U.S. oil and natural gas exploration and production companies added 31.2 Tcf of wet natural gas proved reserves and almost 3.8 billion bbl of crude oil and lease condensate proved reserves in 2011, the Energy Information Administration (EIA) said in a report issued Thursday.
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Shale Gas, Oil ‘Globally Abundant,’ EIA Says
Estimated global shale gas and shale oil resources represent 32% of the world’s natural gas and 10% of the world’s crude oil technically recoverable resources, according to an assessment released Monday by the U.S. Energy Information Administration (EIA).
Report: Global Shale Oil Production 14M b/d by 2035
Worldwide production of shale oil has the potential to reach 14 million b/d by 2035, about 12% of the world’s total oil supply, prompting a 25-40% decline in oil prices, according to a report issued Thursday by PwC.
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Denver-based Forest Oil Corp. made interim CEO Patrick R. McDonald the company’s permanent chief, prompting speculation by one analyst that “all strategic options remain on the table for the company.” McDonald had served as interim chief since June 21 while the company’s board conducted a search for a replacement for former CEO H. Craig Clark. Clark left the company abruptly, sparking speculation that it was because of a failure to strike a joint venture in the Eagle Ford Shale. Wells Fargo Securities analyst David Tameron said the appointment of McDonald was a positive for the company and could signal more news to come. “We believe the announcement may allow Street speculation surrounding the potential takeout of the company to continue, as a new CEO would have likely entered with a multiyear restructuring road map. From our take, all strategic options remain on the table,” Tameron said in a note.
Forest Oil Makes Interim Chief Permanent
Denver-based Forest Oil Corp. Wednesday said it would make interim CEO Patrick R. McDonald the company’s permanent chief, prompting speculation by one analyst that “all strategic options remain on the table for the company.”
Shale Boom Makes Storage and Exports Important, CME Exec Says
Technology and good old “American ingenuity” that have driven the shale gas boom are also prompting responses to a supply glut that make storage and eventual liquefied natural gas (LNG) exports more important than ever, according to Bryan Durkin, COO at CME Group, who addressed the opening session of the LDC Gas Forums mid-continent meeting in Chicago Monday.
NOAA Expects Atlantic Hurricane Activity to Pick Up
The chances of an above-normal Atlantic hurricane season have increased, prompting the National Oceanic and Atmospheric Administration (NOAA) to raise its tropical forecast to a total of 12-17 named storms, including five-eight hurricanes, two-three of them major (Category 3 or higher).
SM Energy Trips on Eagle Ford Infrastructure, But Permian Holds Promise
Infrastructure constraints during the second quarter put a crimp in SM Energy Co.’s operated Eagle Ford Shale output, prompting the Denver-based company to divert some capital to the Permian Basin, where getting production to market is easier for the time being. And a steep drop in net income pummeled the Denver-based producer’s shares.
SM Energy Trips on Eagle Ford Infrastructure, But Permian Holds Promise
Infrastructure constraints during the second quarter put a crimp in SM Energy Co.’s operated Eagle Ford Shale output, prompting the Denver-based company to divert some capital to the Permian Basin, where getting production to market is easier for the time being. And a steep drop in net income pummeled the Denver-based producer’s shares.
Manufacturers Piling Into NGV Business
From blogs to Wall Street there was louder talk in recent weeks about natural gas in transportation, prompting signs that there is more market pull and a tipping point of sorts may be reached after several decades of ups and downs for the natural gas vehicle (NGV) sector.