Natural gas in Israel
Reports of more natural gas in Israel have spread across the nation. How much natural gas is still unknown but geologists report that it could be up to 2 million cubic feet of natural gas.
’A growing number of recent gas discoveries have made energy independence a possibility in the near future for Israel, according to the energy ministry. The discoveries have also pushed up the value of the shekel against the dollar as local companies no longer need as much foreign currency to purchase energy from abroad. “
North Dakota once again booming with oil
Once again North Dakota is booming with oil.. Could it be the next Texas? There are 7.4 billion barrels of recoverable oil in the western part of the state and extending into Montana, according to the latest estimate by the U.S. Geological Survey
“The revised totals could make the North Dakota field the greatest oil and gas find ever in the continental United States, topping the fabled East Texas field that made Texas synonymous with oil wealth. And it would put North Dakota second to Prudhoe Bay as the largest oil producer in U.S. history.”
Alaska will cut taxes for the oil companies
Alaska has decided to reduce taxes for the oil production companies. Some of the companies that will benefit from the tax cut are ConocoPhillips, Exxon Mobil and BP.
“The legislation imposes a base tax rate of 35% on oil companies’ net profits in the state and makes some tax credits available. The new tax regime will replace a complex formula that started at 25% of net profits and escalated as oil prices rose.”
These new changes will create new investment opportunities as well as additional production from all the oil companies, as well as increase tourism.
ConocoPhillips deepwater discovery in the Gulf of Mexico
On March 19th, ConocoPhillips had announced that they have discovered oil at the Shenandoah well. Yesterday, they had discovered another well in the Gulf of Mexico. ( The Coronado well).
"The Coronado discovery adds to our exploration success in the prolific Lower Tertiary Trend," said Larry Archibald, senior vice president, Exploration. "The exciting results from the Coronado and Shenandoah discoveries confirm the value of our portfolio in the Gulf of Mexico and provide visibility on our future plans to grow through organic exploration."
ConocoPhillips is one of the largest leaseholders in the deepwater Gulf of Mexico with approximately two million net acres. In 2013, the company plans to drill between five and eight wells, including the Ardennes prospect, which spud earlier this quarter, and the Thorn well, scheduled to spud in the second quarter of 2013.
Denbury Resources buys ConocoPhillips fields for $1.05 Billion dollars
ConocoPhillips has agreed to sell to Denbury Resources Inc, its properties in the Cedar Creek Anticline of North Dakota and Montana for $1.05 billion dollars.
“The deal includes about 86,000 net acres with 2012 net production of 13,000 barrels of oil equivalent per day through November.” The area in the Bakken region is not included. Denbury has announced that this deal will increase their average daily production by 7,700 barrels of oil per day this year alone."
North Dakota booming with oil
“As of 2006, the state was only producing about 100,000 barrels of crude oil per day, putting it on par with other mid-tier oil producing states like Kansas, Colorado and Montana. But new hydraulic fracturing techniques and the opening of the massive Bakken formation to drilling changed all that, and as of January 2013 the state was producing an average of 770,000 barrels of crude per day, for a total of 23,834,000 barrels per month.”
It’s no wonder with all the oil in North Dakota that the state is ranked #3 in the US for producing the most oil, Texas of course being #1.
Oil production increases Railroad growth
“US President Barack Obama in his second inaugural speech called for a $50 billion upgrade of the US transportation infrastructure, including rail that political analysts say will be hard to finance.”
“The rapidly growing need for more rail transportation of crude has triggered sizeable investments in both loading and unloading facilities and soaring orders for tank cars “making movement of oil by rail a major growth market for North American railroads,”
The rapid increase of North American crude production has resulted in pipeline bottlenecks in some areas, forcing more reliance on rail transportation to access some of the highest-value markets
Eagle Ford Shale and More
The Eagle Ford shale is not the only one cooking up millions of dollars, throughout the US there are other shales that are producing millions of dollars as well. For example, the Bakken shale located in the North, the Niobrara shale, Woodford shale, Fayetteville shale, all which are located in the Midwest. You also have the Antrim shale, New Albany Shale and Marcellus and Utica shale located in the North East of the US. Texas of course is the largest of the shale producing states. With that being said, you can just imagine how many projects will continue on throughout the year and towards 2015 producing millions and billions of dollars and jobs for many people.
Denbury sells $1.3Billion of assets to Exxon Mobil
Denbury has sold its Bakken Shale assets to Exxon Mobil for 1.3B along with its properties in Texas and Wyoming.
“Denbury (NYSE: DNR) plans to use the proceeds of the deal to purchase additional oil fields in the Gulf Coast or Rocky Mountains. In September, Irving-based Exxon (NYSE: XOM) announced it would purchase about acquire about 196,000 net acres in Bakken Shale property in North Dakota and Montana.”
Bakken Crude Express
Bakken Crude Express Pipeline would have been an approximately 2,092 km, crude-oil pipeline with the capacity to transport 200,000 bbl/d of light-sweet crude oil from multiple points in the Williston Basin in the Bakken Shale in North Dakota and Montana to the crude-oil market hub in Cushing, Oklahoma.
ONEOK Partners, LP, says that it did not receive sufficient long-term transportation commitments during its recently concluded open season for the Bakken Crude Express Pipeline. As a result, the partnership has elected not to proceed with plans to construct the pipeline.