| News for the oil and natural gas industry
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- ExxonMobil chief defends safety of shale-gas development
ExxonMobil Chairman and CEO Rex Tillerson said that the shale natural gas drilling boom in the U.S. is the oil and natural gas industry's latest achievement, and it is good news for the country and the rest of the world. "The most important thing for people to understand about shale gas is it's just yet the next big resource opportunity for us," Tillerson said. "The world's economy has a voracious appetite for energy, so thank God we can do this." CNNMoney/Fortune
(4/16)     
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Understanding The Heterogeneity And Complex Geology Of The Fractured Monterey Formation, Oil-Rich Diatomite And Surrounding Californian Sediments
Click here to view the Summit website |
- Encana finds investment partner for Wyo. natural gas field
Contango Oil & Gas' Exaro Energy will invest about $380 million in Encana Oil & Gas' Jonah natural gas field in Wyoming in exchange for shares in the field. Last year, Encana drilled approximately 71 wells in the field and produced 497 million cubic feet of natural gas equivalent. "We are pleased to be partners with our investment group and Encana in one of the premier gas fields in North America," said Kenneth Peak, chairman, CEO and director of Contango. Star-Tribune (Casper, Wyo.)
(4/16)
- Noble Energy will work to beat Tamar production target, CEO says
Noble Energy will work to meet an April 2013 target for the production of natural gas from Israel's Tamar field, Chairman and CEO Charles Davidson said in a meeting with Israeli Prime Minister Benjamin Netanyahu. The company could also provide more natural gas to the country's market via the development of the Noa field and smaller prospects surrounding the Yam Tethys field, Davidson added. Globes (Israel)
(4/16)
- FERC clears Cheniere Energy's proposed LNG export plant
Cheniere Energy's proposed liquefied natural gas export plant in Louisiana secured the Federal Energy Regulatory Commission's approval. "[The] order finds that the project can be constructed and operated safely and with minimal environmental impacts," the commission said in a statement. The facility, which will be constructed in two phases, will be capable of exporting up to 2.2 billion cubic feet of natural gas per day. Reuters
(4/17), Bloomberg
(4/16)
| Exploration & Production |  |  |
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- Phillips 66 exec details production plans
ConocoPhillips intends to raise its production volumes by as much as 5% yearly, said Ryan Lance, the company's senior vice president of international exploration and production. That growth "will take us to over 1.8 million barrels per day by 2016," said Lance, who will become chairman and CEO of the new spinoff company Phillips 66. Liquids-rich formations in Texas and North Dakota will compose about 26% of the company's North American output in 2016, Lance added. Reuters
(4/16)
| Policy Watch | | |
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- Wyo. governor dismisses need for federal rules on fracking
The Department of the Interior should leave the regulation of hydraulic fracturing to the states, instead of implementing new federal rules that could hinder development, Wyoming Gov. Matt Mead wrote in a letter to Interior Secretary Ken Salazar. The proposed rules would require companies to disclose the chemicals used in fracking and to address water-management and well-integrity issues, but Mead said these stipulations are already covered by state rules. "Such layering of federal rules on top of existing state rules is unnecessary, burdensome and unreasonable," he added. The Hill/E2 Wire blog
(4/16), Platts
(4/16)
- Oil-spill bill remains stalled in Congress
Election-year politics have stalled bipartisan efforts to allocate billions in BP oil-spill penalties for the restoration of the Gulf Coast. This past spring, lawmakers introduced a bill that would funnel 80% of the fines to restoration efforts, but it still hasn't passed as a stand-alone item. "I'm disappointed there hasn't been movement," said Rep. Kathy Castor, D-Fla. Houston Chronicle
(4/16)
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