Federal gas and oil inspection and enforcement programs still lag the pace of energy development, according to a report released by the Western Organization of Resource Councils (WORC).
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Newfield Waits for Better Economics to Increase Woodford Activity
Newfield Exploration Co. has slowed the drilling pace in some of its Midcontinent operations for “economic reasons” — low natural gas prices and a continuing decline in service costs — the company’s president said Thursday.
Newfield Waits for Better Economics to Increase Woodford Activity
Newfield Exploration Co. has slowed the drilling pace in some of its Midcontinent operations for “economic reasons” — low natural gas prices and a continuing decline in service costs — the company’s president said Thursday.
Ultra Cuts Spending by 24%, but Output Could Jump 22%
Ultra Petroleum Corp. has cut its capital spending plans this year by 24% from a year ago, to $720 million, but the onshore producer still is on pace to grow its natural gas-weighted output by 18-22%, the CEO said Wednesday.
Ultra’s Spending to Fall 24%, but Output to Rise Up to 22%
Ultra Petroleum Corp. reduced its 2009 capital spending budget at $720 million, 24% below spending levels in 2008, but it still is on pace to grow its natural gas weighted output by 18-22% from last year, the CEO said Wednesday.
U.S. Gas Rigs Falling at Furious Clip
U.S. exploration and production (E&P) companies are laying down natural gas rigs at a faster clip than in previous down cycles, and the gas rig count is on pace to fall by almost two-thirds from last year, energy analysts said last week. Still, some analysts and producers fear that dropping rigs won’t be enough to balance the oversupplied gas market by the end of 2009.
Prices Still Softening; Gustav a Hurricane Again
Cash prices continued to soften at most points in Friday’s launch of the September aftermarket even as the pace of Gulf of Mexico (GOM) shut-ins and evacuations quickened. The previous day’s 55.8-cent plunge by futures, generally moderate weather forecasts outside the Southwest and much of the South, the holiday loss of industrial load and a highly bearish storage report a day earlier apparently mattered more to cash traders than the accelerating offshore production losses.
EnCana: U.S. Shale Gas Supply to Nearly Double by 2015
If pipeline and storage infrastructure keep pace, natural gas produced from U.S. shale basins is expected to account for 18% of Lower 48 supply by 2015, which is well ahead of the 8% of supply that shale gas accounted for in 2007, according to EnCana Corp. The Calgary-based producer, whose leaseholds are spread across unconventional gas basins in the United States and Canada, is shooting to be the leader of the pack, executives said Thursday.
EnCana Says U.S. Shale Gas Supply to Nearly Double by 2015
If pipeline and storage infrastructure can keep pace, natural gas produced from U.S. shale basins is expected to account for 18% of Lower 48 supply by 2015 — compared with the 8% of supply that shale gas accounted for in 2007, according to EnCana Corp. The Calgary-based producer, whose leaseholds are spread across unconventional gas basins in the United States and Canada, is shooting to be the leader of the pack, executives said Thursday.
E&P Spending Jumps on Higher Commodity Prices
Exploration and production (E&P) spending worldwide now is on pace to accelerate 20% this year because of higher oil and natural gas prices, according to a survey of producers by Lehman Brothers. Lehman’s survey in December had forecast worldwide E&P spending in 2008 would rise only 11% (see NGI, Jan. 7).