Goodrich Petroleum Corp. said Thursday it plans to spend between $175 million and $200 million on capital expenditures (capex) in 2013, most of which will go toward drilling for oil in the Eagle Ford Shale and Tuscaloosa Marine Shale (TMS), but a small portion will be spent on dry gas in the Haynesville Shale.
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Shale Development Pushing New Mexico to 30-Year Production High
Based on the most recent state data for this year, New Mexico is on track to bust the 80 million bbl oil production level for the first time since the late 1970s, and natural gas is expected to stay level at about 1.2 Tcf, according New Mexico Oil and Gas Association (NMOGA) officials.
New Mexico Eyes 30-Year Production High, Producers Say
Based on the most recent state data for this year, New Mexico is on track to bust the 80 million bbl oil production level for the first time since the late 1970s, and natural gas is expected to stay level at about 1.2 Tcf, according New Mexico Oil and Gas Association (NMOGA) officials.
Lone Star Fractionator Opens for Permian Basin, Eagle Ford NGLs
Lone Star Fractionator I in Mont Belvieu, TX, a 100,000 b/d natural gas liquids (NGL) facility designed to handle prolific NGL production in the Permian and Eagle Ford regions, is now in service, according to Energy Transfer Partners (ETP) and Regency Energy Partners.
EQT Dropping LDC for Midstream, E&P
Now that it’s getting out of the local distribution company (LDC) business, Appalachia-focused EQT Corp. will have more time and money to devote to the Marcellus Shale, America’s emerging natural gas breadbasket.
Weir Buys Another U.S. Unconventional Oilfield Company
Scotland-based oilfield services provider The Weir Group plc continues to expand its U.S. onshore holdings, the latest deal being the acquisition of Oklahoma’s Mathena Inc.
Statoil Buys Another 70,000 Net Acres in Marcellus
Norway’s Statoil ASA on Wednesday said it has snapped up another 70,000 net acres in liquids-rich areas of the Marcellus Shale for $590 million in cash. The portfolio additions, which give the producer full or joint partnership in close to 750,000 net acres in the play, are spread across West Virginia and Ohio.
North Dakota Prices, Drilling Decline, But Production Climbs
While drilling, prices and permitting all declined in North Dakota, natural gas and oil production set new monthly records, according to the most recent statistics compiled at the end of October in a Department of Mineral Resources (DMR) report released Monday.
Industry Briefs
Due to the rapid rise in the development of unconventionals, natural gas surpassed coal as the most-produced domestic fuel in 2011, the Energy Information Administration (EIA) said. Gas production was 23.5 quadrillion Btu (quads) in 2011 compared to coal’s 22.2 quads. Gas accounted for nearly 39% of the 60.6 quads of domestic fossil fuel produced in 2011, which exceeded the previous record of 59.3 quads in 1998. One quad is equal to about 1 Tcf of natural gas. Crude oil production, which experienced a long decline from 20.4 quads in 1970 to 10.5 quads in 2008, rose to almost 12 quads in 2011, the EIA said. Natural gas liquids (NGL) climbed to their highest level, 2.9 quads in 2011. Overall in 2011, the United States produced about 78 quads of energy, more than at any point in the nation’s history. More than three-quarters of the energy production came from nonrenewable fossil fuels: coal, natural gas, crude oil and NGLs. But despite rising production, the agency said the United States remained a net energy importer, consuming more than 97 quads of energy in 2011.
EIA: Gas Surpassed Coal as Most-Produced U.S. Fuel in 2011
Due to the rapid rise in the development of shale gas, natural gas surpassed coal as the most-produced domestic fuel in 2011, the Energy Information Administration (EIA) said Thursday.