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Marcellus Shale Creating Regional Opportunities, National Growth

Oil rig survey teamSafe, job-creating American shale development continues to climb at a “breakneck pace”, according to the U.S. Energy Information Administration’s (EIA) monthly drilling productivity report released recently. And based on EIA’s new data, Reuters reports that our nation’s natural gas production growth is “driven primarily by output from the Marcellus.”

President Obama recently highlighted these important shale-related benefits, stating:

We are closer to energy independence than we’ve ever been before — or at least as we’ve been in decades. We are importing less foreign oil than we produce for the first time in a very long time. We’ve got a 100-year supply of natural gas that if we responsibly tap puts us in the strongest position when it comes to energy of any industrialized country around the world.”

The President is absolutely right. And this widely-shared goal of strengthened energy security for America and economic opportunity, especially as it relates to boosting our manufacturing based, was on display late last week in Philadelphia. Sponsored by the Greater Philadelphia Chamber of Commerce, Friday’s event at Drexel University – titled Greater Philadelphia: The Next Energy Hub – brought together business, labor, academia and thought-leaders focused on further leveraging the Commonwealth’s abundant natural gas supplies for the greater Philadelphia economy and its workforce.

Here is what they are saying about the event:

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Low oil prices won’t hurt US drilling, feds say

rig sunsetBy Timothy Cama

Oil prices will remain low next year, but not so low as to hurt domestic oil drilling, federal analysts predicted.

Crude oil in the West Texas Intermediate benchmark will average $62.75 a barrel next year, down from this year’s $93.82 and last year’s $97.91, the Energy Information Administration (EIA) predicted Tuesday.

That has raised concerns among some analysts and oil drillers that lower prices wouldn’t justify the added costs of shale oil drilling.

Shale oil has accounted for most of the growth in drilling in recent years, but it usually involves hydraulic fracturing and is more expensive than traditional forms of drilling that are more common in established oil areas.

“Continued lower oil prices will make some drilling activity less profitable in both emerging and mature U.S. oil production areas,” EIA Administrator Adam Sieminski said in a statement.

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Shale Production Hits 132 Billion Cubic Feet

Rig stationBy CASEY JUNKINS Staff Writer , The Intelligencer / Wheeling News-Register

ST. CLAIRSVILLE – Energy companies in Ohio produced more than 132 billion cubic feet of natural gas from July 1-Sept. 30, up from 88 billion cubic feet during the previous three-month period, figures from the Ohio Department of Natural Resources show.

The 132 billion cubic feet of natural gas for the three-month period is more than was drawn in all of 2013 in Ohio.

Wells in Belmont and Monroe counties leading the state in production, state figures show. Ohio Oil and Gas Association Senior Vice President Shawn Bennett said the shale blitz is a “gift for eastern Ohio.”

“Belmont County and Monroe County have been blessed with some really good geology,” he said. “Clearly, the rigs are moving south to take advantage of it.”

Bennett refers to the drilling activity that previously was heavily concentrated in counties such as Carroll and Columbiana, but has steadily moved southward.

“Overall, the production numbers are encouraging. … You have to poke a lot of holes in the ground to find the true sweet spot,” he said.

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Area Businesses Benefit from Marcellus Boom

Oil and gas well detail profiled on blue sky with cloudsCaitlin Cook | The Charleston Gazette, W.Va.

The U. S. Energy Information Administration released its U.S. Crude Oil and Natural Gas Proved Reserves 2013 report recently released, showing increases in crude oil and natural gas reserves year-over-year.

Local energy businesses say they are already reaping the benefits of increased activity throughout the Appalachian basin.

For the first time since 1975, the nation’s crude oil and lease condensate exceeded 36 billion barrels and an increase in natural gas set a new record for natural gas reserves at 354 trillion cubic feet, according to the report.

West Virginia and Pennsylvania account for 70 percent of the increase in proved natural gas reserves, according to the report.

Kyle Mork, chief operating officer for Energy Corporation of America, said many people thought Appalachia had experienced its best days in the oil and gas industry.

The Marcellus has changed how they approach business, Mork said.

Read more:  http://eaglefordtexas.com/news/id/141840/area-businesses-benefit-marcellus-boom/

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Marcellus Shale fuels lower natural and propane gas prices this winter

Money21-300x171Fueled by Marcellus shale development, natural gas prices in the midstate just went down 4.7 percent from summer as winter begins.

That will leave natural gas prices about 0.9 percent lower than last winter, according to UGI Gas Service, which serves the midstate.

Propane prices are also down, averaging about $1.50-$1.75 per gallon in the midstate, said Mike Mutter, spokesman for the Pennsylvania Propane Gas Association.

That’s as much as 25 percent less than the $2 per gallon seen last winter. “It’s down and probably lower than we’ve seen this time of year in the last 10 years or more,” Mutter said.

Factors include plentiful supply and warmer temperatures so far this winter, he said. After last winter, a lot of people added more storage and filled their tanks early, leaving inventories high leading into this winter, Mutter said. Most of the propane in this area comes from Texas, as pipelines and plants for refining propane from Marcellus shale are still being built.

Statewide, the U.S. Energy Administration says average price of propane was $2.957 per gallon Dec. 1, a 4.6 percent drop from a year ago.

Read more: http://eaglefordtexas.com/news/id/141818/marcellus-shale-fuels-lower-natural-propane-gas-prices-winter/

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