Tuesday, January 30, 2018

Posco Daewoo seeks to expand natural gas business

Posco Daewoo, the trading arm of South Korean steel giant Posco, is seeking to expand its energy business, specifically in the natural gas sector, the Korea Herald reported.

The company’s CEO, Kim Young-sang, attended Baker Hughes, a GE company’s annual meeting in Italy, as a panelist to discuss global energy trends, the company said.

As the only Korean panelist, Kim spoke about successful business models to cope with changes in the energy industry, the Herald reported.

Kim’s attendance at the event reflects Posco Daewoo winning recognition from major companies as an energy service company following its successful natural gas development and operations in Myanmar, the firm said.

Kim also met Lorenzo Simonelli, chairman of Baker Hughes, to discuss possible business partnerships, it added.

Last week, the company said it would establish an integrated energy value chain that will encompass gas production, trading and power generation, Kallanish Energy learns.

Posco Daewoo will take part in 10 new gas production projects over the next five years, with a goal of becoming a global exploration and production firm, it said.


Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/posco-daewoo-seeks-to-expand-natural-gas-business/

Massive Collaboration Diverts Disaster in Nicholson

By Rick Hiduk While a crew from SWN (Southwestern Energy) was breaking for lunch at Germana’s Pizzeria in Nicholson just before noon on Jan. 23, a potential disaster was unfolding in a relatively small stream nearby. Temperatures had risen into the 40s that day, and rain that fell overnight was unable to soak into ground frozen solid during a cold spell. “Everyone starting noticing that all of the ice had lifted up to the bridge in under an hour, and the water was backing up,” said Dave Bowman, production supervisor at SWN’s regional office on Route 92, where the employees returned and told him of the unusual situation. Within an hour of that, normally tranquil Martins Creek, which meets Tunkhannock Creek on the south side of the borough, was overflowing its banks and stretching out onto Water, Williams, Oak, Market, and Walnut streets towards homes and businesses. Nicholson United Methodist Church was also in the path of the rising waters and thick chunks of ice. Alarms literally started going off everywhere. Wyoming County EMA director Gene Dziak and county commissioner Tom Henry were both on the roads to Nicholson in short order. PennDOT received a call from EMA operations training manager Dave Carichner, and their officials arrived in Nicholson as low-lying flooding expanded. Bob Thorn drove south from Susquehanna County, where he was met by PennDOT Wyoming County assistant maintenance manager Manny Menendez, who had stopped first to check on potential flooding along Route 6 in Tunkhannock Township. It was clear that the creek was clogged with ice and that the water had nowhere to go but backwards and higher. According to Menendez, PennDOT granted Dziak’s request to close Route 92 over concerns that the bridge at Martins Creek might be compromised. Penn Dot also responded with a crew and a Grade-All excavator. “We attempted to start breaking up the ice jam. It worked momentarily, but it backed up again,” said Menendez. “PennDOT had some machinery here, but it couldn’t reach out into the creek,” Bowman concurred. The dire situation would require collaboration that is customary in the gas fields, when energy companies rely on local businesses for support. Bowman put in a call to Bill Ruark of Meshoppen Stone to see if he had a long-arm excavator available. “They are difficult to find. There aren’t too many around,” Bowman said of the excavator and its 75-foot extension. Ruark was away on vacation but took Bowman’s call and quickly had his son, Ryan Ruark, on the task of moving the needed machinery from Lawton to Nicholson. The two hours it took to bring in the excavator seemed like an eternity to Bowman, Dziak, and Nicholson officials like Bob McClain, the borough’s emergency management director. But it also gave them time to coordinate the efforts of a growing army of volunteers. “Within an hour, SWN was mobilizing equipment, resources and people to help us in any way that we needed,” recalled Nicholson mayor Charles Litwin. In the meantime, the water was rising about three inches per hour, and the scope of the crisis was becoming more grim with each passing minute. Water was surrounding homes and flooding basements. “We were looking at a major financial disaster.” Additional fire companies arrived with pumps and worked side-by-side with Nicholson firefighters to empty basements, including that of borough council president Dawn Bell. The influx also brought people with specialized skills, like logger Ben Ryan of RHL Companies of Montrose, who removed a large sycamore tree just downstream that was seen as a hindrance. Smaller pieces of equipment provided by Harold Luther and Sabuacak Excavating still proved valuable, as they pulled the heavy buildup of ice away from the creek banks. “Without these guys, we would have been screwed,” Bell stated matter-of-factly three days later, as several of those most heavily involved in the incident reconvened along Water and Williams streets for a debriefing. “The goal Tuesday night was to relieve the pressure off town and give the water a path to run for the night,” said Bowman, adding that it was a “now or never” situation. Finally, as midnight approached, the operator of the long-arm was able to punch through a wall of ice and allow the water that was unable to reach Tunkhannock Creek to flow across a relatively flat empty expanse behind the Methodist Church where homes stood prior to a 2004 flood. “We freed that last bit of ice, and the water moved through like a freight train,” Bowman remarked. “Had that not happened, we would have water onto Main Street by Wednesday morning,” Litwin stated. “Within minutes, the water level in town dropped two feet,” Bowman recalled. “We weren’t even sure the next morning where it all went.” Nonetheless, no major rises were reported downstream, which was a serious concern for the contractors and emergency management officials throughout the ordeal. Bowman called the crews off at midnight, but they returned at dawn on Wednesday to find their channel blocked and the water slowly rising again. “The creek was being stubborn,” said Dziak. Workers wasted no time cutting a series of breaks into the ice jam, which now also fully involved Tunkhannock Creek. Temperatures were plummeting, and the frozen debris was becoming harder to move all the time. The work continued through nightfall on Thursday, Jan. 25, when the decision was made to widen a channel in Tunkhannock Creek off the end of Factory Street that the churning water was already carving, diverting the stream into a natural overflow bed on the far side of a small island. Dziak was in communication with DEP throughout the efforts and relaying the successes Bowman and his ad hoc crew were having in diverting the crisis. “A key piece of the puzzle was the gas industry stepping up,” said Dziak, citing SWM, Cabot, and Williams among the major players. Dziak was also grateful for the commitment of PennDOT’s Bob Thorn. “He stayed with us through the entire event.” For Bowman, suspending some of the company’s operations during a time of crisis was a natural course of action. SWN’s Tunkhannock Branch office is just west of Nicholson on Route 92, and the company employs a number of local residents, including recent graduates of Lackawanna Trail High School. “These are our citizens and neighbors,” Bowman stated. “We weren’t going to let them get flooded out.” As of Jan. 26, officials were grateful that no residences or businesses took water into the first floors and were relieved by near normal water levels in the two creeks. But neither were they resting on their laurels. Another thaw and some rain were in the forecast for the weekend, and nobody was sure how stable the walls of ice still lining the creeks would remain under those conditions. Given the uncertainty, the long-arm that saved the day and another excavator remained at the ready, and residents were keeping their wary eyes on the water. “We couldn’t have had the outcome we did without these fine folks,” Commissioner Henry said of SWN, Williams, Cabot, PennDOT and all of those who helped them. “I’ve gotten so many calls from the citizens of Nicholson thanking us for being out there, but the credit goes to them.” Henry said that the weekend had given him time for reflection on the community effort and the crisis that was diverted. “People often come down hard on the gas companies, but they are such an asset to the county,” he remarked. “Nicholson could have been devastated, and we would have come to work on Monday, scrambling to figure out how we were going to pay for this. It made what we do so much easier. They were amazing.”

Photos and Captions:

debriefing-1.jpg Nicholson borough council president Dawn Bell (foreground), mayor Charles Litwin (center) and SWN production manager Dave Bowman review the process of how the ice jam on Martins Creek was dissolved from a point along Water Street close to where the water was allowed to flow away from town. nich-flood-1.jpg The borough of Nicholson in northeastern Wyoming County could have sustained major damage and incurred substantial financial distress on Jan. 23 when an ice jam in Martins Creek started to flood the town. m-creek-at-t-creek.jpg The backlog of ice was preventing Martins Creek (foreground) from flowing properly into Tunkhannock Creek, though both were bank-full at this point. long-arm-in-creek.jpg Quick action by SWN, with additional support by Williams and Cabot helped to save the day, especially when this long-arm excavator was brought in by Meshoppen Stone from Susquehanna County. long-arm.jpg The long-arm worked into the evening on Jan. 23 until a hole could be punched int the ice wall to allow the flood waters to drain out of Nicholson.
nich-flood-2.jpg bridge-ice-pile.jpg
The famous Tunkhannock Viaduct at Nicholson can be seen in the background when the town was still under seize by tons of ice and again after the ice had been moved into piles. stream-diverted.jpg The final solution to getting the water away from town was to widen a natural overflow of Tunkhannock Creek just southwest of Nicholson on Jan. 25. excavators.jpg A pair of excavators, including the long-arm remained at the ready on Jan. 26 due to forecasts of more rain and another thaw over the weekend that, thankfully, never materialized. upstream.jpg Looking upstream from the Route 92 bridge on Tuesday afternoon.

https://www.shaledirectories.com/blog/?p=3701

Monday, January 29, 2018

Noble Energy To Sell Part Of Stake In Israel's Tamar Gas Field For $800 Million

Noble Energy Inc. (NYSE: NBL) will sell a 7.5% stake in the Tamar natural gas field offshore Israel to Tamar Petroleum Ltd. for about $800 million in cash and shares, the Houston-based oil and gas producer said Jan. 29. Noble will receive $560 million in cash and 38.5 million shares of Tamar Petroleum. The deal allows Noble to cut its holdings in Israel's only commercial gas field to 25% from 32.5%, complying with government plans to open the market to competition.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/noble-energy-to-sell-part-of-stake-in-israelamp039s-tamar-gas-field-for-800-million/

Friday, January 26, 2018

How Private Capital Is Fueling Production Growth

The Independent Petroleum Association of America (IPAA) Private Capital Conference on Jan. 25 brought together several hundred professionals with the goal of learning more about how private capital is fueling production growth.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/how-private-capital-is-fueling-production-growth/

Wednesday, January 24, 2018

COGCC Policy Change Will Enhance Speech, Cut Down on Political Theater

After months of political theater from national ban-fracking activists at Colorado Oil and Gas Conservation Commission (COGCC) hearings, it appears the commission has adopted a new process to help ensure constructive dialogue and increase opportunities for public comment at its meetings.

Leaders of “Keep-It-in-the-Ground” (KIITG) groups don’t exactly seem to be thrilled with the change. The Colorado Independent reports that “next time you want to voice an opinion or concern to state oil and gas regulators, you’ll want to plan ahead.” As a general rule of thumb, isn’t it wise to “plan ahead” before you speak, whether it’s on oil and gas or any other topic? Just saying… but that’s neither here nor there.

Activists complained to the Colorado Independent that although the hearings have been “a pretty chaotic experience” these new rules are “shameful” — more than likely because they could pose difficulty in staging more theatrical stunts.

Micah Parkin, executive director of 350 Colorado, and one of the ringleaders for the group who is resurrecting a failed ballot measure once again in 2018, told the Colorado Independent about her grievances with COGCC’s new streamlined public comment procedure.

“They specifically reference that it’s in response to so many people turning out to these hearings,” she says. “As more and more of the public is trying to be heard, they’re choosing to listen less, not more… It’s really quite shameful.”

An anti-fracking activist out of Broomfield commented on the COGCC’s new rules as reported by the Colorado Independent:

“Broomfield resident Jean Lim, who has attended multiple COGCC hearings over the past year and a half in response to oil and gas development near her neighborhood, says she has witnessed public comment periods go well over two hours. She admits that the packed meetings can be ‘a pretty chaotic experience,’ but doesn’t think the new policy will change that.”

EID has witnessed firsthand many of these theatrical performances by ban-fracking groups. Recall the meeting where activists wore masks. Yes, medical masks were passed out by an operative from D.C.-based national anti-fracking group Food & Water Watch (F&WW), who told activists to decorate their masks with anti-fracking rhetoric meant to symbolize the “toxic” air in Colorado caused by what one reporter called “oil fracking,” whatever that is.

Tori-Mason-e1509741914626.jpg

Source: CBS4 Denver

To be sure, the anti-fracking theatrics aren’t exclusive to the COGCC hearings — KIITG activists perform their stunts everywhere, with an eye on getting media attention.

As another example, there was the recent PR fail made by anti-fracking group East Boulder County United, which protested at the wrong house.

Source: East Boulder County United Facebook. Click here for the full video.

Source: East Boulder County United Facebook. Click here for the full video.

20170911__12tcaeliw-1.jpg

Source: Denver Post

But it appears many of these bad actors were not in attendance at the last COGCC flowline rulemaking hearing on Jan. 8 and 9, because as EID noted, there was a noticeable lack of the usual political theatrics by national anti-fossil fuel groups. In fact, the empty seats even caught the attention of reporters like Colorado Public Radio’s (CPR) Grace Hood, as noted in her tweets from the hearing.

Cue Alanis Morissette’s song “Ironic” – because isn’t it a little bit ironic that activists are complaining about the new process even though barely any of the usual suspects bothered to show up to the last COGCC flowline rulemaking hearing, which was moved to a larger venue to accommodate public interest. Another third-party voice highlights the phenomenon of anti-fracking activists leaving empty chairs open at a COGCC meeting earlier this month. Check out this comment on “Wrong Door” anti-fracking activist group East Boulder County United’s (EBCU) Facebook page where the group shared the Colorado Independent’s article:

Comment-on-EBCU-Facebook-Page-e1516832716917.jpg

Source: EBCU Facebook Page

So yes, in the past – aside from the last COGCC flowline rulemaking hearing – many of the COGCC public comment periods have in fact been “pretty chaotic.” With that said, the implementation of the COGCC’s new public comment procedure really shouldn’t come as a shock to the national anti-fracking activists who for months have used and abused the COGCC hearings process to capture media attention, deploying various political stunts in an effort to gain headlines.  The new process should increase discussion to include more of the public, not just the activists.

Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/cogcc-policy-change-will-enhance-speech-cut-down-on-political-theater/

Tuesday, January 23, 2018

Canyon Creek Deepens Inventory With Arkoma Stack Deal

Canyon Creek Energy – Arkoma LLC continues to stretch its acreage Arkoma Stack position and inventory, saying this month it had purchased assets from Quanah Energy LLC. The financial details of the transaction weren’t released. Canyon Creek said it added 50,000 gross acres of liquids-rich acreage in the Mississippian and Woodford shale plays in Oklahoma. The company now holds more than 100,000 acres across 160 operated drilling units in the Arkoma Stack play. The acquisition also increases Canyon Creek’s inventory of horizontal drilling locations to nearly 1,300.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/canyon-creek-deepens-inventory-with-arkoma-stack-deal/

Wednesday, January 17, 2018

Exco Resources Restructuring Could End With Company Selling It All

Exco Resources Inc. followed its entry into bankruptcy this week with a push on Jan. 17 to market its holdings in Appalachia and the Haynesville and Eagle Ford shales or seek a deal for the entire company. In a Jan. 17 regulatory filing, Exco said it had distributed asset information to potential buyers of its leasehold, which spans 329,000 net acres and is between 87% and 95% HBP. Prior to bankruptcy, Exco was in the process of selling the bulk of its production in the Eagle Ford Shale and focusing on operations in the Haynesville and Bossier shales. In addition to its 85,000 largely contiguous acres in the plays, the company has preferential rights to buy Royal Dutch Shell Plc’s (NYSE: RDS.A) Haynesville/Bossier rights in the event of a divestiture. Exco’s leverage is about 16.5x based on estimated 2017 EBITDA of $80 million, according to regulatory filings. The company owes about $1.3 billion in debt and on Oct. 17 had a market value of $29 million.
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/exco-resources-restructuring-could-end-with-company-selling-it-all/

Friday, January 12, 2018

Liberty Oilfield’s IPO Sets Optimistic Tone For 2018

If Liberty Oilfield Services Inc.’s (NYSE: LBRT) upsized IPO is any indication, predictions of 2018 being the “year of the service sector” just might have some legs. The industry’s first IPO of the year soared nearly 28% from its $17 opening on the New York Stock Exchange Jan.12, hovering around $21.80 in mid-afternoon trading. All told, the Denver-based company raked in roughly $216 million. It was a good showing for an IPO that almost made its debut last spring. Liberty was one of five oilfield services providers that filed IPOs in the first five months of 2017 but pulled back because of low oil prices at the time. “The market wasn’t good and we didn’t need to do it,” Chris Wright, Liberty Oilfield’s chairman and CEO, told Hart Energy. “We just figured we’d wait until the market was more reasonable, and the market is.”
Source: Daily Dose of ShaleDirectories.com News

https://www.shaledirectories.com/blog/liberty-oilfields-ipo-sets-optimistic-tone-for-2018/

Emerging Opportunities Ohio River Valley Conference Early Bird Special Ends Jan. 12th

We all know 2018 is going to be a big year.  Register for Emerging Opportunities Conference and get a look at how big.  The Early Bird Special ends this Friday, January 12th. Save $50 and guarantee yourself a seat. Don’t wait! Seating is limited to the first 125 registrants. Very positive industry announcements are coming out almost daily.  What does this mean for your company?  How does your company take advantage of it? These opportunities are transformative.  The Ohio River Valley is already experiencing some radical changes.  More are coming:
  • More pipelines are coming online which requires more drilling.
  • Major petrochemical and chemical companies are looking for sites in the Ohio River Valley
  • The Appalachian Basin Storage Hub will see considerable activity in 2018.
Take advantage of the $150 Early Bird rate and save $50. It’s only good until January 12, 2018. Guarantee yourself a seat. Register Now!  http://emergingopportunitiesorv.com/ The Emerging Opportunities Ohio River Valley Conference will give you an early look into the transforming opportunities coming to the entire energy supply chain in the Ohio River Valley.  Experts in upstream, midstream and downstream will provide the economics for this future development. This is a conference you cannot miss.  Too many big issues and developments will be discussed.  You will want to learn and leverage this information for your company’s future growth. Register now! http://emergingopportunitiesorv.com/    

https://www.shaledirectories.com/blog/?p=3691

Monday, January 1, 2018