Trade

The Commodity Futures Trading Commission (CFTC) has narrowly rejected a request by two trade groups to delay implementation of the rule imposing position limits to curb speculation in the $300 trillion derivatives market.

Western Energy Alliance’s (WEA) board of directors has selected Tim Wigley to be the trade association’s new president. Wigley comes to WEA from PAC/WEST, where he managed the firm’s Washington, DC, operations. From 1998-2002, he served as president of the Oregon Forest Industries Council, an organization dedicated to protecting and promoting the interests of industrial forestland owners. WEA represents 400 companies engaged in all aspects of environmentally responsible exploration and production of oil and natural gas in the West.

In mid-October North Dakota likely exceeded last year’s record-setting oil and gas production, according to state and industry officials who were quoted in a pre-Thanksgiving report out of Bismarck, ND, by the Associated Press. Separately, other local news reports Sunday depicted state officials as worried about proposed federal rules for hydraulic fracturing (fracking), but they told NGI’s Shale Daily the reports were exaggerated.

Canada will stay in the natural gas export trade after all, said the National Energy Board (NEB) in a new 25-year forecast that recognizes emerging unconventional supplies for the first time.

Canada will stay in the natural gas export trade after all, said the National Energy Board (NEB) in a new 25-year forecast that recognizes emerging unconventional supplies for the first time.

The Federal Trade Commission (FTC) has approved the proposal of Norway’s Statoil ASA, which already has significant holdings in the Marcellus and Eagle Ford shales, to acquire Austin, TX-based independent Brigham Exploration Co., which would give it access to the Williston Basin’s Bakken and Three Forks oily formations. The transaction has cleared the Hart-Scott-Rodino waiting period with the FTC imposing no restrictions. The transaction is valued at $4.4 billion (US$36.50/share) and is expected to close either later this year or early in 2012, Brigham said. The transaction would give Statoil access to more than 375,000 net acres in the Williston Basin, which holds potential for oil and gas production from the Bakken and Three Forks formations. Brigham also holds interests in 40,000 net acres in other onshore plays. In addition to the production assets, the transaction also provides Statoil with about 430 miles of oil, natural gas and water transportation systems in the Williston Basin, which not only secures wastewater offtake but reduces the environmental footprint in production operations.

The Federal Trade Commission (FTC) has approved the proposal of Norway’s Statoil ASA, which already has significant holdings in the Marcellus and Eagle Ford shales, to acquire Austin, TX-based independent Brigham Exploration Co., which would give it access to the Williston Basin’s Bakken and Three Forks oily formations.

November natural gas rose Monday as traders saw little in the way of fundamental changes and looked for the market to trade lower by midweek. After what was deemed a round of short-covering November had gained 6 cents to $3.541 and December was up by 1.6 cents to $3.836. November crude oil vaulted $2.43 to $85.41/bbl.

Carib Energy (USA) LLC said it has received authorization from the U.S. Department of Energy (DOE) Office of Fossil Energy to export liquefied natural gas (LNG) to Free Trade Agreement (FTA) countries in Central America, South America and the Caribbean.