Comstock Resources Inc.said 2014 proved oil and natural gas reserves increased year/year to 620.4 Bcfe from 585 Bcfe, which included 495 Bcf and 20.9 million bbl, 68% proved developed. The present value of the reserves, using a 10% discount or PV-10, was $1.1 billion, using average 2014 prices of $3.96/Mcf and $92.55/bbl. The Frisco, TX-based independent’s output in 2014 averaged 180 MMcfe/d. Oil production comprised 39% of total output, versus 20% in 2013. Oil production rose 86% year/year to 4.3 million bbl; gas output fell 29% to 39.8 Bcfe. The Eagle Ford Shale contributed 5.1 million bbl and 5 Bcf, or 5.9 million boe to reserves. The Haynesville Shale and other regions added 74 Bcf in 2014. Finding costs for 2014 were estimated at $28.75/boe. Comstock has restarted Haynesville development in response to low oil prices (seeShale Daily,Dec. 18, 2014).
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Industry Brief
The New York State Department of Environmental Conservation (DEC) has extended by 28 days the public comment period on the draft permit for the proposed Constitution Pipeline and an upgrade to the Iroquois Wright Compressor station in Schoharie County, NY. Public comments would be accepted until close of business on Feb. 27; comments may be mailed Stephen M. Tomasik, DEC-Division of Environmental Permits, 625 Broadway, 4th Floor, Albany, NY 12233-1750, or sent to dec.sm.constitution@dec.ny.gov. The pipeline has been approved by the Federal Energy Regulatory Commission to begin construction (see Shale Daily,Dec. 3, 2014). Construction could begin before the end of March, with service by late 2015 or early 2016. Constitution is owned by subsidiaries of Williams Partners LP, Cabot Oil & Gas Corp., Piedmont Natural Gas Co. Inc. and WGL Holdings Inc. The 30-inch diameter pipeline is to traverse 124 miles beginning in northeastern Pennsylvania and connect with existing transmission pipelines in Schoharie County.
Futures, Cash Part Ways as Physical Prices Stage Broad Advance; Futures Drop 8 Cents
Next-day gas posted solid gains in Thursday for Friday trading as weather systems proved supportive and the screen continued to make new highs.
Futures Scoot Higher on Hefty Storage Pull
Natural gas futures surged but then backed off following the release of government storage figures showing a higher withdrawal than traders had anticipated.
Industry Brief
McDermott International Inc. and GE Oil & Gas have launched io oil & gas consulting to offer front-end offshore field development services ranging from portfolio evaluation to final investment decisions. Houston-based McDermott offers global upstream engineering, procurement, construction and installation services. Financial details were not disclosed. McDermott’s investment “aligns with the company’s strategy to become more client-focused and responsive to operators’ challenges,” it said. The business is being structured to provide “impartial advice…while benefiting from having on-demand access to specialist resources to assist in technical and commercial validation of its work.”
Second LNG Production Facility Proposed in Florida
A second liquefied natural gas (LNG) production facility has been proposed for Florida’s Atlantic Coast, this one in Titusville to support expanded use of natural gas for transportation.
West Virginia University to Study Drilling Impacts at Experimental Shale Site
The West Virginia University School of Public Health will join a federal project announced in November to conduct air, noise, occupational safety and health monitoring over the next five years at an experimental shale gas drilling site in Morgantown.
Obama Administration Calls for 40-45% Cut in Methane Emissions by 2025
The Obama administration issued a broad spectrum plan Wednesday for the oil and gas industry to cut methane emissions from new and modified sources by 40-45% below 2012 levels by 2025.
API Creates Midstream Department to Support Infrastructure
As shale oil and natural gas development continues to ramp up across the country, it is important to ensure that the nation’s midstream infrastructure is up to the task of handling the increased production, according to the American Petroleum Institute (API), which on Tuesday announced the creation of a midstream department.
PG&E Ordered to Turn Over CPUC-Related Emails
A California regulatory judge on Tuesday ordered Pacific Gas and Electric Co. (PG&E) to turn over all of its email by Jan. 30 between former executives and state regulators, subject to some limitations.
