Taking

A trade group representing oil and natural gas producers is taking steps to create a Center for Offshore Safety, which mirrors the industry-managed offshore safety institute proposed by the presidential commission on the BP plc oil spill earlier this year (see Daily GPI, Jan. 12). The API’s action comes only days after the Interior Department made its first move towards creating an offshore energy safety institute.

Petrohawk Energy Corp. charted 50% pro forma year-over-year reserves growth last year, ending 2010 with 3.4 Tcfe of estimated proved reserves, the company said. Shale plays led the charge, particularly with a 100% increase in production from the Haynesville and Bossier shales and a whopping 235% increase in the Eagle Ford in South Texas.

After spending big in the nation’s gas shale patch — and taking some heat for it — Chesapeake Energy CEO Aubrey K. McClendon said Thursday it is time for the company to reap what it has sown in announcing the Oklahoma City-based producer’s plans for this year and next.

A multi-sided battle is taking shape before Canada’s National Energy Board (NEB) over plans to overhaul the finances and tolls of Canada’s principal long-distance west-to-east natural gas transporter.

A multi-sided battle is taking shape before Canada’s National Energy Board (NEB) over plans to overhaul the finances and tolls of Canada’s principal long-distance west-to-east natural gas transporter.

Taking a break from notching new 13-month lows, November natural gas futures on Tuesday — one day ahead of expiration — recorded a low of $3.263 before closing the regular session at $3.354, up 3.7 cents from Monday’s finish.

McMoRan Exploration Co. is nearly doubling the size of its portfolio in the shallow waters of the Gulf of Mexico (GOM) by taking on the stakes held by partner Plains Exploration & Production Co. (PXP) in a transaction estimated to be worth more than $800 million.

Swap derivative officials urged federal regulators last Wednesday not to jeopardize liquidity when taking actions to make the $600 billion-plus derivatives markets more transparent .

With most U.S.-based exploration and production (E&P) companies weighted 70% or more to natural gas, “taking advantage of pricing disparity toward natural gas liquids [NGL] continues to lead E&Ps to process more of their gas,” Madison Williams & Co. analyst Andrew Coleman said Friday.