Third

Tulsa, OK-based Unit Corp. said Friday its petroleum subsidiary has closed a previously announced sale of a little more than one-third of its interest in Bakken Shale properties to QEP Energy for $228 million. The deal was final as of July 1, 2012.

Inflated by production from the nation’s burgeoning shale plays, total gross withdrawals of domestic natural gas jumped to 28.58 Tcf in 2011, a 6.5% increase from 26.84 Tcf in 2010, and are on pace to easily surpass those numbers again this year, according to the U.S. Energy Information Administration’s Monthly Energy Review for September.

Environmental questions and high costs for water have created a big headache for unconventional oil and gas producers, but it won’t take long before those problems are turned into opportunities for other businesses, according to industry executives.

Jim Buckee, an astrophysicist who helped build Talisman Energy Inc. into Canada’s third-largest explorer, announced his plans to retire as CEO last week. John Manzoni, who, like Buckee is a veteran of London-based BP plc, will take over Sept. 1.

Domestic natural gas production will be at an all-time high this year and is expected to reset that record for a third consecutive year in 2013, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook for September.

Domestic natural gas production will be at an all-time high this year and is expected to break that record for a third consecutive year in 2013, thanks in large part to the nation’s booming shale plays, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook for September.

Domestic natural gas production will be at an all-time high this year and is expected to reset that record for a third consecutive year in 2013, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook for September.

Natural gas duked it out with coal at a record pace in 2Q2012, and third-in-a-row hot summer temperatures helped to knock out more of the gas storage overhang, but the rest of the injection season may turn into a delicate tango between coal displacement and low prices, Barclays Capital energy analysts said Thursday. “Sufficient” displacement may not be achieved unless gas prices average in the mid $2 range in September and October, said analysts Shiyang Wang and Michael Zenker.

The Marcellus Shale Coalition (MSC) on Tuesday released a Recommended Practice (RP) for pre-drill water supply surveys, the third in a series of shale development recommendations by the industry-backed organization. The latest RP is intended to ensure that homeowners’ water is properly tested prior to oil and gas development in their areas.