Maintenance work on two platforms in the Gulf of Mexico (GOM) and on a project shutting in some crude oil in Alaska may halt temporarily the growth in U.S. crude oil supplies, but onshore volumes should help alleviate the shortfall, according to energy analytics provider Genscape Inc.
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‘Nothing’ Off the Table to Lift Value, Says Devon CEO
Devon Energy Corp.’s North American onshore oil production jumped year/year 20% in 2012 as it continued to makeover its natural gas-weighted portfolio to higher margin liquids and oil targets, but more still needs to be done to squeeze the value of its portfolio, CEO John Richels said Wednesday. Oil appears to be the answer, and dry natural gas development still is off the table.
IOGA, Enviros Slam New York DEC’s Proposals, Methods
Supporters of oil and natural gas exploration in New York are in disagreement with the Department of Environmental Conservation (DEC) over just how much of the state would be open to high-volume hydraulic fracturing (HVHF), while an environmental group has called the agency’s latest actions “meaningless.”
Bleak Outlook Seen for Liquids Drilling Through 2013
The U.S. oil and natural gas rig count will fall through 2013, with a “glaring change” to the forecast for wet gas drilling, according to Raymond James & Associates Inc. A “meaningful rebound” won’t occur until the second half of 2014 and through 2015, analysts said Monday.
KMI Pipes For Sale Expected to Be Remade for Value
Among assets slated to be sold by Kinder Morgan Inc. (KMI) to win antitrust clearance for its acquisition of El Paso Energy Corp., the “only meaningful” buys are the 50% stake in the Rockies Express Pipeline (REX) and KMI’s Kinder Morgan Interstate Gas Transmission (KMIGT), an industry analyst said Friday. And it’s not because of what they are now, but what they could become.
Halliburton Sees No Slowdown in North America’s Onshore
In terms of oilfield services supply and demand conditions, Halliburton Co. CEO Dave Lesar sees the U.S. unconventional basins in black-and-white terms: oversupplied, undersupplied or neutral.
$4.50 Out of Reach, Analyst Says; January Adds 4.6 Cents
January natural gas futures were able to regain some of Monday’s 11.3-cent loss in Tuesday trading, which was largely devoid of meaningful direction. With little in the way of fresh news to motivate traders, attention turned to the more distant portions of the price curve where longer-term opportunities may lurk. At the close of trading January futures rose 4.6 cents to $5.715 and February added 6.0 cents to $5.712. February crude oil gained 68 cents to $74.40/bbl.
GasMart 2009: Market Experts Say Lock in Gas Prices NOW!
While market experts at GasMart 2009 in Chicago could not come to a consensus on when natural gas prices would move higher in a meaningful way, they did agree that when they do, the market will rocket higher and buyers would be longing for the days when they could have locked in supply in the $3.50-4.50/MMBtu range.
Market Experts Urge GasMart Attendees to Lock in Gas Prices NOW!
While market experts at GasMart 2009 in Chicago could not come to a consensus on when natural gas prices would move higher in a meaningful way, they did agree that when they do, the market will rocket higher and buyers would be longing for the days when they could have locked in supply in the $3.50-4.50/MMBtu range.
House LNG Bill Re-Introduced, May Be Inserted in New Energy Bill
Rep. Lee Terry (R-NE) has re-introduced legislation aimed at fostering meaningful expansion of the nation’s capacity to receive liquefied natural gas (LNG). The bill is “exactly similar” to the one that the House lawmaker introduced last May (see Daily GPI, May 21, 2004).