The Weekly Update: 9th July 2012
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Analyst expects US E&P capital expenditures to grow 9.6% in 2012 Dahlman Rose & Company's mid-year survey reports that the weakening oil prices have somewhat blunted the expected rise in spending from earlier estimates of 11% domestically. Globally, the survey predicts 12% capex increase over last year, with a 6% increase in Canada. Article here
Growth in shale oil production large enough to impact world oil prices Leonardo Maugeri, a research fellow at Harvard, says that production in shale oil is growing so fast that it may outpace the global growth in consumption. Through 2020, the United States and Iraq are forecast to lead production increases, with Saudi Arabia, Russia and China also contributing. Expect production levels to decline in Iran, Mexico and the United Kingdom. Article here |
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SHALE NEWS
Hydraulic fracturing in 2012 to exceed $7 billion in the Bakken
Analysts Warlick Energy predict that the play that covers large parts of western North Dakota and eastern Montana will continue its frenetic pace of development through the rest of the year. Article here
Overseas companies fund a large share of US oil & gas development
Unconventional oil & gas development projects have been booming in the US as well as Canada. Domestic independent E&P companies with assets in the Bakken, Eagle Ford, Marcellus, Utica and Mississippian have seen billions invested into them from companies based in France, China, Japan, Spain, South Korea, Norway and Australia. These overseas entities, many of them national oil companies, are not only looking for sound financial investments, they are also looking to acquire some of the technology that has enabled this growth, with the intention of applying it in other assets outside the US. The following article provides details around some of the largest of these transactions. Article here
ENVIRONMENT & SAFETY NEWS
Ohio water treatment provider shut down by the state
The Ohio Department of Natural Resources allows three forms of oil & gas wastewater disposal; (1) deep injection, (2) using as road salt, or (3) through seeking a new technology permit from ODNR and disposing in other ways. Patriot Water, a private enterprise in the business of treating oil & gas wastewater, had been treating and then sending to a municipal disposal facility at Warren, OH. The state EPA put a stop to this saying that the Warren facility does not have the authority to accept brine, such as what Patriot has been sending to them. Patriot does not have a new technology permit from the ODNR, but had gotten around that by sending the water to the Warren facility. To complicate the issue, Patriot recently won a ruling from the Ohio Environmental Review Appeals Commission upholding its right to treat wastewater. Based on the controversy, Warren has stopped accepting water from Patriot. Article here
Traffic related deaths in the Eagle Ford area up 400%
In the counties directly affected by development in the Eagle Ford resource play, traffic-related deaths in the last four years have jumped from 6 to 24, most involving commercial vehicles. Article here
ACQUISITIONS & MERGERS NEWS
Breitburn closes two acquisitions in the Permian for $220 million
The transaction for acreage from Element Petroleum, LP and CrownRock, LP will provide Breitburn with additional drilling locations for wet gas in the prolific Permian. Article here
Remote communications provider RigNet buys Nessco
The acquisition will expand RigNet's managed remote communications solutions market position in the global arena. Article here
RIG COUNT
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The Oil & Gas Weekly is compiled by Todd Erickson. Todd is a veteran executive manager in the North American E&P market. He has management experience in high-growth oil & gas service organizations performing a leadership role in operations, strategy, and corporate development with a track record of identifying opportunities and best-practices, creating execution plans, then developing effective teams and leaders to execute them.
Learn more about Todd here
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