Surging shale oil reserves in the United States led BP plc to apparently secure permission, and Royal Dutch Shell plc to apply, for export licenses to ship U.S. crude oil supplies to Canada and possibly elsewhere.
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In the current commodity price environment, the best thing about a natural gas rig might be that it can stop drilling for gas, move somewhere else and start drilling for oil. Put another way in a recent note by analysts at Goldman Sachs: “Where a rig is drilling is a more reliable indicator than its classification as a natural gas or oil rig in predicting if the well drilled will be a natural gas well or an oil well.”
In the current commodity price environment, the best thing about a natural gas rig might be that it can stop drilling for gas, move somewhere else and start drilling for oil.
Oil and natural gas companies looking to drill within regulated interstate river basins need to familiarize themselves with issues facing the local river basin commission and take those issues seriously before ultimately deciding whether to drill, an industry attorney said.
Westlake Chemical Corp. said Tuesday it would grow its ethane-based ethylene capacity by expanding a plant in Louisiana and possibly converting a second plant in Kentucky to ethane feedstock, part of the company’s plans to capitalize on new sources of cheap ethane and other light feedstocks.
ConocoPhillips and Peabody Energy, which previously said they planned to build a $3 billion synthetic natural gas facility somewhere in Kentucky, have filed an air permit to place the Kentucky NewGas facility near Central City in Muhlenberg County in the state’s western coal fields region, the companies said Tuesday.