Match 2011
The global market for hydraulic fracturing (fracking) services continues to grow at a double-digit pace but not nearly as much as in 2011 since natural gas prices have begun to discourage exploration, according to a survey by Spears & Associates Inc.
Marcellus Boom Sending Rockies Gas Packing
Eastern markets used to look like the Promised Land to Rockies producers. But surging production growth from the Marcellus Shale amounts to a “keep out” sign planted along the side of Kinder Morgan Energy Partners LP’s (KMP) Rockies Express Pipeline (REX).
Market Awaiting End of Fund Selling; January Slides
January natural gas tumbled 6.3 cents Monday, as traders look for some semblance of price support amid an unfavorable technical and fundamental setting. At the close January had fallen 6.3 cents to $3.254 and February had retreated 5.9 cents to $3.294. January crude oil dropped $1.64 to $97.77/bbl.
Milder Forecasts Cause Most Points to Soften
Paraphrasing a Christmas carol, “It’s beginning to look a lot like last week” when it comes to the spot gas market. Just as the Nov. 28-Dec. 2 trading week featured three days of mostly rising prices followed by two days of majority softness, the current week’s market was generally strong through Wednesday before falling at most locations Thursday.
Industry Brief
The chair of the Railroad Commission of Texas has directed commission staff to look into its existing rules on water recycling in the oil and gas patch. “If we need to streamline our old rules and make amendments where necessary to encourage companies to expand their recycling activities, then that is what we will do,” said Chair Elizabeth Ames Jones. “…[W]e must maintain that hydraulic fracturing can continue to benefit Texas by allowing companies to manage water use and conserve when possible as it relates to this process of energy production.”