The Texas Transportation Commission has approved $225 million for work to repair roads damaged as a consequence of the state’s oil and gas boom. The funding, provided by the Texas Legislature (see Shale Daily, May 30), will allow the Texas Department of Transportation (TxDOT)to begin repairing and rehabilitating roadways damaged by heavy trucks and increased traffic. It is estimated that energy sector traffic across the state has caused $400 million in immediate roadway safety concerns, such as severe edge damage on narrow roadways, deep rutting and pavement damage. Estimates show an additional $1 billion per year is needed to restore roadways heavily impacted by energy development to “good” or “better” conditions, the commission said. “Fatalities resulting from motor vehicle crashes in Texas rose by 11% in 2012 compared to the previous year,” said TxDOT Executive Director Phil Wilson. “We are pleased that our lawmakers saw fit to fund some of these safety-focused rehabilitation and repair projects, and we hope resources that enhance safety will continue to be a priority as our energy industry thrives.” With more than 80,000 miles of highway, Texas, home of the Eagle Ford and Barnett shales as well as the Permian Basin, has the largest highway system in the nation.
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NorthWestern Energy Corp. has increased its natural gas holdings in northern Montana’s Bear Paw Basin by acquiring some assets from Devon Energy Corp.
Calling them a common sense approach that will complement state efforts, U.S. Interior Secretary Sally Jewell and Bureau of Land Management (BLM) officials Thursday unveiled revised draft rules for hydraulic fracturing (fracking) on all federal and Indian lands. The draft rules will now go through a 30-day public comment period.
The Bakken Shale and Three Forks formation in the Williston Basin in Montana, North Dakota and South Dakota contain a combined estimated 7.4 billion bbl of undiscovered, technically recoverable oil, 6.7 Tcf of undiscovered, technically recoverable natural gas and 530 million bbl of undiscovered, technically recoverable natural gas liquids (NGL), according to an assessment released Tuesday by the United States Geological Survey (USGS).
Natural gas cash prices jumped an average 15 cents Monday for Tuesday delivery as a strong screen provided a firm platform for buyers, and utilities commenced with early summer buying. The advance was widespread and nearly every point posted double-digit gains. A handful of locations were up by 20 cents or more.
Natural gas liquids (NGL) account for a significant portion of what many international organizations refer to as “oil production” from the United States, according to analysts from the Brookings Institution.
In its efforts to maximize the opportunities provided by the domestic shale oil and gas boom, Houston-based Phillips 66 said it plans to develop a 100,000 b/d natural gas liquids (NGL) fractionator in Old Ocean, TX, which would provide an alternative for suppliers wary of congestion at facilities located in and around Mont Belvieu, TX.
Over the past 10 years natural gas has become the predominant fuel used to generate electricity in New England, a shift that has “provided clear economic benefits” for the region, but has also created “serious reliability threats to the bulk power system,” according to Gordon van Welie, CEO of ISO New England Inc. (ISO-NE).
North Dakota’s record-setting oil production pace has provided an economic boost that has increased sevenfold since 2004, reaching $30.4 billion in 2011, according to a study released by North Dakota State University (NDSU).
Following a judge’s decision in favor of TPG-Axon Capital, SandRidge Energy Inc. on Tuesday cleared the way for shareholders to consider a slate of candidates proposed by the hedge fund to replace SandRidge’s entire board of directors.