Onstream

The “huge” amount of global liquefied natural gas (LNG) coming onstream, coupled with new sources of gas being unlocked in North America, has created “a new world…and I do not know how this world is going to work out,” Schlumberger Ltd. CEO Andrew Gould said Friday.

Ultra Petroleum Corp. said its Marshlands #1 exploration well in Tioga County, PA is now onstream producing natural gas. Production over the last four weeks has stabilized at 3 MMcf/d at 3,800 pounds flowing casing pressure. Ultra also said it has substantially increased its acreage position in the play, with holdings totaling almost 247,000 acres, compared with nearly 27,000 at year-end 2005. Development plans call for up to two additional wells to be drilled later this year. Up to now, Ultra’s focus was on core properties in the Green River Basin of southwestern Wyoming (Pinedale Anticline and Jonah Field) and the shallow waters of Bohai Bay, China. Ultra also announced that Stuart E. Nance has been named vice president of marketing. Nance joined Ultra Petroleum in 2002 as director of oil and gas marketing.