A 73-car train crashed and exploded Saturday in Lac-Megantic, Quebec, igniting its cargo of crude oil — possibly from North Dakota — killing as many as 40 people and forcing the evacuation of nearly 2,000 others.
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“We have thousands and thousands of well locations,” he said at the UBS Global Oil and Gas Conference. “We’ll be drilling at this pace for many years to come, assuming the [Nymex] strip pricing that we have today. We do plan to drill close to 400 wells this year and that certainly, of all of our operations, can flex more than any others as we need to respond to gas prices, one way or the other [see Shale Daily, May 24].”
The Monterey Shale’s oil reserves could offer California a way out of any economic shortfall, according to Navigant Consulting’s energy director.
Southern California Edison Co. (SCE) officials said Southern California power supplies will be adequate through the summer, and as many as three new or upgraded natural gas-fired plants with a total of more than 1,800 MW are scheduled to begin operations by the end of September.
There is money to be made in exporting liquefied U.S. natural gas, but not as much as many might think, or as consistently as some might hope, according to an analysis by Raymond James & Associates.
ExxonMobil Corp., Chevron Corp., BP plc and super independent ConocoPhillips are expected to lead all other exploration and production (E&P) spenders in the United States this year, with capital expenditures (capex) on average about 5% higher than in 2012, according to a survey by Barclays Capital. Last year’s No. 2 spender, Chesapeake Energy Corp., dropped to No. 5 after cutting its exploration plans.
The downward price pressure on U.S. natural gas “should be sustained for many years,” according to the global energy research chief for Credit Suisse.
The downward price pressure on U.S. natural gas “should be sustained for many years,” said the global energy research chief for Credit Suisse.