Spent

North America isn’t the only continent that enjoys a shale gas abundance, according to research commissioned by the U.S. Energy Information Administration (EIA). As most in the gas industry already knew, EIA’s study found plenty of gas around the globe, but just how much is hard to determine yet, the agency said Tuesday.

Last year Range Resources Corp. grew proved reserves 42% to 4.4 Tcfe and replaced 931% of its production for the year, the company said Tuesday.

As national experts associated with the federal investigation and/or the gas pipeline industry continue assessing the aftermath, Pacific Gas and Electric Co. (PG&E) spent most of Tuesday trying to put in perspective a wide range of misinformation and speculation circulated in news reports concerning the gas transmission pipeline explosion and fire in San Bruno last Thursday (see Daily GPI, Sept. 15; Sept. 13).

Front-month natural gas futures spent their second consecutive day below $4 as traders continued to come to the realization that the United States might be working its way into an oversupplied situation. One day ahead of expiration, the April contract reached a low of $3.863 on Friday before closing at $3.872, down 10.9 cents from Thursday’s close and 29.7 cents lower than the previous week’s finish.

Front-month natural gas futures spent their second consecutive day below $4 as traders continued to come to the realization that the United States might be working its way into an oversupplied situation. One day ahead of expiration, the April contract reached a low of $3.863 on Friday before closing at $3.872, down 10.9 cents from Thursday’s close and 29.7 cents lower than the previous week’s finish.

San Francisco-based PG&E Corp. spent nearly $4 billion on utility capital infrastructure investments last year, but its profits nevertheless declined quarter-over-quarter and year-over year at the end of 2009, the combination utility reported Friday.

San Francisco-based PG&E Corp. spent nearly $4 billion on utility capital infrastructure investments last year, but its profits nevertheless declined quarter-over-quarter and year-over year at the end of 2009, the combination utility reported Friday.

About C$1 billion spent over seven years in the form of tax incentives and rebates could accelerate the shift to using natural gas in Canada’s vehicles, industry and advocacy groups, including EnCana Corp., said this week.

Range Resources Corp. spent most of 2008 picking up prospective acreage in the Marcellus Shale, and by year’s end it had doubled its leasehold to 900,000 net acres. Now the production phase is kicking in, and Range plans to build its natural gas output from a current net rate of 30 MMcf/d to up to 100 MMcf/d by the end of 2009, the CEO said Wednesday.