natural gas

In one sentence the Pennsylvania Supreme Court has denied the state’s request to reconsider a landmark ruling that significantly weakened centralized oil and gas regulation and returned to municipalities their ability to change or enforce local zoning laws.

Chevron Appalachia LLC has temporarily ceased operations at seven wells across Pennsylvania over concerns about wellhead configurations and their ability to handle high pressures after a fatal explosion and fire at one of the company’s sites in Greene County, PA on Feb. 11.

Physical natural gas values for Tuesday delivery saw mixed results Monday as declines dominated the Gulf Coast, Midcontinent, Rockies and the West, while the Midwest, East and Northeast saw their fair share of gains and losses. The real action on the day was occurring in the futures arena, where whiplash-inducing volatility continued its recent run. The March contract plunged 69 cents to $5.445 and the April contract shed 39.2 cents to $4.620. April crude oil added 62 cents to $102.82/bbl.

The number of new jobs created in Pennsylvania in six “core” industries related to development of the Marcellus Shale was 29% lower in 4Q2013 compared with 4Q2010, according to a monthly report by the state Department of Labor & Industry’s Center for Workforce Information & Analysis (CWIA).

Vancouver-based Terrace Energy Corp. has reached an agreement to acquire and develop acreage in Zavalla and Dimmit counties in South Texas in an area that has seen “highly successful” discovery wells in the emerging Buda Limestone formation. Terrace struck a farm-in agreement for a 75% working interest (WI) in several leases that cover 10,000 gross (6,700 net) acres. The company has the opportunity to drill a series of earning wells to test the Buda formation. Each well will secure a 75% WI and a 56.25% net revenue interest in a 640 acre production unit. The company has the option to secure additional production units by drilling additional earning wells each within 120 days from the completion date of the previous earning well. Each production unit may contain up to seven additional drilling locations. The project acreage is in the core of the Eagle Ford trend and is near a number of prolific horizontal wells drilled into the naturally fractured Buda Limestone, Terrace said. “We believe the Buda Limestone formation, which is also present on our Maverick County Project, is highly prospective and will be a core focus for our company as we implement our growth model in South Texas,” said CEO Dave Gibbs.

Magnum Hunter Resources Corp.’s progress in both the Appalachian and Williston basins plodded along in 2013, set back by inclement weather late in the year, processing issues in Appalachia and an increase in labor and operating costs in North Dakota.

U.S. oilfield spending and activity this year is “fast-er and furious-er” than predicted by analysts at Raymond James & Associates Inc., with exploration and production (E&P) cash flows now forecast to be 30%-plus more than in 2013.

Chevron Appalachia LLC has temporarily ceased operations at seven wells across Pennsylvania over concerns about wellhead configurations and their ability to handle high pressures after a fatal explosion and fire at one of the company’s sites in Greene County, PA on Feb. 11.

What would be the nation’s first floating liquefied natural gas (FLNG) export terminal could be operational in the fourth quarter of 2018, developer Excelerate Energy LP said in conjunction with its FERC filing for the Lavaca Bay LNG Project.