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Business news

 

Hess acquires additional Utica shale acreage

Hess Corp. has acquired Marquette Exploration LLC and other leases in Ohio's Utica Shale, boosting its acreage position by 85,000 net acres at a cost of approximately US$ 750 million.

 

Energy is a solution to the jobs problem

The American Petroleum Institute has told Obama that American energy development is ºÚÁÏÉç˜criticalºÚÁÏÉç™ solution to jobs problem.

 
 

LNG Limited receives license for LNG pipeline

The Government of Queensland has granted Liquefied Natural Gas Limited pipeline license (PPL) 161. This will allow the company to connect its planned LNG terminal to the feed gas terminal inland.

 

GE acquires Converteam for US$ 3.2 billion

GE has acquired for Converteam, the two companies compliment each other should enhance GEºÚÁÏÉç™s existing capabilities as well as helping them break into fast growing regions such as Brazil and Russia where Converteam have already made significant in-roads.

 

Pacific Basin outlook

Lucy Miller, Douglas Westwood Ltd, UK, describes the changing focus of the LNG market towards the Asia Pacific region.

 

Shell lining up huge Ukrainian shale deal

Royal Dutch Shell is looking to sign a huge deal with UkraineºÚÁÏÉç™s Naftogaz worth US$ 800 million to exploit UkraineºÚÁÏÉç™s shale resources.

 
 

Pazflor field comes onstream ahead of schedule

Total, operator of Block 17, today announced that the giant Pazflor field offshore Angola has come on stream ahead of the initial schedule. The Pazflor field lies 150 km off Luanda in water depths ranging from 600 - 1200 m and has estimated proved and probable reserves of 590 million barrels. The field will gradually ramp up to its full production capacity of 220,000 bpd over the coming months.

 

Marcellus Shale could contain 84 trillion cubic feet of natural gas

According to a new assessment of the Marcellus Shale by the U. S. Geological Survey (USGS), the Marcellus Shale contains about 84 trillion cubic feet of undiscovered, technically recoverable natural gas and 3.4 billion barrels of undiscovered, technically recoverable natural gas liquids.

 

Encana selling off Barnett Shale assets

Encana Oil & Gas (USA) Inc., a subsidiary of Encana Corporation, has initiated a process to divest of its North Texas natural gas producing assets in the Fort Worth Basin located in the Barnett Shale play.

 
 

SA extends shale ban

South AfricaºÚÁÏÉç™s cabinet has voted to extend the moratorium on shale gas ºÚÁÏÉç™frackingºÚÁÏÉç™ for another six months until further studies can be conducted.

 

DCP Midstream approves construction of Sand Hills pipeline

DCP Midstream has approved the construction of the Sand Hills pipeline to provide new capacity for natural gas liquids transportation from the Permian and Eagle Ford producing basins to market centres along the Gulf Coast.