Probable

Boosted by unconventional natural gas and oil, particularly from North America, ExxonMobil Corp. added 1.8 billion boe to its proved reserves base in 2011, replacing 107% of natural gas and production, the company said Thursday.

Appalachian Basin producer Consol Energy Inc. said Monday its estimated proved, probable and possible (3P) reserves totaled 20.2 Tcf at the end of 2011, which was 41% higher than in 2010.

While separate regulatory commission and fire department investigations are ongoing, Puget Sound Energy (PSE) determined Tuesday it is probable that a wind-toppled tree in a north Seattle residential neighborhood caused a gas leak at a home blocks away that resulted in an explosion at 6 a.m . Monday. The married couple inside the home were being treated for various burn-related injuries and the home was leveled, a PSE spokesperson told NGI Tuesday.

Newfield Exploration Co. said it will spend about $1.7 billion this year on exploration and production activity, with two-thirds directed to oil plays and the rest focused on liquids-rich natural gas. The amount is equivalent to the company’s estimate of 2011 cash flow from operations.

The National Transportation Safety Board (NTSB) last Tuesday cited the inaction of Public Service Electric and Gas Co. (PSEG) as the “probable cause” of an explosion and fire on a natural gas distribution line in Bergenfield, NJ, that caused three fatalities, injured five persons and destroyed an apartment building in December 2005.

The National Transportation Safety Board (NTSB) Tuesday cited the inaction of Public Service Electric and Gas Co. (PSEG) as the “probable cause” of an explosion and fire on a natural gas distribution line in Bergenfield, NJ, that caused three fatalities, injured five persons and destroyed an apartment building in December 2005.

Andrew Fastow, the 42-year-old financial whiz kid who helped propel Enron Corp. to the top of the energy merchant industry only to see all of his intricate financial schemes sink the company into bankruptcy, pleaded guilty Wednesday to conspiracy to commit wire fraud and conspiracy to commit securities fraud. He faces a 10-year prison sentence, forfeiture of $23.8 million in cash and assets, and he is permanently barred from serving as an officer or director of a public company.

The “likely trajectory” of U.S. liquefied natural gas (LNG) imports through 2011 essentially matches the “probable” growth in natural gas-fired power generation, energy analyst John Gerdes said in a recent report. The need, he wrote, to reduce industrial demand given the limited supply should underpin at least an $8/MMBtu average gas price after 2006.

The “likely trajectory” of U.S. liquefied natural gas (LNG) imports through 2011 essentially matches the “probable” growth in natural gas-fired power generation, energy analyst John Gerdes said in a report issued this week. He said the need to reduce industrial demand given the limited supply should underpin at least an $8/MMBtu average gas price after 2006.