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June 5, 2012
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News for the oil and natural gas industry

  Top Story 
  • Industry study finds fewer methane emissions from fracking
    A study by the American Petroleum Institute and America's Natural Gas Alliance determined that hydraulic fracturing emitted 4.85 million tons of methane in 2010, compared with the Environmental Protection Agency's estimate of 9.7 million tons during the same period. "The fact that these emissions are much less than earlier, more limited estimates ... is good news for the future of U.S. natural gas development," said Howard Feldman, regulatory and scientific affairs director at API. The industry "has been reducing emissions and will continue to reduce emissions," Feldman added. The Wall Street Journal (6/4), The Hill/E2 Wire blog (6/4), Bloomberg (6/4) LinkedInFacebookTwitterEmail this Story
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  Industry News 
  • Chevron will need to pay fine for Brazil oil spill, ANP says
    Chevron will need to pay some type of fine for a November 2011 oil spill in Brazil's Frade field, according to Brazil's National Petroleum Agency. "By July, the amount of any possible financial compensation should be defined," an ANP spokesman said. Chevron said it "responded responsibly to the incident at its Frade field and has dealt transparently with all Brazilian authorities." The Wall Street Journal (6/4) LinkedInFacebookTwitterEmail this Story
  • Vanguard Natural purchases Antero assets for $445 million
    Vanguard Natural Resources will acquire Antero Resources' natural gas and liquids assets for $445 million. The properties, which are located in the Arkoma Basin in Arkansas and Oklahoma, contain about 420 billion cubic feet of proved reserves of equivalent. "The Arkoma asset sale allows Antero to redeploy capital to its high growth Appalachian shale projects, including the Marcellus Shale, Upper Devonian Shale and Utica Shale plays, where we are focused on the development of liquids-rich natural gas resources," said Paul Rady, chairman and CEO of Antero Resources. R&D Magazine online/The Associated Press (6/4) LinkedInFacebookTwitterEmail this Story
  • Forestar Group spends $146 million to acquire Credo Petroleum
    Forestar Group will pay $146 million to purchase Credo Petroleum as part of the company's efforts to increase its presence in the Bakken and Three Forks shale formations. "This acquisition is expected to more than double Forestar's existing oil and gas production and proven reserves, provide Forestar with operating flexibility, and create a solid platform for continued growth," said Jim DeCosmo, Forestar's president and CEO. The transaction is expected to be finalized in the second half of the year. The Wall Street Journal/Dow Jones Newswires (6/4) LinkedInFacebookTwitterEmail this Story
  • Chesapeake Energy mulls sale of Ohio properties
    Chesapeake Energy is considering selling approximately 337,000 acres of assets in Ohio, as it tries to generate funds to address a cash deficit, according to a prospectus issued by Meagher Energy Advisors. The acres are located in areas where there have been large concentrations of oil and natural gas liquids, Meagher said. Reuters (6/4) LinkedInFacebookTwitterEmail this Story
  • Alaska officials tour Shell's offshore-drilling rigs
    Sen. Lisa Murkowski, R-Alaska, and Alaska Gov. Sean Parnell visited two drilling rigs that are expected to be deployed this summer as part of Royal Dutch Shell's Arctic drilling project. Both officials were impressed by the company's oil spill response capabilities as they inspected the vessels. "It's one of the myths ... that help is somehow thousands of miles away, when you've got a lot of capability there, not only on the prevention side, but also on the spill response side," Parnell said. Houston Chronicle (6/4) LinkedInFacebookTwitterEmail this Story
  • Report: Shale boom could create jobs for manufacturing sector
    The U.S. manufacturing industry stands to benefit from the natural gas drilling boom that is spreading across the country, according to economists. Aside from providing a cheap energy source for manufacturers, natural gas could also generate over 1 million jobs for the industry by 2025, according to a report by PricewaterhouseCoopers. "We believe that the factors are in place for these trends to continue, despite concerns and uncertainties over how, and to what extent, the United States should use its shale gas reserves," the firm said in the report. (6/4) LinkedInFacebookTwitterEmail this Story
  Exploration & Production 
  • Marathon Oil files development plan for Norwegian offshore field
    Marathon Oil has submitted a proposal for the development of the Boyla field off the Norwegian coast, which is estimated to contain 23 million recoverable barrels of oil equivalent, according to the Norwegian Ministry of Petroleum and Energy. Total spending for the project is estimated at roughly $801,000. "This type of development is important to maintain production on the continental shelf ahead," said Norwegian State Secretary Per Rune Henriksen. The Wall Street Journal/Dow Jones Newswires (6/4) LinkedInFacebookTwitterEmail this Story
  Featured Content 

  Policy Watch 
  • Shell clears key regulatory hurdle for Alaskan drilling project
    The U.S. Fish and Wildlife Service permitted Royal Dutch Shell to disrupt polar bear and walrus habitats in Alaska during its offshore exploration project there. The authorization letters allow "the anticipated incidental take of small numbers of polar bears and Pacific walruses associated with Shell's planned oil and gas open-water exploration," the agency said. The approval moves Shell a step closer to tapping the resources in Alaska's Beaufort and Chukchi seas. (6/4) LinkedInFacebookTwitterEmail this Story
  API News 
  • Class A, B and C Storage Tank Operator Training
    As recognized leaders in safety-training and storage-tank-compliance services, the American Petroleum Institute and Antea Group have joined forces to offer an online UST Operator Training program that meets both federal and state operator-training requirements as mandated by the Federal Underground Storage Tank Compliance Act of 2005. Our comprehensive program is state-approved, and includes Class A, Class B and Class C certification for storage-tank operators. All training content includes state-specific regulations and can be customized for various storage-tank configurations. Our unique online training is conveniently available 24 hours a day. Learn more. LinkedInFacebookTwitterEmail this Story
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