Halliburton to add 2,000 jobs as oilfield activity surges
Halliburton, which has operations in Ohio’s Utica shale play, plans to add 2,000 U.S. jobs and ramp up “faster than anticipated to try to match the surging oilfield activity, especially in West Texas,” reports FuelFix.com. The news site says that in an operations update call, Halliburton CEO Dave Lesar reported the company is spending more money now to protect market share and ensure stronger profits in the future. For more, read the full story.
Kalnin Ventures adds to Marcellus shale portfolio with $16 million purchase
Denver-based investment firm Kalnin Ventures LLC has acquired more Marcellus shale assets in Pennsylvania on behalf of Banpu Pcl, a Thailand-based coal mining and power generation company, reports the Pittsburgh Business Times. The newspaper says Kalnin has reached a $16 million purchase agreement with Radler 2000 LP - Tug Hill Marcellus LLC for 177 wells in Bradford, Sullivan, Susquehanna, Lycoming, Tioga and Wyoming counties. Kalnin had previously acquired Marcellus wells from Chief Exploration and Development LLC and Range Resources-Appalachia. For more, read the full story.
Study: Marcellus, Utica shale region could support four more ‘ethane’ crackers
A new study says production of natural gas liquids (NGL) in the Marcellus and Utica shale plays could support up to four additional ethane “cracker” plants in the region in addition to the one that Royal Dutch Shell is building in Beaver County, Pennsylvania. The report, released by Pennsylvania Governor Tom Wolf’s office and the Team Pennsylvania Foundation, forecasts $2.7 billion to $3.7 billion in investments in NGL assets as well as the opportunity to attract additional cracker plants, petrochemical businesses and plastics manufacturing facilities. For more, read the full report.
Keystone XL pipeline gets green light from Trump administration
President Donald Trump has announced the granting of a permit for construction of the Keystone XL pipeline, calling it “the first of many infrastructure projects” that he will approve to put more Americans to work, reports the Washington Post. The newspaper says the $8 billion project would span 1,200 miles, connecting Alberta, Canada’s tar sands with pipelines and refineries on the Texas gulf coast. The move comes two months after President Trump signed an executive order aimed at reviving the Keystone XL and Dakota Access pipelines. For more, read the full story.
Utica shale play posts big natural gas production gain in 2016
Horizontal wells in eastern Ohio’s Utica shale play yielded more than 1.3 trillion cubic feet of natural gas during 2016, a 43.4% increase from the prior year, reports the Youngstown Business Journal. Citing production reports from the Ohio Department of Natural Resources (ODNR), the newspaper also says Utica wells produced 345.241 billion cubic feet of gas in the fourth quarter of 2016, a 14.1% increase over the same period in 2015. However, the ODNR report showed oil production in the Utica region fell 22% in 2016 compared to the previous year. For more, read the full story.
Oil and natural gas rebound could spark rise in IPOs
Oil and natural gas companies could kick off a series of initial public offerings (IPOs) in 2017 as the U.S. shale industry rebounds in the eyes of Wall Street, reports FuelFix.com. The news site says Credit Suisse analysts believe around 30 privately held drillers, oilfield service companies and pipeline operators could go public this year in transactions worth $8.5 billion, nearly four times more than in 2016. For more, read the full story.
Oil and gas rig count keeps rising including in Marcellus shale play
The U.S. oil and natural gas drilling rig count jumped 21 units to 789 during the week ending on March 17th, continuing a rally that dates to May 27, 2016, reports Oil and Gas Journal. Citing data from Baker Hughes Inc., the news site says the most recent rig count increases were concentrated in Oklahoma and North Dakota. The rig count in the Marcellus shale play increased by one unit to 42, which is double the number on August 12, 2016. For more, read the full story.
Huge natural gas find off Egypt’s coast boosts energy hopes in Mediterranean
The discovery of a huge natural gas deposit in Egyptian waters has “boosted hopes of other such finds in the eastern Mediterranean [Sea] that could help meet Europe’s energy needs,” according to the Associated Press. The news service reports that Eni SpA Chief Exploration Officer, Luca Bertelli, said the Italian company’s discovery of the Zohr deposit, estimated to hold 30 trillion cubic feet of natural gas, has reinvigorated the interest of other major oil and gas companies in the Mediterranean region. For more, read the full story.
Steel use up due to changes in oil and gas drilling operations
The number of active oil and natural gas drilling rigs in the United States is not likely to reach the highs of the “shale revolution,” but demand for steel by the energy industry is expected to be higher than it was prior to the collapse of the drilling boom, according to Platts. The energy news site says steel demand per well has increased 45% since 2010. The increase has occurred as lateral drilling lengths have become longer and wells have gotten deeper, Platts reports. For more, read the full story.
Report: Oil and gas producers to spend $25 billion more on capital projects this year
A new analysis by energy research firm Wood Mackenzie says oil and natural gas producers expect to spend $25 billion more on capital projects this year than they did in 2016, reports FuelFix.com. The analysis also says companies hope to pump 1 million more barrels of oil and gas per day in 2017 compared to the prior year. Companies focused on the United States will spend about $15 billion more this year, an increase of 60% over 2016. For more, read the full story.