Reserves

As Alaska wrangles with declining in-state natural gas supplies and pursues a long-haul pipeline to commercialize its North Slope gas reserves, lawmakers have proposed that the state’s Energy Authority and Natural Gas Authority be folded into the Alaska Department of Energy.

As Alaska wrangles with declining in-state natural gas supplies and pursues a long-haul pipeline to commercialize its North Slope gas reserves, lawmakers have proposed that the state’s Energy Authority and Natural Gas Authority be folded into the Alaska Department of Energy.

Producers are laying down natural gas rigs in some of the most prolific basins in the United States, but it’s not coming fast enough to eliminate reserves growth, which could lead to an all-time inventory high by this time next year and pressure gas prices for at least another year, energy analysts said last week.

Producers are laying down natural gas rigs in some of the most prolific basins in the United States, but it’s not coming fast enough to eliminate reserves growth, which could lead to an all-time inventory high by this time next year, according to Barclays Capital.

ExxonMobil Corp. Thursday reported the highest quarterly profits ever by a public corporation, but the super major’s oil and natural gas reserves and production — despite record spending — once again failed to grow.

ExxonMobil Corp. Thursday reported the highest quarterly profits ever by a public corporation, but the super major’s oil and natural gas reserves and production — despite record spending — once again failed to grow.

Two deepwater Gulf of Mexico (GOM) development projects, Droshky and Ozona, which initially may book a total of 29 million boe of natural gas and oil proved reserves, will move forward following approval by Marathon Oil Corp.

Due to an adjustment in reserves to cover its potential liability in an ongoing royalties lawsuit, NiSource Inc. last week reported a net loss of more than $200 million for the second quarter. The company’s net earnings from continuing operations were on the plus side but they were below year-ago results for the quarter, with natural gas and power distribution down and transmission and storage showing an increase.

Due to an adjustment in reserves to cover its potential liability in an ongoing royalties lawsuit, NiSource Inc. recorded a second quarter net loss of more than $200 million. The company’s net earnings from continuing operations were on the plus side but they were below year-ago results for the quarter, with natural gas and power distribution down and transmission and storage showing an increase.