Sharply lower natural gas prices year/year in 2012, used under required 12-month average price tests, resulted in significant negative revisions for many domestic gas- and liquids-weighted producers, which rendered some current projects uneconomic and pushed a boat load of proved undeveloped reserves (PUD) out of the five-year development window, according to an analysis by Fitch Ratings.
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ISO-NE Renews Concerns About Growing Dependance on NatGas
Over the past 10 years natural gas has become the predominant fuel used to generate electricity in New England, a shift that has “provided clear economic benefits” for the region, but has also created “serious reliability threats to the bulk power system,” according to Gordon van Welie, CEO of ISO New England Inc. (ISO-NE).
Marcellus Water Study Finds Chloride and TSS Risk, But Spill Unlikely
Water samples taken downstream of facilities authorized to treat wastewater from natural gas wells in the Marcellus Shale had elevated concentrations of chloride but not total suspended solids (TSS), although the obverse was true in samples collected downstream of watersheds with shale gas wells drilled on them, according to a report published in the Proceedings of National Academies of Sciences (PNAS).
Ultra CEO: 2012 ‘A Train Wreck’
Darrell Royal, the revered former head coach for the University of Texas football team, used to explain his team’s success by paraphrasing a line from a 1920s song, “You dance with the one that brung ya.” Ultra Petroleum Corp., which has stuck with natural gas while others have moved along, is discovering that gas can be one expensive date.
Ultra CEO: ‘2012 Was A Train Wreck’
Darrell Royal, the revered former head coach for the University of Texas football team, used to explain his team’s success by borrowing a line from a 1920s song, “You dance with the one that brung ya.” Ultra Petroleum Corp., which has stuck with natural gas while others have moved along, is discovering that gas can be one expensive date.
Oil Industry Concerned About New Pipeline Rules
The U.S. energy pipeline sector’s oil contingent is expressing concerns about the studies used by the Pipeline and Hazardous Materials Safety Administration (PHMSA) to develop new safety requirements for natural gas pipelines.
Texas Producers Using, Recycling More Water
An update conducted last year of a Texas water use study found that oil and gas producers are using more water for hydraulic fracturing (fracking), but they’re also recycling more, making it important to distinguish between water “use” and “consumption.”
Gas Boom Nurturing U.S. Fertilizer Industry Growth
U.S. manufacturers of ammonia-based nitrogen fertilizer made with low cost natural gas feedstock are raking in profits and moving ahead with plans to expand domestic operations.
Attorneys: Challenges Ahead, But Fracking Coming to New York
A pair of attorneys with extensive knowledge of New York’s regulatory, business and geological climates said the rules proposed by the state Department of Environmental Conservation (DEC) governing high-volume hydraulic fracturing (HVHF) won’t hamper development of the state’s shale plays, and they believe permits will be issued soon.
Denbury Closes First Phase of Bakken Sale With ExxonMobil
Denbury Resources Inc. said Monday that it has completed the first phase of its sale of 196,000 net acres in the Bakken Shale to ExxonMobil Corp. for $1.6 billion in cash and ExxonMobil’s operating interests in Webster Field in Texas, Hartzog Draw Field in Wyoming and an interest in the Carbon Dioxide (CO2) reserves in ExxonMobil’s LaBarge Field in Wyoming.