North American oilfield services activity in the first three months of this year has been less promising than expected, according to Schlumberger Ltd. CEO Paal Kibsgaard.
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Mercer County, PA, Seeing Large Increase in Leasing
Located three counties due north of the wet gas window of the Marcellus Shale, and over a state line from expanding development in the Utica Shale, Mercer County, PA, nevertheless appears poised to benefit from development of both plays in the near future.
Rosetta Resources Entering Permian With $768M Deal
Rosetta Resources Inc. has agreed to pay Comstock Resources Inc. $768 million for a package of Permian Basin oil and liquids-rich assets, giving it entry into the West Texas basin.
Maine Natural Gas Begins Construction of Backbone Into Augusta
Maine Natural Gas (MNG) has signed a contract with three companies to begin construction of the 12-inch diameter steel pipeline backbone of its natural gas distribution system in Augusta, ME, the Iberdrola USA subsidiary said.
Marcellus Drilling Backlog Could Keep Production Growing in ’13
Although drilling activity in the Marcellus Shale has slowed and some producers have dropped rigs, there is enough of a drilling backlog that, if wells were brought online over a one-year period, production would continue to grow but at a slower pace, energy analysts with Barclays Capital said.
EV Energy Partners Stock Down as Sale of Utica Assets Proves Elusive
Shares of EV Energy Partners LP (EVEP) took a hit Friday after the company announced net losses for the fourth quarter and full-year 2012, and said it could take anywhere from one month to the rest of the year to sell most of its acreage in the eastern Ohio portion of the Utica Shale.
Pennsylvania Shale Gas Production Exceeded 2 Tcf in 2012
Natural gas production from unconventional sources in Pennsylvania hit a record 2.04 Tcf in 2012, as the state’s Marcellus/Utica shale gas for the first time edged ahead of the granddaddy Barnett Shale in Texas.
Barnett Rocks Still Have Plenty of Gas
The Barnett Shale’s natural gas production potential is “slowly declining;” however, total resource recovery from the granddaddy of shale plays is expected to be three times what has been produced to date, according to research conducted by the Bureau of Economic Geology (BEG) at The University of Texas at Austin and funded by the Alfred P. Sloan Foundation.
Texas Production, Blacker and Wetter Still
Well permitting in Texas during January was up sharply from a year ago, as were well completions. December crude oil production was also up sharply compared with a year ago, but natural gas production slipped, according to the latest figures from the Railroad Commission of Texas (RRC).
Portion of Trunkline Could Be Bakken Oil Bridge to Gulf
Enbridge Inc. and Energy Transfer are planning to develop a pipeline to carry crude oil from Western Canada and the Bakken Shale, by way of the Patoka, IL, hub to the eastern Gulf Coast in a project that would convert portions of the Trunkline Gas Co. LLC natural gas system to oil service.