Second

For the second time since its ordinance banning hydraulic fracturing was ruled illegal, the Morgantown City Council voted to table a decision to repeal the ban in order to make a “political statement” against the West Virginia state government.

Continental Resources Inc. has successfully completed its second natural gas well in the Anadarko Woodford play, while the company’s production total continued to rise during 4Q2011.

Higher-than-expected condensate and natural gas liquids (NGL) volumes from 11 Stone Energy Corp. wells in Wetzel County, WV, will require additional equipment on pipeline facilities, according to the Lafayette, LA, company.

Air Liquide Industrial US LP plans to build an air separation unit in northwestern North Dakota to supply nitrogen to industrial customers, specifically those involved in growing Bakken Shale operations. The unit is expected to be operational by the end of 2012. The French company supplies gases that include nitrogen and carbon dioxide to North American producers to support drilling operations and increase resource recovery. “We are positioning ourselves to better serve existing customers and to capture new business opportunities in North Dakota, especially in the Bakken oil reserves,” said Air Liquide’s Mark Lostak, president of the company’s U.S. arm. “The potential throughout this region is significant, and we are prepared to meet the growing demand for nitrogen to develop these important domestic energy resources.”

Chevron Corp., the second largest U.S. oil and natural gas company, plans to allocate $32.7 billion for its capital and exploratory budget in 2012 — $2 billion higher than originally planned — mostly to fund upstream developments in the deepwater Gulf of Mexico (GOM) and two huge liquefied natural gas (LNG) projects in Australia.

Chevron Corp., the second largest U.S. oil and natural gas company, plans to allocate $32.7 billion for its capital and exploratory budget in 2012 — $2 billion higher than originally planned — mostly to fund upstream developments in the deepwater Gulf of Mexico (GOM) and two huge liquefied natural gas (LNG) projects in Australia.

Liquefied natural gas (LNG) by 2040 may replace coal as the second largest global energy source, ExxonMobil Corp. CEO Rex Tillerson said in Qatar this week.

For the second time in as many months analysts at Raymond James & Associates Inc. cut their 2012 natural gas price forecast, this time by 12.5% to $3.50/Mcf from $4.00/Mcf. “…[Y]ou all know the story — an unrelenting supply glut…” they said in a note Monday.

The nine-member city council in Colorado’s second largest city, Colorado Springs (pop. 416,000), voted unanimously Wednesday to invoke a 60-day moratorium on oil and gas drilling within the city limits. The action was taken in an emergency meeting scheduled to look at exploration and production (E&P) activity.