Typical

With an average production rate of almost 10 MMcf/d in the first quarter, a discovery well in the Piceance Basin may produce in the first few months what a typical well in the Niobrara formation has done over 25 to 30 years, WPX energy CEO Ralph Hill said Thursday.

With an average production rate of almost 10 MMcf/d in the first quarter, a discovery well in the Piceance Basin may produce in the first few months what a typical well in the Niobrara formation has done over 25 to 30 years, WPX energy CEO Ralph Hill said Thursday.

Contrary to a media report, there is no time frame for when a subsidiary of Royal Dutch Shell plc will make a decision over whether to build a proposed “world scale” ethane cracker in western Pennsylvania, state and company officials told NGI’s Shale Daily.

Typical well performance as well as peak-month production of the Eagle Ford Shale’s best wells exceeds those for wells drilled in the Bakken Shale, which is often considered the tight oil standard, according to the “IHS Herold Eagle Ford Regional Play Assessment.”

The cash market added on average about 4 cents Tuesday for Wednesday and Thursday delivery as traders had to reconcile typical low holiday demand with higher weather-driven requirements as sections of the East and Midwest were expected to grapple with heat and humidity. The only points down on the day could be found in the Marcellus Shale production zone and a handful of spots in California and the West.

Federal officials have confirmed that two agencies studying the effects of hydraulic fracturing (fracking) are conducting their work in Washington County, PA, near a Marcellus Shale drilling and impoundment site that is the target of a lawsuit.

The physical market for weekend and Monday gas overall fell on average by about 6 cents Friday as traders noted a typical reluctance to purchase weekend supplies amid mild weather forecasts and the weekend reductions of industrial load. Particular weakness was noted at eastern points where warm temperatures were forecast to give way to seasonal readings by Monday and southern California locations tumbled as positive imbalances were expected over the weekend. At the close of futures trading June had jumped 14.8 cents to $2.742 and July added 14.9 cents to $2.822. June crude oil continued its descent dropping $1.08 to $91.48/bbl.

The Pennsylvania Supreme Court agreed Tuesday to hear an appeal of a property rights case and rule on whether the owner of the property in the Marcellus Shale also owns the shale gas it contains.

On the final evening of debate before state lawmakers recessed for the year, critics of a impact fee in Pennsylvania fought to increase the amount of revenue raised by the proposal.