Canada’s Duvernay Shale has the potential to become one of the “most attractive liquids-rich plays” in North America, according to Wood Mackenzie analysts, who point to ExxonMobil Corp.’s decision this month to pay $3.1 billion for one of the play’s biggest developers as affirmation.
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ExxonMobil Expands Canada Shale Holdings with Celtic Exploration
ExxonMobil Corp. has offered US$3.14 billion in a cash and debt deal to buy Celtic Exploration Ltd., a Calgary producer with a rich array of unconventional acreage spread across the Montney and Duvernay shales, as well as leaseholds in other formations in Alberta (AB) and British Columbia (BC). The offer that was announced on Wednesday has a cash value of about $2.6 billion, excluding debt.
Murphy Oil to Keep ‘Very’ Focused on Eagle Ford
Murphy Oil Corp.’s plans to spin off its downstream operations will allow it to focus more time and money on exploration and production (E&P) opportunities, including a big leasehold in the Eagle Ford Shale, executives said Tuesday.
Industry Brief
Penn Virginia Corp. has acquired about 4,100 net Eagle Ford Shale acres in Gonzales and Lavaca counties, TX, for about $10 million. Under existing joint venture agreements, other nonoperated working interest owners are expected to acquire 17% of the net acreage in Gonzales County and 46% of the net acreage in Lavaca County, increasing Penn Virginia’s Eagle Ford acreage position by about 3,000 net acres to a total of 30,000 net acres (40,100 gross). The acquired 3,200 net acres of leasehold in Gonzales County is adjacent to Penn Virginia’s development area and is estimated to contain 20 horizontal well locations, excluding any down-spaced drilling opportunities. The acquired 895 net acres of leasehold in Lavaca County is complementary to existing leasehold in nine units, with an estimated addition of 10 horizontal well locations, the company said.
Crestwood Pays $90M for Devon Midstream Properties
Crestwood Midstream Partners LP late Monday agreed to pay $90 million to buy some of Devon Energy Corp.’s midstream assets in the Barnett Shale and to process the producer’s natural gas output from 20,500 dedicated acres, now estimated at 95 MMcf/d, over a 20-year period.
Marcellus Shale Coalition Unveils Supply Chain Recommended Practices
Laying out a blueprint for how small- and medium-sized businesses can take advantage of the opportunities provided within the current U.S. natural gas development boom, the Marcellus Shale Coalition (MSC) has released the second in a series of recommended practices aimed at bolstering the Marcellus Shale region’s supply chain.
Penn Virginia Turns Focus to Eagle Ford with Appalachian Sale
Penn Virginia Corp. (PVA) on Tuesday agreed to sell “substantially all” of its gassy Appalachian Basin portfolio, except the Marcellus Shale assets, to help fund development in the oily Eagle Ford Shale in South Texas.
New York Governor: ‘Home Rule’ is a Gateway for Fracking
Taking two opportunities to field questions on hydraulic fracturing (fracking) in as many days, New York Gov. Andrew Cuomo said he supports “home rule” legislation and believes such powers would be an appropriate method for communities that support drilling to have it.
New York Governor Touts ‘Home Rule’ As Fracking Gateway
Taking two opportunities to field questions on hydraulic fracturing (fracking) in as many days, New York Gov. Andrew Cuomo said he supports “home rule” legislation and believes such powers would be an appropriate method for communities that support drilling to have it.
ZaZa Energy, Hess End Eagle Ford and France JV
ZaZa Energy Corp. and Hess Corp. have ended a joint venture (JV) agreement they made in 2010 for activities in the Eagle Ford Shale in South Texas and the Paris Basin in France. ZaZa is taking over the Eagle Ford activities while Hess will hold the exploration licenses in France.