The Weekly USA Oil & Gas Update: 12th December 2015
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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
Rig Counts - select states with key plays |
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Oil & Gas Prices - Bloomberg/EIA |
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General News |
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US rig count at its lowest since 1999 According to Baker Hughes, the rig count ended the week at 700, down 9 units from the previous week, and its lowest count since September 10, 1999. North Dakota dropped to 55 rigs, its lowest since 2009, early in the Bakken shale boom. Louisiana listed just 56 rigs, its lowest since Baker Hughes began tracking the state's data in 2000. Texas' Permian Basin was the exception; it jumped 6 units to 212 rigs as its best-in-class economics continue to drive growth in rig counts and production despite low crude and gas prices. Article here |
Unconventional Oil & Gas News |
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Marcellus and Utica producers expect slow 2016 Prices for natural gas look bad priced at $2.00 per mcf at the Henry Hub in the southern US, but for producers in Ohio and West Virginia, it looks even worse. Due to lack of takeaway pipelines to enable broader market access, producers in these areas only receive about $0.75 per mcf. With major takeaway pipelines currently planned not due to be complete until 2017 or later, the market is limited for the natural gas produced in these states. "It is going to be a slow 2016 because of the prices. They are down across the US, but even more in Marcellus and Utica Shale because of that glut of gas," said," Shawn Bennett, EVP of the Ohio Oil and Gas Association. "At 75 cents per mcf, you just can't make it work." Article here |
Environment and Safety News |
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Natural gas leak in California prompts 1,700 homes to evacuate The leak comes from a natural gas storage field owned by Southern California Gas Co, located in the hills above Los Angeles. Officials say that the leak first began several months ago due to a well casing failure, and is now leaking at the rate of 110,000 pounds per hour, which makes it the single largest source of methane emissions in all California. "It's one of the biggest leaks we've ever seen reported," said Tim O'Connor, California director for the Environmental Defense Fund. SoCalGAs is trying to plug the leak by pouring a brine solution into the well and drilling relief holes, but has had little success so far. Article here |
Mergers and Acquisitions News |
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Private equity giant KKR announces oil and gas investment platform |
