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2015-05-15 18:40:00

U.S. GAS UP

U.S. GAS UP

U.S. NATURAL GAS PRODUCTION

The number of rigs in operation, as of May 8, totaled 894, a drop of more than 1,000 since 2014's September 26 peak of 1,930 rigs, according to data from Baker Hughes. Of these, 668 rigs were targeting oil and 221 were targeting gas. As recently as November 2011, there were as many gas rigs active as there are total rigs today, and in August 2008, when shale gas exploration was ramping up, there were 1,606 gas rigs, representing 79% of all rigs deployed nationwide.

Over the past several years, the rig count has fallen, but without reducing production. This has been accomplished largely because of gains in rig efficiency, including improved technology but also the higher quality of the rigs and crews that are still operating (when companies cut back, they start with the least-efficient rigs). In addition, companies are making decisions to focus on their best production opportunities, a tactic called high-grading. More recently, a 49% drop in crude oil prices from June 2014 to April 2015, and a 43% drop in natural gas prices in the same period, has led operators to reduce the number of rigs in use, with a decrease in oil rigs accounting for 90% of the total rig decline. While oil and gas prices have been generally increasing since mid-March and mid-April of 2015, respectively, making up for a portion of earlier declines, they still remain relatively low compared to recent history.

Even with the decline in rigs, U.S. dry natural gas production continued to grow, reaching record highs in December 2014 of more than 74.3 billion cubic feet per day (Bcf/d), and retaining an average production in February 2015 of more than 74.2 Bcf/d, a 10% year-over-year rise from February 2014. EIA projects that dry natural gas production will increase year-over-year by 4.3 Bcf/d (6.0%) in 2015, reflecting continuing production growth in the Lower 48 states. In particular, EIA's Short-Term Energy Outlook expects that most of the growth will come from the Marcellus Shale, as a backlog of drilled wells are completed and new pipelines come online to deliver Marcellus gas to a broader market. Additionally, even with the reduction of active natural gas-targeted rigs, there is a backlog of drilled but uncompleted wells that are positioned to support production, especially as prices recover.

eia.gov

Tags: U.S., GAS, PRODUCTION, PRICES,

Chronicle:

U.S. GAS UP
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IRAN NEED NEW MARKETS

SHANA - The CEO of the Iranian Gas Commercial Company (IGCC) said his company, as the sole exporter of gas products in Iran, is currently seeking new markets for exporting liquefied petroleum gas (LPG).

U.S. GAS UP
2018, April, 20, 08:55:00

UZBEKISTAN - LUKOIL GAS

LUKOIL - LUKOIL has commissioned a Gas Processing Complex at the Kandym fields cluster in Uzbekistan. The official opening ceremony was attended by the President of the Republic of Uzbekistan Shavkat Mirziyoyev, Minister of Energy of the Russian Federation Aleksander Novak, Ambassador Extraordinary and Plenipotentiary of the Russian Federation to the Republic of Uzbekistan Vladimir Tyurdenyov, Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to the Republic of Uzbekistan Kwon Yong Woo and the President of PJSC "LUKOIL" Vagit Alekperov.

U.S. GAS UP
2018, April, 20, 08:50:00

ENI INVESTMENT €7 BLN

ENI - Eni will invest €7 billion in Italy over the next four years, including €1 billion in green activities

U.S. GAS UP
2018, April, 20, 08:45:00

SEADRILL'S BANKRUPTCY OFF

REUTERS - Offshore oil driller Seadrill (SDRL.OL) plans to emerge from Chapter 11 bankruptcy in late June or early July to catch the rising wave of rig market activity, its chief executive told said on Wednesday.

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