Producers wary as Colorado's oil, gas rules become law
"These have been developed with valuable input from people across the country and unanimously adopted by the Colorado Oil & Gas Conservation Commission [COGCC]. One to find the right balance, a balance that recognizes the importance of a healthy industry and the importance of a healthy community, water and environment," the governor said.
"In 1999, Colorado issued 1,000 drilling permits. Last year, the state spent over 8000. The new rules recognize the modern increase in drilling activity, as well as technological changes that have taken place in the industry over the past ten years. The rules also incorporate forward practice already used by companies such as Encan, Williams Gunnison and energy, "he said.
The regulations in force on 1 May on federal lands and began to apply the IV 1 for all other land in the country.
Several producers in the country has no comment on the assignment. "We've made outside of the Colorado Oil & Gas Association [COGA] because we do work under the new rules. I can talk about a good half hour, if it is off-the-record" in a company official told OGJ on 27 April.
"Our main message concerned the business environment for oil and gas companies in Colorado. Of course, the economic slowdown, the state government has created an uncertain business environment, where it could be more convenient to Louisiana or Texas," said Nate Strauch, communications coordinator for COGA.
Aztec Oil & Gas Announces Second Successful Natural Gas Well in New Drilling Partnership
West Powell # 2 well was drilled to an approximate depth of 1,750 feet. Well encountered two Miocene gas sands, one at 1,655 feet (lower zone) and the other at 1,542 feet (upper zone). In the lower zone of sand is 33 feet thick and the upper zone of sand is 28 feet thick. In the lower zone will be produced first and the upper zone will be completed and produced at a lower zone of production is fully exhausted.
Currently, the lower zone of this well is estimated to be produced on the immobilisation of the intensity of some 200,000 cfgpd (cubic feet per day) in the Duke Energy system for the collection. The estimated reserves in this area, using the journal, and movement of 3D seismic survey should be between 320000000 and 530000000 cfg or 3 / 10 (thousand) to 1 / 2 BCF (billion cubic feet) of natural gas. Like all the wells, which are really the calculation of reserves, also will have to produce in a few months.
Based on the success of previously announced West Powell # 1 and West Powell # 2 well, Aztec Oil & Gas Resources and Resaca (operator Aztecs) spudded and identified two (2) and additional sites, which are direct analogues West Powell # 1 and # 2. It is anticipated that these potential wells will be drilled immediately.
"West Powell # 1 and # 2, and the confirmation of two additional seats analog appears to be a successful start for the Aztecs Partnership VIII. Although today are willing to focus on oil drilling, the drilling of oil and gas wells are evaluated by rigorous economic and not emotional ones. If the economics of partnership, we will drill for gas, as we did in this instance. Aztecs always focused on making the most money for its shareholders and investors in any partnership situation, "said Waylan R. Johnson, President of Aztec Oil & Gas , Inc.
Crude Above $50/Bbl On Equities,Stockpiles Eyed
Concerns about the potential impact of swine influenza on the economy and the implications for oil demand also helped to drag down growth.
Trading volumes were thin as market participants decided to wait for the 1430 GMT release inventory data from the U.S. Energy Information Administration, which would highlight the weak demand for oil caused the U.S. oil inventories to balloon to nearly 19-year level. Traders were left by the careful separate American Petroleum Institute data revealing Tuesday crude stocks rose almost 5 million barrels last week.
"Despite the continuous stream of bearish news and information, oil markets remain surprisingly resilient," said David Hart, oil and gas analyst at Hanson Westhouse in London. "If there is a large building above the expectations of the U.S. government inventory data later today will be the resiliency further research.
In 1135 GMT, the front month June Brent contract on London ICE futures exchange was 77 cents to 50.76 U.S. dollars per barrel.
The front month June light, sweet, crude contract on the New York Mercantile Exchange was trading 92 cents higher at 50.84 U.S. dollars per barrel.
ICE in fuel oil supply contract in May was $ 9.00 per $ 428.75 per metric ton, while Nymex gasoline for May delivery was at 226 points of 142.03 cents a gallon.
According to Dow Jones Newswires survey of 12 analysts of U.S. stocks of crude oil will have risen between 1 million barrels and 3.5 million barrels last week. The outlook for stocks of gasoline is more diverse, a decrease of 200,000 barrels on average seen. Distillates are seen higher refinery 700,000 barrels in use is seen rising 0.1 percentage points to 83.5% of capacity.
Indonesia Awards 11 New Oil, Gas Blocks To Investors
The Energy and Mineral Resources Ministry said that the South Sesulu block Hess (Indonesia Sesulu South), in Block Kumawa a consortium comprising Marathon Indonesia New Venture Ltd., Indonesia Kumawa Komodo Energy Ltd. and Energy LLC.
In the meantime, Cendrawasih block is a joint venture between Esso Exploration International Ltd. and Biaka Petroleum LLC.
Among the other successful bidders were Australia Worldwide Exploration Ltd. (AWE.AU), which won Terumbu block, and a joint venture between Niko Resources (NKO.T) and LLC Biaka crude oil, which got Kofiau block.
West Belida block was awarded to a consortium consisting Orchard Energy PTE SA and PT Bayu Energy Lestari, the Ministry said.
The blocks were among the 15 offered by the direct investors bidding. Only 11 blocks attracted bidders, said the Ministry of
BP adjusts to 50 U.S. dollars as oil profits fall
Europe is the second-largest oil company in the market value, said its replacement cost (RC) net profit, which strips out gains or losses related to the value of fuel inventories, fell 62 percent to 2.39 billion dollars in the first three months of the year .
"We must quickly to our costs to a level that is consistent with the $ 50 the world," Chief Executive Tony Hayward said in an e-mail to staff seen by Reuters.
However, profits fell less than analysts predicted, repeating the experience of U.S. oil major ConocoPhillips (COP.N) and in Italy, ENI (ENI.MI) last week and hopes to raise the sector adapt to the prices of crude oil to fall sharply.
"BP Q1 results reflect the sharper than expected decrease in unit production costs, combined with a strong oil market efficiency" Neill Morton, oil analyst at MF Global, said.
BP shares rose 1.4 percent to 490 pence at 0944 GMT, Bucking a 0.62 percent decline in DJ STOXX Oil and gas index. SXEP.
Production costs of crude oil and gas fell by 11 percent in the quarter compared to the same period in 2008, BP cut and a total of more than 1 billion U.S. dollars from the cost base in the previous year.
A spokesman said the trend will continue to shave her BP 2009 capital expenditure in the $ 20 billion, compared with $ 20 billion to 22 billion U.S. dollars in March, said BP expected to spend.
Florida House approves oil drilling bill, but the Senate did not listen
Moments after the House voted 70-43 - only two Democrats in support and only three against the Republicans - the Senate budget boss JD Alexander said the idea for reporters to keep this session. Senate President Jeff Atwater stressed that the message at the end of the day.
''I am not prepared for it,''said Atwater, R-North Palm Beach. `` This is really much important. It is very difficult to imagine that in the end game for this session.''
Crist said Monday he was zaniepokojony''spóźnienia on the side of godzinę''i''''bliskość plan to give the President and the Cabinet to adopt proposals by the drilling of oil and gas from three to 10 miles from Florida's beaches.
Senate rejection is a major disappointment for Rep. Dean Cannon, the Winter Park Republican appointed to the House speaker in 2010. He agreed to support the proposal on behalf of a group called the Florida Energy Associates, who spent months doing advance work in this case.
Members SECRET
The group refuses to identify its members say, except they contain the independent oil men of the oil and gas exploration in the waters of Florida.
Cannon unveiled the idea in the late session changes in the last week, but the group was working on the idea since December - developing and changing the language of hiring public relations firms to promote it, research and polling company to come with economist estimates.
The Chief Financial Officer Alex Sink and former U.S. Sen. Bob Graham came out in opposition to this plan, the Associated Industries of Florida bought television ad time on behalf of the group to promote it.
Cannon said Monday it is ready to give up.
''Five days a week 9 is a much longer period of time,''he said. `` Listen, people of any comments at the end of the week 9. I think that we will have to deal with it as they see fit.''
Environmentalists have been strongly critical of Cannon's position. ''This is an idea brought by a Texas oil companies, who want the right to drill in Florida and it is doing so on the cheap,''said Eric Draper, lobbyist for the Florida Audubon Society.
To avoid criticism, House leaders added a number of sweeteners: promising to use $ 25 million oil and gas revenue of solar energy rebates, $ 50 million to universities for research in the field of energy and education, 25 million dollars for the environment and 25 million dollars for oil and gas `` training academy.''
And to counter rumors that the Chinese were for the Florida Energy Associates, the Board adopted an amendment requiring that they must be established and refineries in the U.S.
House vote went down along the lines Reps. Michelle Rehwinkel-Vasilinda from Tallahassee and Debbie Boyd High Springs only Democrats to support it. Three Republicans opposed it: Bill Reps. Galvano of Bradenton, Ed Hooper of Clearwater and Jim Frishe of Belleair Bluffs.
Democrats raised SPECTER spills of oil, which in 1993 in a conflict between the oil freighter and two tugs means of barges in Tampa Bay that spilled more than 32,000 gallons of fuel, diesel fuel and gasoline and about 330,000 gallons of heavy fuel oil. Beaches were closed for a week and birds, sea turtles and shellfish beds have been injured. ''We are gambling with the environment. We are gambling with our tourism economy,''said Rep. Richard Steinberg, a Miami Beach Democrat.
OPPOSITION
Rep. Mark Pafford, D-West Palm Beach, said, `` Bill wipes the two decades of bipartisan opposition to oil drilling and move out of where we should go, and that is on renewable energy sources.''
Rep. Erik Fresen, a Miami Republican, urged his colleagues to support the measures because the revenue from the project provides for the application of oil and gas leasing and drilling would create thousands of jobs. ''It does not pose a threat to Florida,''Cannon said. `` They do not represent a threat to anything. Account, in fact, do not allow any drilling activity actually occurs. . . What account is not allowed to start the conversation.''
Iraq Oil Bid Round puts Signature Bonuses To $ 2.6b
The Final Tender Protocol, or FTP, a copy of which was obtained by Dow Jones Newswires Tuesday, shows 200 million dollars for each of the Akkas and Mansouriya gas fields up to 500 million dollars in the super giant Rumaila oil field. While premiums for Kirkuk and the West Qurna Phase 1 oil field 400 million dollars each, and 300 million dollars for each of Zubair, Missan, and Bai Hassan oil fields.
The new amount represents a sharp increase from what the ministry announced earlier. A previous draft of the Protocol shall show that the companies will pay a signature bonus 10 million U.S. dollars of oil and gas output to 100,000 barrels per day or the equivalent, and 50 U.S. dollars per barrel for each additional barrel produced.
FTP and model contracts have been sent to the international oil companies on Thursday after the ministry has introduced some changes to the former, he said, including a note attached to the documents signed by the Director-General of the Ministry of Petroleum Contracts and Licensing Directorate, Natiq al-Bayati.
Cabot Oil & Gas Provides Update Marcellus
Marcellus
Cabot recently completed horizontal, Heitzman # 1H, was completed in four stages of FRAC and flowed for sale in 24-hour test, the initial rate of 9.0 Mmcf per day. Currently, the line was five days, and has an average production of 8.8 Mmcf per day during this period.
"This is our best so far the initial rate and gives us further confirmation of the prolific nature of this area for the Marcellus," said Dan O. Dinges, Chairman, President and Chief Executive Officer. "In addition, the production of our first three horizontals reported still hold well."
The first horizontal well, Ely 6H (entered at 6.4 Mmcf per day) and 4.3 Mmcf per day is produced after 105 days on the line. The Black 1H (24-hour pre-sale rate of 8.8 Mmcf per day) had a 30-day average rate of 8.3 Mmcf per day and producing 8.0 Mmcf per day after 60 days on the line. The Black # 2H, after only four stages of FRAC, drawn up for sale in the initial rate of 8.3 Mmcf per day, the 30-day rate of 5.6 Mmcf per day and producing 4.1 Mmcf per day after 60 days.
"Today, these four horizontals collectively produce more than 25 Mmcf per day with our manufacturing capabilities for our current sale of approximately 34 Mmcf per day from these four horizontals and 13 vertical wells," said Dinges. "We continued to make progress on increasing our sales opportunities with the installation of additional compression and dehydration. Capacity is expected to increase to around 50 to 55 Mmcf per day in mid-May and to 85 to 90 Mmcf per day by the end of June, 2009." Cabot also successfully negotiated a second compressor site for additional capacity and will to build this site in the summer. Plans call first gas sales from this site in early 2010.
To date, Cabot has drilled 28 wells in Pennsylvania, eight of the laterals are horizontals stretching to 4000. "There are six platforms operating in Pennsylvania, drilling three horizontal and three vertical wells in the present. The three horizontal and three vertical wells waiting on completion, a horizontal well is currently flowing back.
East Texas
Cabot's East Texas program continues to adapt to the new activity around County Line. The company is committed to 475 million dollars for the year 2009, 47 percent of them are in the East Texas. The company recently presented its timetable includes drilling horizontal Haynesville Lime in Minden and Haynesville shale horizontal well in the County Line. "These wells will further delineate the shale and lime," commented Dinges. "The horizontal shale well is designed to be a successful test of the vertical Von Goetz # 3 well."
Cabot Oil & Gas Corporation, based in Houston, Texas is a leading producer of natural gas with substantial interests in the Gulf Coast, including Texas and Louisiana, the West, the Rocky Mountains and Mid-Continent, and in the East. For additional information, please visit the company's main www.cabotog.com.
Statements concerning future performance and financial results and other statements that are not historical facts contained in this release are forward-looking that involve risks and uncertainties, but not limited to, market factors, the market price (including regional basis of differences) of natural gas and oil, results of future drilling and marketing activity for future production and costs, as well as other factors detailed in the Company's Securities and Exchange Commission applications.
Nexen in the running for Iraq oil and gas contracts
Nexen, only Canadian company in the group revealed by Reuters Monday, has qualified to participate in the first round of oil and gas contracts from the U.S. led invasion in 2003.
Iraq plans to give 20-year contract for the provision of services in order to increase the output of six oil fields to offer and to develop two gas fields in June.
"We had many successes in Yemen. ... Logic inform likely we will have the opportunity to success in a place like Iraq, as well," said Mike Harris, Nexen vice-president of investor relations. "But we must keep our options and go to the table and see what's going away."
The U.S. $ 2.6-billion, 16 times the number of the initial demand for a fee in the amount of approximately U.S. $ 164 million, leading to speculation that Iraq is looking for money to make up for falling export earnings due to the slide in oil prices and declining production. Income from oil accounted for around 90% of government revenue in 2006.
One oil executive said the higher premiums could squeeze out smaller signature from 32 oil companies that can not afford such payments.
Nexen is not yet discouraged Mr. Harris said.
"Since this is the offer, we will put in what we feel is a fair offer," he said. "But we are nowhere near that."
Nexen rose to one of the biggest Canadian oil companies with oil project Yemen. It is a combination of several of the largest companies in the world, including all the main oil - from BP PLC to Exxon Mobil Corp. - and some of the largest companies controlled by the state - from Russia, OAO Gazprom to China National Petroleum Corp, in search of a piece of Iraq's energy business .
Other companies, such as the Canadian Talisman Energy Inc. and Canadian Natural Resources Ltd. was also at one point, hoping for a piece of Iraq's oil wealth.
Iraq has the third-largest in the world, but largely untapped oil reserves. The country has nine super giant fields with more than five billion barrels of reserves and 22 giant fields with more than one billion barrels, according to data compiled by the U.S. Energy Information Administration.
However, the rehabilitation of the U.S. invasion has proved difficult due to security issues and is currently producing around 2.2 million barrels a day, well below its potential. Iraq wants to increase production of crude oil by 1.66 million b / d after the oil fields will be transferred to the new operating companies.
Nexen, which controls the Long Lake oil sands project and operations in the North Sea and the Gulf of Mexico, releasing its results today for the first quarter and hold its annual shareholders meeting.
Oil and Gas Investor Magazine Announces Schedule of Live Webcasts of Key Executives and Financial Leaders at Winter NAPE 2009
Fishing with Rachel and Charlie from Oil and Gas Investor Magazine
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Are Environmentalists and the Fossil Fuel Industry Calling a Truce?
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The Impact of High Oil Prices on Global and Regional Natural Gas and LNG Markets
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Meet The Press - “Energy For Growth – Vision And Agenda” By Dr. Joe Oteng-Adjei, Hon. Minister For Energy
Why other countries kick our butt on clean energy: A primer
Bureau of Land Management Recent Sale Oil and Gas Leases Hit $13.7 million in Montana and North Dakota
Q1 Update: Economy Keeps Taking Toll on Oil and Gas Markets
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Sharia Compliant Investments Providing Consistent Annual Double Digit Returns for 10 - 20 - 30 Year in Extremely Low Risk Investments
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Iraqi oil minister stands by Shell gas deal
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Iraq Parliament Promises to Push Shell Out of Gas Deal
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Supply and demand cannot explain 2008 gas price rise: US FERC
17 Apr 2009 by B
understand and explain the record run-up in oil and gas prices last year, the precipitous decline since, and the impact on future infrastructure development and market investment. Plummeting gas prices are hitting the industry hard
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Investment during the recession
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Want to make monney, Invest on oil?
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BUSINESS IN BRIEF 18/4
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Gran Tierra Energy to present at the IPAA Oil & Gas Investment Symposia in New York on April 21st, 2009
17 Apr 2009
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EV Energy Partners to Present at IPAA Oil & Gas Investment Symposium
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Government of Canada investment solidifies CO2 enhanced oil recovery project
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Petronas keen to invest in Oman's energy sector
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Chief Geophysicist for Large International Exploration Firm
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Drumbeat: April 17, 2009
18 April by admin
This is attributed to surprisingly firm discipline among OPEC suppliers facing their own problems of economic recession and falling investment, not only in the oil and gas sector. When as likely by June-July prices bounce back above the
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Govt defers NELP-VIII on tax break concerns
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Campbell courts oil and gas sector - Canada.com
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The IPAA Oil & Gas Investment Symposium
The IPAA Oil & Gas Investment Symposium to be held in New York at the Sheraton New York Hotel and Towers on April 20 - 22, is the most important outlet for publicly traded independent exploration and production, supplies and services and companies to present their businesses to the Community Investment . Last year, the Symposium attracted over 1,600 participants, including over 700 buy / sell-side analysts and portfolio managers and 100 presenting companies.
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Oil And Gas Investing
Source : www.articlecity.com
Imports of liquefied natural gas could further lower gas prices
Western Colorado has been a hot spot in the country's natural gas boom and felt the effects of the reduction in drilling in the recession worsened.
New Rules on Oil & Gas Drilling Impacts in U.S. National Forests
De facto, on the Allegheny National Forest in the last 25 years was to allow oil and gas operators virtually unfettered use of our public forest drill their oil and gas. Without the appropriate Forest Service rules, water has been destroyed, fragmented roadless habitat, recreation trails destroyed, hunting and fishing areas, and decimated. It is in the national forest was established in 1923 to protect the watershed.
Now, U.S. Forest Service is seeking comments on the natural integrity of our national forests are preserved, while private oil and gas assets are disposed of. The future of six million acres of national forest lands is at stake, including not only the Allegheny NF, but also Monongahela NF in West Virginia.Read more >>





