Denver-based Forest Oil Corp. Wednesday said it would make interim CEO Patrick R. McDonald the company’s permanent chief, prompting speculation by one analyst that “all strategic options remain on the table for the company.”
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Industry Briefs
The Federal Energy Regulatory Commission has given Transcontinental Gas Pipe Line (Transco) the go-ahead to place into service the remaining facilities that are part of the first phase of its 225,000 Dth/d expansion of its system to serve growing natural gas markets in the Southeast. The Phase I project, which would add 95,000 Dth/d, is scheduled to begin service this month. Construction of Phase II, which would add 130,000 Dth/d, is expected to go into service in June 2013. Transco has estimated the capital cost of the project at $217 million. The Mid-South Expansion Project consists of five loops totaling 23 miles of new pipeline. The facilities in the first phase that were approved for service include three loops in Randolph County, AL; and Gaston County and Davidson County, NC, as well as modifications to existing compressor stations in Georgia, South Carolina and North Carolina [CP11-18]. Transco said it has entered into binding precedent agreements for 100% of the incremental firm transportation service to be provided by the project (see NGI, May 31, 2010).
Marcellus Shale Price Drops Stand Out Among August Bidweek Gains
August natural gas bidweek prices saw stout gains across the board except for a handful of Marcellus Shale trading points as NGI’s National Spot Gas Average came in 28 cents higher than the previous month at $3.00/MMBtu, according to Natural Gas Intelligence (NGI), which has unveiled a number of new market pricing locations with its latest monthly price survey.
Industry Brief
Southcross Energy is expanding the capacity of its Bonnie View Fractionator, which is nearing completion in Refugio County in South Texas. Initial capacity was intended to be 11,500 b/d of natural gas liquids (NGL), but that has been increased to 22,500 b/d. The facility is expected to operate at the higher capacity beginning in January. The fractionator is connected to the Seadrift ethane and propane products pipelines and will have truck-loading facilities to ship and receive NGL products. Completion of this project will bring Dallas-based Southcross Energy’s fractionation capacity in the Corpus Christi, TX, area to 27,300 b/d. About a year ago Southcross acquired about 58 miles of 6-, 8-, 10- and 12-inch diameter natural gas pipelines in San Patricio and Refugio counties (see Shale Daily, July 6, 2011).
Researchers ICF, IHS Back up Bullish Marcellus Estimates
Two new reports by top international research companies have come in on the high side of the great Marcellus resources debate, producing estimates that range between 267 Tcf and 698 Tcf of possible production.
Norse’s $37M Deal Helps Maintain New York Optimism
Hopeful that it is seeing the final months of a moratorium on high-volume hydraulic fracturing (HVHF) tick away in New York, Norse Energy Corp. ASA — a company that, like many others, has suffered through years of uncertainty at the hands of the delay — is positioning itself to hit the ground running in the Marcellus and Utica shales.
Oil, Gas Reshape U.S. Energy, Inspire Envy Abroad
The coming to prominence of natural gas and oil resource plays in the United States has reshaped the outlook for the country’s energy future and reconfigured the view for producers and capital markets as well, speakers at a Houston energy conference said last week.
Oil, Gas Lead U.S. Energy, Inspire Envy Abroad
The coming to prominence of natural gas and oil resource plays in the United States has reshaped the outlook for the country’s energy future and reconfigured the view for producers and capital markets as well, speakers at a Houston energy conference said.
Cabot, Range: Court Case Impact on Leases Should Be Minimal
Two companies operating in the Marcellus Shale announced this week that they do not believe a recent ruling by the Pennsylvania Supreme Court will have an impact on their substantial leaseholds in that state’s portion of the play.
GasMart 2011: Contrarian Sees Rising Gas Prices This Year
In what he described as “a contrarian view to what we’re hearing in the marketplace,” Paul Corby, senior vice president of Planalytics Inc., said he thinks natural gas prices could be close to $5.50/MMBtu later this year and possibly as high as $6.50/MMBtu in 2012.