Welcome to the Vindy.com Fracking page, the Mahoning Valley's home for the latest news and information about the natural oil and gas drilling industry.
Gas near Trinidad
BP Trinidad & Tobago has discovered an estimated 1 trillion cubic feet of gas off the shore of Trinidad, doubling the estimated gas in place of the Savonette gas field.
The Savonette 4 appraisal well was drilled into an untested fault block east of the original Savonette field discovery well, in water depths of almost 300 feet in the Columbus basin off the south east coast of Trinidad.
The well was drilled to a total depth of 18,678 feet and penetrated hydrocarbon-bearing reservoirs in two intervals with discovered gas in place exceeding initial estimates.
BP wins bid
BP was the successful bidder for four deepwater exploration blocks off the shore of Nova Scotia, Canada.
The Canada-Nova Scotia Offshore Petroleum Board announced that BP was the successful bidder for blocks five, six, seven and eight in the Call for Bids NS12-1.
The blocks together cover an area of almost 14,000-square kilometers and are located off the Nova Scotia coast, southeast of Halifax, in water depths ranging from 100 meters to more than 3,000 meters.
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Chesapeake Energy Corporation has announced financial and operational results for the 2012 third quarter.
For the 2012 third quarter, Chesapeake reported a net loss to common stockholders of $2.055 billion.
Chesapeake continues to focus on developing the core wet-gas window of the Utica Shale in eastern Ohio, a play in which the company holds approximately 1.3 million net acres of leasehold, the industry’s largest position.
As of Sept. 30, Chesapeake has drilled 134 wells in the Utica play, which include 32 producing wells and 37 additional wells waiting on pipeline connection, with the other 65 wells in various stages of completion.
Chesapeake is operating 13 rigs in the Utica play. Production from the Utica play is growing only moderately because of the time and capital needed to build out gas processing and pipeline takeaway infrastructure.
Halcon results, outlook
Halcon Resources Corporation announced its third quarter 2012 financial results and provided an updated outlook for 2013.
Net production for the third quarter increased to an average of 11,185 barrels of oil equivalent per day, of which 77 percent was oil and natural-gas liquids, compared with 3,924 BOE/d for the same period of 2011.
During the quarter, the company focused on positioning itself for a continuous drilling program and prepared its first two wells in the Utica Shale.
Halcon has approximately 130,000 net acres leased or under contract in the play. Plans are to add a third operated rig in early 2013 and a fourth operated rig later in 2013.
Shell’s gas strategy
Outlining Shell’s global gas strategy, CEO Peter Voser said: “Strong growth in gas markets, especially Integrated Gas, is a major opportunity for Shell and our shareholders. Our Integrated Gas earnings have more than trebled in the last five years, reaching $9 billion over the last year, driven by liquefied natural gas and gas-to-liquids, and we see growth opportunities to invest over $20 billion here for 2012-15.”
Global primary energy demand could double to 400 million barrels of oil equivalent per day in the first half of the 21st century, from some 200 MBOE/d in 2000, and 270 MBOE/d in 2011, driven by the non-OECD economies.
Chevron Corporation reported earnings of $5.3 billion ($2.69 per share — diluted) for the third quarter 2012, compared with $7.8 billion ($3.92 per share – diluted) in the 2011 third quarter.
Sales and other operating revenues in the third quarter 2012 were $56 billion, compared with $61 billion in the year-ago period.