Goldman Sees US As Top Oil Producer In 2017 - Report

- Goldman Sees US As Top Oil Producer In 2017 - Report

Monday, September 12, 2011
Dow Jones Newswires
LONDON
by London Bureau

The U.S. will soon become the world's top oil producer, The Sunday Times reported Goldman Sachs as forecasting.

U.S. oil production should reach 10.9 million barrels a day by 2017, a third higher than 8.3 million barrels currently, the newspaper reported the investment bank as saying.

Russia, now the top oil producer, should see production increase only 100,000 barrels in the same period, for an output of 10.7 million barrels a day, the report said.

Copyright (c) 2011 Dow Jones & Company, Inc.

Oil & Gas Post

Promote Your Page Too
LINK

SEC Subpoenas Producer for Documents on Shale Gas

- SEC Subpoenas Producer for Documents on Shale Gas

Tuesday, August 09, 2011
Houston Chronicle
by Tom Fowler


Dallas-based Exco Resources is among shale gas producers that have received subpoenas for documents on actual well production and reserve estimates, the company said in a regulatory filing.

Exco Resources said in financial documents filed with the Securities and Exchange Commission that it received a subpoena from the agency Aug. 1.

Exco said the SEC requested "certain information from Jan. 1, 2008, through the present pertaining to our proved developed producing shale gas wells and reserve estimates."

"The SEC stated that this investigation is a fact-finding inquiry. We understand that a number of other shale gas producers have received similar subpoenas from the SEC."

Analysts with Houston-based bank Tudor Pickering & Holt said it polled a number of shale companies to see if they have received subpoenas, but the answer so far has been "not yet."

The Chronicle reported last month on its FuelFix website that some companies were receiving subpoenas for documents relating to the financial viability of shale projects, after the New York Times reported concerns expressed by some in the industry and government that the shale boom has been overstated.

The Times report has prompted industry backlash, and the paper's public editor wrote that the report was short on dissenting views and was misleading in how it described sources -- drawing a rebuttal from editors behind the story.

Copyright (c) 2011, Houston Chronicle

Oil & Gas Post

Promote Your Page Too
LINK

The Labor Department Reported Jobless Claims Rose 27,000 To 412,000, Wholesale Costs Up 0.7%

The Labor Department Reported Jobless Claims Rose 27,000 To 412,000, Wholesale Costs Up 0.7%



Apr 14, 2011

The Labor Department reported that applications for jobless benefits rose 27,000 in the week ended April 9 to 412,000. Economists had expected that claims would be little changed at 380,000, according to a Bloomberg News survey.

The labor market is showing signs of strengthening as payrolls increase, which could help to sustain gains in consumer spending.

The average of new claims over the past four weeks rose by 5,500 to 395,750. The Labor Department also reported that wholesale costs in the U.S. rose 0.7% in March, led by higher prices for energy, light trucks and passenger cars. Economists had expected a 1% gain on average for the producer price index.

The increase was smaller than forecast as food prices unexpectedly dropped. The core measure, excluding food and energy costs, rose 0.3%.

Dragon Oil's Lam Well Knighted Dual Producer

Dragon Oil's Lam Well Knighted Dual Producer

Tuesday, March 29, 2011

Dragon Oil plc

 

Dragon Oil announced the completion and initial testing of the Dzheitune (Lam) 28/152 and B/153 development wells. The Dzheitune (Lam) 28/152 well was drilled to a depth of 3,768 meters and completed as a dual producer by the NIS rig. The short string tested at the initial rate of 2,091 barrels of oil per day ("bopd") with the long string testing at 1,372 bopd. The NIS rig has skidded to the next slot and spudded the Dzheitune (Lam) 28/154 well.

The Dzheitune (Lam) B/153 well was drilled by the Iran Khazar rig to the depth of 3,668 meters and completed with dual strings. The short string tested at the initial rate of 1,080 bopd while the initial test result from the long string was 1,348 bopd. The Iran Khazar rig has skidded to the next slot on the Dzheitune (Lam) B platform and spudded the Dzheitune (Lam) B/155 well.

Dr. Abdul Jaleel Al Khalifa, Chief Executive Officer, commented, "I am pleased to report the successful completion and solid initial test results of the Dzheitune (Lam) 28/152 and B/153 development wells, the first two wells of this year's 11-well drilling program to have been put into production. Both rigs, the NIS rig and the Iran Khazar rig, are already drilling the next two wells.

"Following the transition over to the new 30-inch trunkline and associated in-field pipelines, we are continuing to see strong average daily production rates in excess of 57,000 bopd in February and March 2011."

Haynesville Surpasses Barnett as Largest Shale Gas-Producer in US

Tuesday, March 22, 2011

by  Jack Z. Smith

Fort Worth Star-Telegram, Texas

 

The Haynesville Shale play in Northwest Louisiana and East Texas has surpassed North Texas' Barnett Shale as the No. 1 natural gas producer among U.S. shale plays, according to the U.S. Energy Information Administration website and an energy consulting firm.

But there's still some debate as to whether Haynesville is the clear-cut No. 1.

Among those wanting further clarification and more detailed confirming data Monday were Steven Grape, the Dallas-based domestic reserves project manager for the EIA, and Gene Powell, publisher of the Fort Worth-based Powell Shale Digest, widely considered an authority on U.S. shale-gas plays and especially the Barnett Shale, which underlies more than 20 North Texas counties.

 

The EIA had posted on its website Monday an item headlined "Haynesville surpasses Barnett as the Nation's leading shale play," based on "reported pipeline flows" of natural gas from the two regions.

It cited as its source Bentek Energy of Evergreen, Colo., a well-known energy consulting firm.

The EIA website included a Bentek chart showing that the Haynesville Shale area had production of an estimated 5.5 billion cubic feet of natural gas per day, compared to 5.25 billion for Barnett. It said Haynesville surpassed Barnett in output even after the North Texas field had recovered fully from "freeze-offs" at wellsites that had briefly reduced production during bitterly cold weather in early February.

Matt Marshall, a senior energy analyst for Bentek, told the Star-Telegram in a telephone interview Monday afternoon that company estimates, updated through Sunday, showed output in the Haynesville production area in Louisiana had jumped to 5.6 billion cubic feet per day.

However, that number includes an estimated 950 million cubic feet of output that, while in the general Haynesville production area, actually comes from geological formations other than the Haynesville Shale itself, Marshall said. But the 5.6 billion does not include roughly "several hundred million" cubic feet of daily gas production from the East Texas portion of the Haynesville Shale, he said.

Marshall said Bentek's latest estimates show that production in the Fort Worth Basin, home to the Barnett Shale, is 5.44 billion cubic feet per day. But that figure includes about 790 million cubic feet that actually is from formations other than the Barnett, he said.

Actual production from the entire Barnett Shale per se and the Haynesville Shale per se in Louisiana is virtually tied at about 4.65 billion cubic feet per day, Marshall said. But if you add in the Haynesville Shale production from East Texas, Haynesville is the clear-cut leader, based on estimates of flows through gas pipelines, Marshall said.

Both Powell and Grape said Monday that they want more information about the Bentek analysis before they can be assured that Haynesville is the new No. 1 shale play in gas production.

Powell said the most-accurate measurement of production from each shale play is actual well production data, rather than estimates based on reported pipeline flows. But there can be a time lag of several months before firm well-production data can be assembled. Grape, the EIA official, stressed that the Bentek information represents "estimates" based on pipeline flows. He said he needed more information before being able to say firmly whether Haynesville or Barnett is now the top producer.

EIA data for 2009, based considerably on natural gas reserves, showed the Barnett Shale as the leading gas-producing area in the nation, with nearly 1.8 trillion cubic feet of output. Grape said earlier this month that he thought Barnett also was the leading producer last year, although the EIA hasn't published final 2010 figures.

 

Link