US shale production could rise by 100,000 barrels per day every month this year and next if oil prices remain at current levels, potentially triggering a "volume war" between shale drillers and OPEC that could lower oil prices again, Rystad Energy CEO Jarand Rystad said. "A volume war is if they do not extend the production cuts and bring all the fields back into production," Rystad added.
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Tom Ward, the co-founder of Chesapeake Energy, said in an interview with Bloomberg Television that he's interested in acquiring BHP Billiton's gas assets in the Fayetteville Shale for his new venture, Mach Resources. Ward said the region in Arkansas and Oklahoma is a "wonderful place to look for gas," but added that BHP and Mach are not holding talks for a potential sale yet.
Resource Energy has agreed to acquire a package of Bakken Shale assets, which includes 45,000 net acres and 167 wells, from Blue Ridge Mountain Resources in a $34.7 million deal. This marks Resource's third acquisition in Divide County, N.D., as the company aims for aggressive growth in the Bakken.
BHP Billiton is looking to divest its US natural gas assets in the Fayetteville Shale in Arkansas, last valued at $919 million, more than two years after it first attempted to sell them. News of a potential sale of the assets comes as activist investor Elliott Management is pressing BHP to spin off its US petroleum business.
Anadarko Petroleum announced it was shutting down more than 3,000 vertical wells in northeast Colorado until deemed safe after two people died in a home explosion in the town of Firestone. The cause of the explosion remains unknown.
US crude oil stockpiles fell by 3.6 million barrels in the week ended Friday, a bigger decline than analysts had expected, according to the Energy Information Administration. However, gasoline and distillate supplies climbed by 3.4 million barrels and 2.7 million barrels respectively amid an increase in production at refineries.
The Florida Senate Rules Committee on Tuesday voted in favor of a proposed legislation that would allow power companies, including Florida Power & Light, to charge customers for out-of-state hydraulic fracturing projects. The bill is designed to reverse a 2016 Florida Supreme Court ruling saying that the Public Service Commission does not have the authority to give power companies permission to levy such charges.
The Oregon House of Representatives on Tuesday passed a 10-year moratorium on hydraulic fracturing in a move considered symbolic since there's no fracking activity in the state. However, Oregon's Willamette Valley holds vast coal-bed methane reserves that could attract frackers to the state, according to the US Geological Survey.
The Fundamentals of Auditing two-day course covers auditing fundamentals and auditing processes that are unique to the API program. The third day, the Lead Auditor course, offers additional information on leading an audit team. Participants of this course will learn how to conduct effective audits by applying the principles, procedures and techniques of effective audits, as well as how to manage the audit process. Presented by Aston Technical Consulting Services, April 24 to 25; AxiomLogics, May 1 to 3; ICO International Group, May 13 to 15. To learn more about this course and to register, visit the API-U Calendar. To learn more about the new Auditor Certification Program, visit API Auditor Certifications.