Analysts are expecting natural gas prices [1] to continue falling during 2012 as overproduction and slow adoption of the fuel in the transportation and electricity generation industries continues.
[1] http://geology.com/articles/natural-gas-prices/
More at Calgary Hearld.
A terminal to ship liquefied natural gas from Canada to Asian markets is being built near Kitimat, British Columbia. The terminal will have a significant transportation distance advantage over natural gas projects being built in Australia and Indonesia.
More at CTV.ca.
Although the United States Geological Survey estimates that the Bakken Formation beneath parts of North Dakota, Montana and Canada might contain over 4 billion barrels of oil, Harold Hamm, believes that it might contain up to 24 billion barrels.
More at Wall Street Journal.
An article in the Houston Chronicle points to the rapidly rising rates of oil production in the United States and Canada. If current trends continue North America could be producing record amounts of oil by 2016.
More at Houston Chronicle.
An article in the Houston Chronicle points to the rapidly rising rates of oil production in the United States and Canada. If current trends continue North America could be producing record amounts of oil by 2016.
More at Houston Chronicle.
Natural gas prices in Asia are three times higher than prices in North America. Natural gas producers, Apache, Encana and EOG Resources hope to cash in on that by building a liquefied natural gas plant near Kitimat, British Colombia that will prepare …
More at Business Week.
Construction on the Kitimat LNG export terminal is about to begin. The facility on the northern coast of British Columbia is being built with an eye on the Asia-Pacific market. New terminals are also underway at Douglas Channel and Prince Rupert. Mo…
More at Edmonton Journal.
“Net imports of natural gas continue at much lower levels than in previous years, likely as a result of higher U.S. domestic production. [...] During the report week, net Canadian imports averaged 5.3 Bcf per day, which is 20.7 percent lower than the same week in 2010. Sendout from U.S. liquefied natural gas (LNG) import terminals averaged about 1.1 Bcf per day during the report week, or 8.2 percent lower than the same week in 2010.” Quote from the Energy Information Administration’s Natural Gas Weekly Update.
An oversupply of natural gas in the United States and the movement of natural gas drillers to more lucrative oil targets is expected to cause a drop in the amount of natural gas produced in Canada. More in the Calgary Herald.
An article on the OilPrice.com website reports on the Macasty Shale that occurs above the Trenton Black River on Anticosti Island, Quebec, Canada.
PetroChina plans to purchase half of EnCana’s Montney Shale assets in Alberta and British Columbia for $5.4 billion (Canadian). In the past 14 months Chinese oil and gas companies have acquired $46 billion in foreign resources. More at RigZone.com.
An article in the Montreal Gazette says that development of the Utica Shale in Quebec is encountering public opposition. In Quebec, landowners do not directly participate in natural gas royalties and lease payments as is customary in the United States.
Diverging estimates by three different organizations with significant expertise in oil and natural gas assessments leave one wondering how much oil really is in the Bakken and Three Forks Formations? Read the details on the Trib.com website.
Here are the estimates….
USGS…. 4.3 billion barrels
North Dakota Geological Survey…. 11 billion barrels
Continental Resources…. 20 billion barrels
Michael Binnion, CEO of Questerre Energy, is spending a lot of time meeting with citizen groups across Quebec, trying to convince them that drilling for the Utica Shale will be a safe development in their province. There has been very little energy activity in Quebec’s history. More at the Calgary Sun.
A rock layer below the Marcellus Shale could prove to be another incredible source of natural gas. The Utica Shale is thicker, more geographically extensive and has already proven its ability to support commercial production.
