Leading liquefied natural gas (LNG) importers Japan and India on Wednesday launched a project to research global LNG pricing, AFP reported. The energy-hungry countries pay far more than Henry Hub prices for their imported gas because their supply contracts are linked to oil prices, and they said recently that they would like alternative pricing structures.
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Osage Exploration Spuds Fourth Mississippian Lime Well
San Diego, CA-based Osage Exploration and Development Inc. reported Monday that it has spudded its fourth horizontal oil well in the Mississippian Lime formation and the rock quality appears promising. The well — the McPhail #2-18H in section 18-18N-3W of Logan County, OK –. is in the 30,000-plus acre Nemaha Ridge project, which is owned by Osage in conjunction with its partners, project operator Slawson Exploration Co. and U.S. Energy Development Corp.
Access Midstream Earnings Boosted by Organic Growth
Access Midstream Partners LP, formerly Chesapeake Midstream Partners LP, reported that net income jumped more than 25% year/year in part because of increased business in the Marcellus and Barnett shales.
Cabot Gas, Liquids Output Jumps in 2Q
Citing continued downward pressure on natural gas prices, Houston-based Cabot Oil & Gas Corp. on Wednesday reported a 40% increase in production but decreased earnings in the second quarter from a year ago. Both natural gas and liquids production continued to soar, up 37% and 96%, respectively, CEO Dan Dinges said during a conference call with financial analysts.
Encana Sees Red on Natural Gas Writedowns
Encana Corp. last week reported a net loss in 2Q2012 of $1.5 billion, nearly all from one-time charges on falling 12-month average natural gas prices. The Calgary-based producer earned $383 million in the year-ago period.
Cabot Liquids Production Up, Profits Down on Low Gas Prices
Citing continued downward pressure on natural gas prices, Houston-based Cabot Oil & Gas Corp. on Wednesday reported a 40% increase in production but decreased earnings in the second quarter from a year ago. Both natural gas and liquids production continued to soar, up 37% and 96%, respectively, CEO Dan Dinges said during a conference call with financial analysts.
Natural Gas Prices Send Encana Into the Red
Encana Corp. on Wednesday reported a net loss of $1.5 billion in 2Q2012 after recording one-time impairments on declining 12-month average natural gas prices. The Calgary-based producer earned $383 million in the year-ago period.
Minor Quakes, Injection Well Suspicions Continue in Texas
Concerns over natural gas development and its potential to cause earthquakes continue to linger in Johnson County, TX, after the area has experienced about 10 modest quakes during the last month.
Ohio Governor’s Temporary Order Regulates Injection Wells
Ohio Gov. John Kasich signed an executive order on Tuesday temporarily giving the Ohio Department of Natural Resources (ODNR) additional power to regulate wastewater injection wells used by oil and natural gas drilling operations.
Company Withdraws Plans for Ohio Wastewater Injection Wells
In an apparent bow to local opposition, a Texas company has withdrawn its proposal to build two injection wells for wastewater from oil and natural gas drilling in Mansfield, OH.