Reliance Industries Ltd., the owner of the world’s largest fuel-making complex, is in talks with Atlas Energy Inc. to invest in the U.S. natural-gas producer’s shale assets, a person familiar with the negotiations said. The talks between Reliance, which is controlled by billionaire Mukesh Ambani, and Moon Township, Pennsylvania-based Atlas are in preliminary stages, the [...]
RICHMOND, Va. — Consol Energy Inc. said today it has agreed to buy Dominion Resources Inc.’s Appalachian exploration and production business for $3.475 billion, substantially increasing its natural gas reserves and production capacity. Once complete, the coal and natural gas company said it will take a leading position in the strategic Marcellus Shale, a rock [...]
It would be difficult to overstate the impact of the US shale gas boom: Shales accounted for just 1% of US natural gas supplies in 2000 but that number has jumped to 20% today, and a new study by IHS Cera estimates that shale gas could account for some 50% of US supplies by 2035. [...]
There’s one thing that major oil companies can’t get enough of these days–unconventional gas. Virtually every deal that big oil has cut in recent months focused on resources of this type. ExxonMobil agreed in December to pay around $30 billion for XTO Energy, which specializes in extracting gas trapped in shale rock in the U.S. [...]
It’s getting tougher to make the list of the 10 biggest “monster” wells in the Barnett Shale natural gas field in North Texas. To join that select group, a well’s output must average more than 8 million cubic feet of gas per day during its peak month. Fewer than 1 in 1,000 Barnett wells has [...]
Carrizo Oil & Gas has reported impressive increases in proved reserves and production, thanks largely to its work in the Barnett Shale gas play of North Texas. Recent changes in reserve reporting rules mandated by the Securities and Exchange Commission enabled Carrizo to book an additional 47.4 Bcfe of proved reserves in the Barnett Shale [...]
Integrated energy company EQT Corp said it will buy about 58,000 net acres in the Marcellus shale from a group of private operators and landowners for about $280 million in cash and stock. The company said 90 percent of the deal would be funded with its stock and the remaining 10 percent in cash. Following [...]
UK super major BP Plc. intends to make a deal with privately held Lewis Energy Group for the expansion of its U.S. shale-gas operations, as per news published in upstreamonline.com. The transaction value of this deal is expected to be worth $150 million to $200 million. BP will acquire a 50% stake in 80,000 acres [...]
Anadarko Petroleum has set a 2010 capital pending plan of $5.3 billion to $5.6 billion, and expects an average annual production growth rate of 7% to 9% during the next four years. Production growth will be driven by development of the company’s shale gas holdings in the onshore US and several oil-weighted, deepwater “mega-projects” spread [...]
The oilfield services industry has made headlines recently, with market leader Schlumberger making an $11 billion bid for Smith International and Baker Hughes signing a $5.5 billion deal to acquire BJ Services. Both decisions reflect the weight that the upstream industry now attaches to unconventional gas extraction. The oilfield services industry is a difficult one [...]
