Recover

The North American onshore rig count may recover somewhat in 2013, but it likely will be lower than last year, Schlumberger Ltd. CEO Paal Kibsgaard said Friday.

The U.S. and Canadian rig count may recover a bit this year, but it still will be lower than it was in 2012, according to Schlumberger Ltd. CEO Paal Kibsgaard.

The North American onshore rig count may recover somewhat in 2013, but it likely will be lower than last year, Schlumberger Ltd. CEO Paal Kibsgaard said Friday.

ExxonMobil Corp. has sanctioned its massive Hebron oilfield development offshore Newfoundland and Labrador, a $14 billion project that is slated to recover more than 70 million boe, an uptick from earlier estimates.

Fundamentals are in place for U.S. natural gas prices to recover to “at least” $4.00/MMBtu in 2013, with prices through December averaging $3.50, an energy analyst said last week. The gas supply “inventory overhang is not as bad as was feared,” said another analyst.

Fundamentals are in place for U.S. natural gas prices to recover to “at least” $4.00/MMBtu in 2013, with prices through December averaging $3.50, Canaccord Genuity said Monday.

Former natural gas industry executive Sheffield Nelson has enlisted the aid of economist Charles Venus in his campaign to raise the severance tax that Arkansas levies on natural gas production. Raising the tax to 7% would mean an additional $155 million per year for state coffers, the equivalent of less than a day and a half of profits for ExxonMobil, Venus said recently.

Operators in Pennsylvania spud fewer Marcellus Shale gas wells last month than the year before, shifted their focus to counties in wetter areas of the play and saw turnover at the top in terms of most wells spud, data from the state Department of Environmental Protection (DEP) shows.

U.S. businesses and consumers are becoming more frugal about their energy consumption, even as the economy slowly begins to recover, according to a new survey from the Deloitte Center for Energy Solutions.