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.
Coast Guard ending cleanup operations
After a three-year effort, the U.S. Coast Guard is ending active cleanup operations in Mississippi, Alabama and Florida, according to a June press release from BP.
BP’s Deepwater Horizon oil rig spilled millions of barrels of oil into the Gulf of Mexico in 2010.
Working under the direction of the Coast Guard, and in cooperation with state agencies and local governments, BP has spent more than $14 billion and 70 million personnel hours on response and cleanup activities.
At its peak in 2010, the response and cleanup effort involved more than 48,000 people. More than 110,000 miles of aerial reconnaissance flights were conducted across 14,000 miles of shoreline. Assessment teams then conducted ground-based surveys across nearly 4,400 miles of shoreline, identifying approximately 1,100 miles that experienced some level of oiling and 778 miles that required some measure of cleaning. The company still faces legal battles on multiple fronts as a result of the spill.
Carizzo updates production targets
Carizzo Oil & Gas updated its production targets for the second quarter of 2013.
The company raised its crude-oil production growth target to 40 percent from 28 percent and its total production growth target to 10 percent from 6 percent.
Carrizo’s results in Texas’ Eagle Ford Shale have been exceeding management’s expectations.
Carrizo is revising its 2013 drilling and completion capital expenditure plan to between $530 and $540 million from $500 million. The revised plan remains based on three operated rigs in the Eagle Ford Shale, two in the Niobrara Formation and one in the Marcellus Shale.
Devon board OKs plan for partnership
Devon Energy Corp.’s board of directors has approved a plan to form a publicly traded midstream partnership.
The partnership is expected to initially own a minority interest in Devon’s U.S. midstream business.
This business includes natural-gas gathering and processing assets located in Texas, Oklahoma and Wyoming.
Devon expects the partnership to file a registration statement with the U.S. Securities and Exchange Commission sometime in the third quarter of 2013. The company will offer a stock offering for the new partnership shortly afterward.
PDC completes sale of natural-gas assets
PDC Energy announced in June that it completed the sale of its Colorado natural-gas assets.
PDC said it will use the $185 million in net proceeds to accelerate development of its liquid-rich horizontal programs in Colorado’s Wattenberg gas field and the Utica Shale in Ohio.
The company’s noncore Colorado assets were sold to Caerus Oil and Gas. The assets sold are approximately 99 percent natural gas in terms of reserves and include an estimated 85 billion cubic feet equivalent of proved and developed producing reserves as of Dec. 31, 2012. The assets produced approximately 40 million net cubic feet of natural gas equivalent per day in the first quarter of 2013.
Cabinda Gulf confirms start of Angola project
SAN RAMON, calif.
Chevron Corp.’s subsidiary Cabinda Gulf Oil Co. Ltd. has confirmed that initial production of liquefied natural gas has commenced at the Angola LNG project.
Angola LNG is one of the largest energy projects on the African continent.
The $10 billion project will collect and transport natural gas from offshore Angola to an onshore liquefaction plant on the coast near the Congo River. The project has the capacity to produce 5.2 million metric tons per year of LNG, 63,000 barrels per day of natural-gas liquids for export and 125 million cubic feet per day of natural gas for domestic consumption.