Thursday, July 23, 2009

Gas Glut Can't Stop Gas Development

The WSJ has a post on the gas glut. It lists three impressive gas developments in process:

» If the emergence of big new gas fields such as the Haynesville, Barnett and Horn River weren’t enough, now comes the Granite Wash. It’s not a newfangled nconventional gas field, but its yielding some big wells. Newfield Exploration said on Wednesday night that its first seven horizontal wells in the Granite Wash play that straddles the Texas/Oklahoma border had average initial production rates of 22 million cubic feet a day. Those are big, big wells.

» Add another growing gas field that you probably never heard of: the Eagle Ford. Down in South Texas, near Laredo, companies are beginning to drill horizontal wells into the shale formation with encouraging results. A couple weeks ago, St. Mary Land & Exploration said one well was flowing at the oil and gas equivalent of 5.6 million cubic feet a day. More news should be coming when Petrohawk, an Eagle Ford participant reports its earning in the next few weeks.

» Range Resources recently said that its development of the Marcellus Shale, a big wedge of gas-bearing rock that covers much of Pennsylvania and bits of adjacent states, was going very well. The company is producing the oil and gas equivalent of 50 million cubic feet a day from the Marcellus – and expects to nearly double that by year-end 2009 and double it again by year end 2010.

- Brewskie

1 comment:

  1. Yeah, boy, I am really, really scared of Peak Oil. B Cole