Shift

North American operators are continuing to shift from conventional natural gas plays “to oil and shales, particularly the gas and condensate plays,” which puts Weatherford International Ltd. in a particularly strong position, CEO Bernard Duroc-Danner said Tuesday.

With less than two weeks remaining until an election that could shift the balance of power in Harrisburg, Pennsylvania Gov. Ed Rendell and the state’s General Assembly remain deadlocked over a proposed natural gas severance tax.

With less than two weeks remaining until an election that could shift the balance of power in Harrisburg, Pennsylvania Gov. Ed Rendell and the state’s General Assembly remain deadlocked over a proposed natural gas severance tax.

Moving forward with a plan to shift its focus from the Gulf of Mexico (GOM) to onshore oil assets, Plains Exploration & Production Co. (PXP) has agreed to acquire from multiple sellers interests in about 60,000 net acres in the Eagle Ford Shale in South Texas for $578 million in cash, the Houston-based independent said Tuesday.

U.S. natural gas drilling won’t collapse even in a sub $4/Mcf world but it will decline through 2011 as more producers shift to oilier plays, Raymond James & Associates analysts said Monday.

February natural gas futures made double-digit gains Friday as traders see a fundamental shift in the supply-demand balance in the long term and factor in another spate of bone-chilling cold. At the close February futures rose 20.4 cents to $5.819 and March added 18.2 cents to $5.750. March crude oil continued its slide lower, dropping $1.54 to $74.54/bbl.

Low natural gas prices may be driving numerous producers to shift their focus to oil production; however, results from a recent executive survey released last week suggest that the country’s energy future will be more closely linked with natural gas than was previously thought.

Low natural gas prices may be driving numerous producers to shift their focus to oil production; however, results from a recent executive survey suggest that the country’s energy future will be more closely linked with natural gas than was previously thought.

Greater sage grouse habitat is declining at a sharp rate in the West, and aggressive steps need to be taken to shift away natural gas and oil development, according to a peer-reviewed study.