Elevated exploration and production activity has driven up costs for operators. This was bound to lead to a slowdown in companies’ ability to continue to drill and profit at the accelerated pace of the past couple of years, which originally was spurred by rising worldwide demand for oil and gas amid limited excess production capacity.
The January natural gas contract registered the lowest closing price in 10 weeks on the New York futures market after the Energy Information Administration reported the withdrawal of 11 bcf of gas from underground storage in the week ended Dec. 1.
Worldwide oil and gas reserves rose in 2006 as oil production posted a small increase from a year earlier, according to Oil & Gas Journal’s annual worldwide survey of production and reserves.
Although most companies in a sample of US-based oil and gas firms posted moderate third-quarter 2006 profits or losses, big earnings gains by a handful of large operators propelled the group toward an increase in net income as compared with third-quarter earnings a year earlier.
Working through the night, the US Senate approved a legislative package including its OCS leasing reform bill early Dec. 9 and sent it to the White House for President George W. Bush’s signature.
The US Senate passed an amended pipeline safety bill by voice vote on Dec. 7, following House passage of the measure on a similarly expedited basis (OGJ Online, Dec. 7, 2006). HR 5782 now heads to the White House, where President George W. Bush is expected to sign it.
We never imagined-never for a minute-that Chinese officials would react so swiftly to our comment last week about the increasing use of biofuels and the upward pressure that puts on food costs, particularly grains.
Existing state gas-storage statutes and regulatory frameworks should govern future carbon capture and storage (CCS) projects, says an Interstate Oil & Gas Compact Commission task force leader.
A federally funded technology that could change the way oil and gas wells are drilled was successfully demonstrated in the US Midcontinent, the US Department of Energy said.
A compositional program in a dynamic mode simulated multiphase flow through porous media and predicted condensate formation in a gas-condensate reservoir in southern Iran’s Aghar field.
As demand for hydrocarbons continues to rise, it becomes increasingly important not only that new sources of supply are found and developed, but also that the resulting production can be brought to market in a timely and efficient manner.
