ExxonMobil acquires exploration acreage offshore Egypt
Oil supermajor ExxonMobil said Monday it’s secured more than 1.7 million acres for exploration offshore Egypt from an undisclosed buyer, Kallanish Energy reports. “These awards strengthen our exploration portfolio in the Eastern Mediterranean,” said Mike Cousins, senior vice president of Exploration and New Ventures at ExxonMobil. The acquisition includes acreage in the 1.2-million-acre North Marakia
Read More...Slowdown predicted for natural gas production in 2020
Marcellus and Utica shale gas producers had a record year in 2019, as Ohio, Pennsylvania and West Virginia accounted for one-third of U.S. natural gas production, according to WSKG. However, a slowdown is being predicted for 2020. As Marcellus and Utica shale drillers produced 30 billion cubic feet of natural gas in 2019, they drove
Read More...Emissions rule passes environmental quality board
A rule aimed at reducing methane emissions from Pennsylvania’s existing oil and gas operations recently passed the Pennsylvania Environmental Quality Board by a vote of 18-1, according to Trib Live. The rule was originally announced by the state Department of Environmental Protection in December 2018. Its aim is to reduce methane leaks from oil and
Read More...Fracking ban could cost Ohio, Pennsylvania billions
A ban on fracking would hit Ohio’s and Pennsylvania’s economies hard, according to a study released by the U.S. Chamber of Commerce. Researchers predict an outright ban on fracking would mean Pennsylvania would lose roughly 609,000 jobs and $261 billion in gross domestic product by 2025. Simultaneously, the average consumer would see his cost of
Read More...Gulfport Energy Corp. dumps non-core assets
What is fracking? Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock. Is it safe? What most concerns people about fracturing is
Read More...Appeals court upholds decision on Rover Pipeline
The 5th District Court of Appeals upheld the ruling of a Stark County judge who dismissed the state’s lawsuit against Rover Pipeline earlier this year, according to The Daily Record. In regards to the Ohio Attorney General’s Office suit against the pipeline, which alleging environmental violations in more than a dozen counties, Common Pleas Judge
Read More...Chesapeake looks to sell Haynesville assets
Comstock Resources is in talks to purchase Chesapeake Energy Corp’s Haynesville shale assets in Louisiana, according to Reuters, who cited sources familiar with the matter. If the companies can come to a concrete agreement, the deal could be worth more than $1 billion. At this time, Comstock and Chesapeake have settled on a basic structure
Read More...Marathon Petroleum to split from Speedway
Despite recent statements to the contrary, Marathon Petroleum Corp. has announced plans to “spin off its Speedway gas-station business,” according to The Columbus Dispatch. It will also be replacing CEO Gary Heminger, who will retire next year. Buckling under pressure from investors, Findlay-based Marathon confirmed its new direction at the end of October, along with
Read More...Fate of PennEast unclear following court decision
The U.S. Third Circuit Court of Appeals delivered a major setback to the PennEast pipeline project, refusing the company’s bid to rehear a case involving eminent domain of state-owned lands, according to Kallanish Energy. The decision means PennEast Pipeline LLC is running out of options to build the $1.2 billion pipeline to move Marcellus Shale
Read More...FERC to release environmental assessment for Atlantic Sunrise extension in February
The Federal Energy Regulatory Commission plans to release an environmental assessment in early February for two pipeline projects that will extend and expand Transcontinental Gas Pipe Line’s Atlantic Sunrise Pipeline to connect Marcellus and Utica shale gas with customers in the Northeast and mid-Atlantic, according to S&P Global Platts. If the FERC stays on track
Read More...Producers to pump less oil and gas amid low prices
After pushing U.S. oil and natural gas production to record numbers, producers are beginning to pull back production amid low prices, according to The Wall Street Journal. Some of the country’s largest natural gas drillers, including EQT Corp. and Chesapeake Energy, plan to make the sharpest production cuts. Simultaneously, oil-focused companies are promising to rein
Read More...Big River to supply steel solar needs
Big River Steel has inked a long-term steel supply agreement with solar power equipment company Array Technologies, Kallanish learns from a company release. The terms of the deal – both in dollars and in tons – were not disclosed. Big River’s Leadership in Energy and Environmental Design (LEED) certification was a major deciding factor for
Read More...Outside activists threatening energy industry: CEA
Well-funded, out-of-state activists are threatening Oklahoma’s oil and gas resources and pipeline network, a consumer energy group warned in a recent report, CNHI News Service reported. Consumer Energy Alliance officials said the Sierra Club, Earthjustice and Food & Water Watch have operations in Oklahoma or members who are working to halt production in the state.
Read More...Oxy looking to sell Wyoming, Colorado assets: sources
Occidental Petroleum Corp is soliciting bids for oil and gas properties in Wyoming and Colorado acquired when it purchased Anadarko Petroleum, hoping the assets will bring up to $700 million, people familiar with the matter told Reuters. Occidental offered roughly 200,000 acres in the Denver-Julesburg Basin of Wyoming and Colorado that produce $66 million a
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