The economics of shale gas development are fundamentally different than conventional resources, requiring a longer time line to reach profitability, according to Terry Engelder, the Pennsylvania State University geosciences professor who helped prove the value of the Marcellus Shale.
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Interior Secretary Ken Salazar has asked Senate leaders to set aside legislation to raise his annual salary by $19,600 after a senator threatened to block it if the pace of “new” permitting in the Gulf of Mexico (GOM) did not return to the pre-BP plc Macondo well disaster rate. Salazar fired off the letter to Senate Majority Leader Harry Reid (D-NV) and Senate Minority Leader Mitch McConnell (R-KY) after Sen. David Vitter (R-LA) vowed to block the request for the pay raise if the department did not resume issuance of “new” permits for GOM deepwater exploratory drilling at the same rate before the explosion aboard the BP-leased Deepwater Horizon rig. “It’s just my way of keeping the boot on the neck” of Interior, Vitter wrote in his letter to Salazar last Monday. Although the department has reissued a number of permits to resume activities that were interrupted as a result of the Deepwater Horizon incident, it has issued only one “new” deepwater exploratory drilling permit since the moratorium was formally lifted in October. Salazar accused Vitter of “attempted coercion.” That position “is wrong, and it must be made perfectly clear that his attempt cannot and will not affect the execution of the solemn legal responsibility that the department undertakes on behalf of the American people,” Salazar said. The bill to raise Salazar’s salary was introduced by Reid earlier this month. His current salary is $180,000, The Hill reported.
Vitter Accused of ‘Coercion’ in Tying Salazar Pay Raise to Permitting
Interior Secretary Ken Salazar has asked Senate leaders to set aside legislation to raise his annual salary by $19,600 after a senator threatened to block it if the pace of “new” permitting in the Gulf of Mexico (GOM) did not return to the pre-BP plc Macondo well disaster rate.
GasMart 2011: Technology Enables Fewer Fracks, More Gas
Operators have the tools today to tap into unconventional natural gas and oil reservoirs at a more efficient and more productive pace but the technologic advances have only scratched the rock’s surface, a Schlumberger Ltd. executive said earlier this month.
Canada’s Summer Natgas Supplies Adequate, Says NEB
With North American natural gas production predicted to continue at a “steady pace,” Canada’s summer gas prices should average in the range of US$4.00/MMBtu to $5.00/MMBtu, the National Energy Board (NEB) said Thursday.
Marcellus Coalition Pitches NGV Corridor for Pennsylvania
Looking for ways to keep demand on pace with production, the Marcellus Shale Coalition (MSC) is proposing a $200 million program to expand natural gas vehicle (NGV) infrastructure across Pennsylvania.
Pipeline, Rail Projects Target Eagle Ford Crude
The pace of infrastructure development to serve producers in the Eagle Ford Shale in South Texas continues with two separate projects targeting services for crude oil and condensate.
Southwestern: New Entrants Quicken Fayetteville Pace
Two big-ticket acquisitions in the Fayetteville Shale by BHP Billiton Petroleum and XTO Energy Inc. suggest that the pace of development in the play will be accelerating, acknowledged Steve Mueller, CEO of Fayetteville veteran Southwestern Energy Co. But his company can hold its own, having locked in some of its costs and beaten down drilling times, Mueller said.
Southwestern Says It Can Keep Up with New Fayetteville Players
Two big-ticket acquisitions in the Fayetteville Shale by BHP Billiton Petroleum and XTO Energy Inc. suggest that the pace of development in the play will be accelerating, acknowledged Steve Mueller, CEO of Fayetteville veteran Southwestern Energy Co. But his company can hold its own, having locked in some of its costs and beaten down drilling times, Mueller said.
Encana to Accelerate Development Through Partnerships
The pace of development at Encana Corp. was hampered in 2010 by low natural gas prices, but farm-ins, partnerships and joint ventures (JV) similar to the $5.4 billion transaction with an affiliate of PetroChina International Ltd. will help the company double its production growth over the next five years, CEO Randy Eresman said Thursday.