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BHP Billiton schrijft af op schaliegas

Gepubliceerd op 15 jul 2015 om 08:33 | Views: 1.613 |

LONDEN (AFN) - BHP Billiton, 's werelds grootste mijnbouwer, schrijft wederom miljarden af op zijn investeringen in Amerikaans schaliegas en -olie. Dat bleek woensdag.

In totaal gaat het dit keer om 2,8 miljard dollar, voornamelijk op het Hawkville-veld in de staat Texas. BHP heeft sinds 2012 al bijna 6 miljard dollar af moeten schrijven op schalie-investeringen.

BHP verkreeg het Hawkville-veld in 2011 via de overname van Petrohawk Energy, destijds voor meer dan 12 miljard dollar. Een deel van de afschrijving van woensdag is op de goodwill van die deal. Een specificatie gaf het concern echter niet.
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GAIL to buy US shale gas asset for USD 1.5 bln to meet future demand

Published on Fri, 17 Jul 2015 47 times viewed

Economic Times reported that State-run GAIL plans to spend close to USD 1.5 billion to acquire a shale gas asset in the United States to meet future gas demand in India and other markets along with partly offsetting the risk associated with the market-linked pricing of 6 million tonne of liquefied natural gas it has contracted to purchase annually from the US.

A global crash in oil and gas prices has prompted many operators in the US to shelve the development of many unviable shale oil and gas fields.

A GAIL executive, who did not wish to be identified, said that "In the US, if you stop exploration, you are likely to lose your acreage to the government. Therefore, it makes sense for the shale explorers to sell assets to someone willing to fund exploration and production.”

GAIL, the biggest operator of natural gas pipeline in India, is still scouting for the asset and has not yet zeroed in on any specific opportunity. The executive said that "We are searching for an asset that can produce about 3 million tonne per annum. That will help cover the pricing risk of about 50% of the LNG we have contracted to buy."

The company has contracts with producers in the US to buy about 6 million tonne of LNG annually for 20 years, beginning 2017-18. The purchase price under the contracts is linked to Henry Hub, US index for gas prices.

Mr BC Tripathi, chairman, said that “The ownership of a producing block will mean that any loss arising due to increased prices of contracted LNG can be offset by gains from the producing block. GAIL already holds 20% stake in Carrizo's Eagle Ford Shale acreage in the US. The company, mainly engaged in gas transportation and marketing, has in recent years picked up participating interests in about 20 exploration blocks in India and overseas, expanding its presence across the hydrocarbon value chain. GAIL has already sold to Shell and other firms about 2 million tonne of LNG it had contracted from the US.”

Source : Economic Times
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AWE aborts Mid West fracking plan due to lack of commercial viability

ABC News reported that an oil and gas company has abandoned plans to hydraulically frack a well in Western Australia's Mid West.

AWE has been undertaking exploration work at the Drover-1 well, south-east of Greenhead, and was preparing to frack for gas at the site.

The well is located east of Mt Lesueur National Park and is nearby the Mount Peron aquifer and bore field.

The plans fuelled community concern and a debate about fracking close to water reserves.

The Conservation Council of WA's director Mr Piers Verstegen said the local community would be breathing a 'sigh of relief' at the news.

He said that "It means there's not going to be a fracking well in their town water supply. This is good news for the community, good news for the groundwater and a huge relief for the landholder where the Drover well has been drilled."

In an announcement to the Australian Securities Exchange, AWE said the decision to not proceed to fracking was based on analysis of tests and core samples.

AWE said that data had provided sufficient information for AWE's assessment of the shale gas potential in the southern extent of the Perth Basin acreage and no further work is required at this location.

A spokesman for AWE said that the decision was based on commercial considerations.

Mr Verstegen said that he believed the strength of the local community opposition to fracking helped to influenced AWE's decision to walk away from its plans.

He said that "I think other companies and investors looking at the Mid West as a potential area for fracking should be very cautious following this news. There's very strong community opposition to gas fracking in these areas and if that is your plan, be prepared for a long hard uphill battle. We'll now be calling on the State Government to remove the gas fracking exploration permit from this region, following the community's calls for the area and the groundwater to be protected from this industry."

In a statement, Mines Minister Mr Bill Marmion said that he would not remove the exploration permit and supported the responsible development of oil and gas in the region.

He said that "The proponent in this case, not only fulfilled their regulatory requirements, but also established a community reference group to engage with the local community. They should be praised. Western Australia has a robust regulatory framework incorporating a coordinated, multi-agency approvals process which provides significant protection to WA's environment. The State Government is confident it can safely regulate the shale and tight gas industry as it has done for the petroleum industry for the past 40 years.”

He added that "The process is not new or unique and has been regulated in the state for quite some time, and since 1958 Western Australia has had more than 600 wells fracture stimulated."

Source : ABC News
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Gas awakening from US shale slumber as LNG shipments near

Published on Thu, 30 Jul 2015 45 times viewed

Bloomberg reported that after years of languishing in a shale-induced coma, the US natural gas market is waking up.

Seasonal price swings will intensify as the country begins shipping liquefied natural gas cargoes to Asia and Europe later this year, said Bank of America Corp, RBC Capital Markets LLC and Wood Mackenzie Ltd. While that’s good news for traders yearning for volatility, it could be bad news for consumers.

Exports will help prices rebound from the slump caused by the US pumping record amounts from shale formations. Growing domestic winter demand is already causing spikes and trading volumes in futures markets have rebounded to the highest level in 3 years. Average retail gas prices also will rise with LNG exports, according to Bloomberg New Energy Finance.

Mr Francisco Blanch, head of commodities research at Bank of America Corp in New York, said that “Connecting U.S. natural gas prices into the global market could result in wider spreads at home. Global LNG spot prices are notoriously seasonal.”

The International Energy Agency said that Cheniere Energy Inc will start operating a liquefied natural gas terminal this year in Louisiana, the first new export site in 46 years. The US will be the 3rd largest supplier by 2020.

Mr Blanch said that In a sign of what may be coming, futures for January 2017 are already trading at a 35.7 cent premium to October 2016 contracts, the biggest premium for this time of the year since 2012. That seasonal spread may widen to as much as a dollar as LNG exports expand.

Natural gas for September delivery fell 0.5% to USD 2.849 per million British thermal units in electronic trading on the New York Mercantile Exchange at 9:29 a.m. London time.

Source : Bloomberg
whammy
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In de Amerikaanse schalie-industrie vallen de eerste slachtoffers als gevolg van de heftige correctie op de grondstoffenmarkt. Private equity-firma KKR boekt naar verwachting zware verliezen op het instorten van Samson Resources, een onafhankelijke onderneming in de schaliegas- en schalieoliesector. Het bedrijf dat in 2011 nog voor $7,2 mrd werd opgekocht, staat op het punt om uitstel van betaling aan te vragen. Het bedrijf zwicht onder de schulden en de ingestorte

Wel tegenstrijdige conclusies
IHS stelt dat de olieprijs tegen de $50 moet staan om oliewinning rendabel te maken. Dat omslagpunt verschilt echter per put, en ook per geraadpleegde deskundige. Vorig jaar noemden experts nog $70 als omslagpunt. Het Amerikaanse Energy Information Administration (EIA) bracht in maart een rapport uit waaruit geconcludeerd werd dat Amerikanen zelfs op $25 nog break-even kunnen draaien.
Bron:FD

n.b. met KKR hoeft men geen medelijden te hebben.

prijzen in de energiewereld.
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US shale oil industry hits by USD 30 billion outflows

Financial Times reported that US shale producers reported a cash outflow of more than USD 30 billion in the first half of the year, in a sign of the challenges facing the US’s once-booming industry as the slump in oil prices begins to take effect.

The shortfall points to a rise in bankruptcies and restructurings in the US shale oil industry, which has expanded rapidly in the past seven years but has never covered its capital expenditure from its cash flow.

Capital spending by listed US independent oil and gas companies exceeded their cash from operations by about USD 32 billion in the six months to June, approaching the deficit of USD 37.7 billion reported for the whole of 2014, according to data from Factset, an information service.

US oil production fell in May and June, according to the US Energy Information Administration, and some analysts expect it to continue falling as financial constraints limit companies’ ability to drill and complete new wells.

According to Factset, companies have sold shares and assets and borrowed cash to increase production and add to their reserves. The aggregate net debt of US oil and gas production companies more than doubled from USD 81 billion at the end of 2010 to USD 169 billion by this June.

Mr Terry Marshall of Moody’s, the rating agency, said that “The capital markets have been so strong and so open for these companies that a lot of them were able to raise a lot of debt.”

Capital markets have remained open for US oil and gas companies despite the crude price more than halving in the past year.

However, there are now signs that the flow of capital is slowing. US exploration and production companies sold USD 10.8 billion of shares in the first quarter of the year, but that dropped to USD 3.7 billion in the second quarter and under USD 1 billion in July and August.

Similarly, those companies were selling an average of USD 6.5 billion worth of bonds every month in the first half of the year, but the total for July and August was just USD 1.7 billion.

The next hurdle facing many US oil companies is the resetting of their borrowing base: the valuation of their oil and gas reserves that banks use to determine how much they will lend.

Borrowing bases are generally set twice a year, and the new levels, which will typically take effect from October 1, will reflect significantly lower expectations for oil prices than the round agreed in the spring.

Mr Edward Morse, global head of commodities research at Citigroup, said that there would have to be a shake-up in the US shale oil industry to separate the good companies from the bad.

He said that “Just as it drove the industry to spectacular growth, the financial sector is going to drive the industry to consolidate and contract.”

US shale oil producers have reported steep improvements in the productivity of the rigs they use and the wells they drill.

Source : Financial Times
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America's shale gas supply caught in its longest-ever decline


Bloomberg reported that America’s shale gas boom hasn’t exactly been booming lately. Natural gas production from the seven largest U.S. shale deposits will drop for a fourth straight month in October to average 44.784 billion cubic feet a day, the lowest since March, based on an Energy Information Administration forecast released Monday. That’s the longest streak of monthly declines in government data going back to 2007.

The pullback follows a decade of surging gas production that created a glut of the heating fuel and sent prices plunging to record lows in some regions. The biggest declines forecast for October are in oil-rich deposits such as the Eagle Ford shale formation in Texas, where drillers are idling rigs in response to a collapse in crude prices.

The EIA said that pipeline constraints in Appalachia aren’t helping either. Yield from the Marcellus shale of the eastern US, the nation’s biggest gas field, will fall 0.5%.

Bank of America analysts led by Mr Sabine Schels and Mr Francisco Blanch said in a report that “Supply will finally fall short of demand next year.” The bank is forecasting that total output in the lower 48 states will shrink by 0.3 billion cubic feet a day next year.

Mr Adam Longson, an analyst with Morgan Stanley, said in a note to clients that “More than 1 billion cubic feet of gas production went offline in the second quarter because of limited pipeline capacity and system outages, particularly in the northeastern Marcellus region.”

He said that the number of drilled but uncompleted wells jumped almost 50% in January through June from the same period a year earlier. While pipeline expansions in the fourth quarter may boost Northeast output, weak prices throughout the region may once again prompt producers to delay well completions.

Natural gas prices have been trading in a narrow range of USD 2.50 per million British thermal units to USD 3 since late May on the New York Mercantile Exchange. Futures have fallen 30% in the last year. Gas for October delivery rose 0.4 cent to USD 2.763 at 10:43 a.m.

Mr Breanne Dougherty, analyst with Societe Generale in New York, said in a note to clients that “Rising financial pressure on producers is our dominant storyline. Production remains the biggest wildcard, we see production as hinging heavily on the ability of producers to manage their balance sheets through the current sustained weak oil and gas price environment.”

Source : Bloomberg
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Shale gas fracking should go ahead in UK - Taskforce

The Guardian reported that fracking for shale gas in the UK should be pursued as an alternative to the use of coal, a taskforce on the controversial technology has concluded, in order to provide a bridge to a low-carbon future.

According to the chairman of the taskforce, former Labour cabinet minister Mr Lord Smith, but shale gas should not receive public subsidy or tax breaks, and the tax revenues arising from its exploitation should be redeployed to develop renewable energy and other low-carbon innovations.

He said that “I can’t see any reason why the shale industry needs tax breaks. If the gas is there and is recoverable and that’s still a big ‘if’ the industry can derive revenue from extracting it.”

He said that “Shale gas is not the answer to climate change. That is a mixture of renewables, nuclear and energy efficiency and other low-carbon sources of energy. But we can’t simply wave a magic wand and say that will happen tomorrow. Shale gas provides a bridge.”

The Task Force on Shale Gas, which is funded by the UK’s shale gas industry but operates independently, found that climate change targets could still be met even with an increase in the use of gas, which is less carbon-intensive than coal. When technologies known as ‘green completion’ are used, which means stopping the leaks of methane from shale wells, the fuel is no more carbon-intensive than conventional gas, and less so than imports of liquefied natural gas from countries such as Qatar.

But the report also found that if gas is to be used for another four decades, as envisaged by the group, then much more effort must be put into carbon capture and storage technologies. These have been problematic, as repeated attempts to set up UK pilot projects over the past decade have yet to produce a result. “The government must get a move on,” said Lord Smith. “I don’t think the reason for the slowness lies in problems with the technology. It is a lack of political will.”

Green campaigners warned, however, that if the UK were to pursue fracking, it would lead to an increase in net fossil fuel use. Tony Bosworth, energy campaigner at Friends of the Earth, said: “Three-quarters of known fossil fuel reserves need to stay in the ground if we are to avoid catastrophic climate change. Fracking in the UK would just add to this unburnable carbon, while also bringing risks for the environment and health of local communities. The taskforce doesn’t say if or how we will get others to produce less gas if we start fracking.”

Mr Chris Redston of Frack Free Ryedale, one of many local protest groups, said that “We are not surprised the taskforce recommends a future that depends on gas production from fracking, given that this consultation is being funded by the shale gas industry. It would be impossible for anyone to conclude that this report is in any way independent or impartial.”

The report also casts doubt on the ability of renewable sources of energy to be increased sufficiently to avoid an increasing dependence on importing gas into the UK.

Source : The Guardian
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Australia has trillions of dollars of unconventional gas but difficult to get

ABC News reported that geologists estimate it could be worth trillions of dollars, but there are massive challenges in getting it out of the ground.

That is partly because unconventional gas doesn't flow easily.

It is the same as natural gas, but is carried in water and needs to be fracked to get it moving.

Miners have to drill a lot of wells, and half of them generally don't produce commercial volumes.

And that's just the start of the problems.

Dr James Johnson of GeoScience Australia said that while there were difficulties, a resource of that size warranted a very robust discussion.

The other reason there is enormous interest in unconventional gas is because it has dramatically reversed the energy outlook and economy in the US.

Massachusetts Institute of Technology director of research Dr Francis O'Sullivan said a production boom on this scale had not been seen in the energy sector before.

He said that "We were looking into a future where the US was going to be a significant importer. Since then the US has become the world's largest gas producer by a significant margin and is now effectively awash with gas. It's unprecedented. It's one of the most dramatic developments the energy sector has ever witnessed."

That boom has created problems for Australian companies.

It's unprecedented. It's one of the most dramatic developments the energy sector has ever witnessed.

Mr Tony Wood of Grattan Institute said that it had triggered a fall in oil and gas prices, and the two major companies involved in unconventional gas in this country, Origin and Santos, had seen their share prices plunge.

He said that "If you think this is a gentle ride you're kidding. This is a dramatic fall."

Just getting the gas out of the ground is challenging for Australian companies, partly because the geology in Australia is different to the US.

The gas is under rivers and lakes rather than marine environments, and there is more clay in the soil which makes it harder to extract the gas.

Source : ABC News
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Zombies appear in US oilfields as crude plumbs new lows

Reuters reported that drained by a 17-month crude rout, some US shale oil companies are merely hanging on for life as oil prices lurch further away from levels that allow them to profitably drill new wells and bring in enough cash to keep them in business.

The slump has created dozens of oil and gas "zombies," a term lawyers and restructuring advisers use to describe companies that have just enough money to pay interest on mountains of debt, but not enough to drill enough new wells to replace older ones that are drying out.

Though there is no single definition of a zombie, most investors and analysts consulted by Reuters say they tend to have exceptionally high debt loads and face the prospect of shrinking oil reserves.

About two dozen oil and gas companies whose debt Moody's rates toward the bottom of its junk bond scale broadly fit that description. Investors and analysts mentioned SandRidge Energy, Comstock Resources and Goodrich Petroleum as some of that group's more prominent members.

To stay alive, zombie companies have curbed costly drilling and are using revenue from existing production to pay interest and other expenses in a process some describe as "slow-motion liquidation."

Experts said that Bankruptcies and defaults loom because the cutbacks in new drilling have been so deep that many companies risk getting caught in a vicious circle of shrinking oil reserves, falling revenue and declining access to credit.

As long as oil prices stay below the estimated break-even level of $50 a barrel, the zombie group is set to grow. In fact, so many oil companies are struggling that "zombies" are the topic of a keynote address at a big energy conference in Houston on Thursday.

Mr Thomas Califano, vice chair of the restructuring practice at the law firm DLA Piper, said banks that have loosened loan terms to avoid defaults might be just allowing companies to postpone "their day of reckoning."

Mr Califona said that "They can just be zombies. They can pay their interest, there's no growth and they are cannibalizing their assets."

Consider SandRidge, which is one of at least 25 US exploration and production companies rated by Moody's at B3 negative or lower, a category for speculative investments with significant credit risks. Many of these companies are small, with output of less than 10,000 barrels per day.

Mr Michael Roberts, a principal at the Carlyle Group which invests in energy companies, said at a recent seminar in Houston, said that "SandRidge is an example where they have enough cash on the balance sheet to service debt for next three years and likely can't grow their assets in this price environment."

Source : Reuters
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Shale gas growth could save UK steel sector – MP Ms Angela Smith

The EI ET reported that a Labour MP has said that shale gas exploration could help save the UK’s steel industry from possible demise if the government helps build strong local supply chains. The fracking industry, if it takes off, will require dozens of drilling rigs and thousands of kilometres of steel casing – delivery of which could cost almost £4bn, presenting a huge opportunity for the struggling steelmaking sector.

Ms Angela Smith, Labour MP for Penistone and Stocksbridge, during a debate in Westminster said "The nascent shale gas industry offers one of those rare opportunities to create a new demand for steel, something that we badly need at the moment and a new sense of hope therefore for a positive future for what is one of our foundation industries.”

According to Ms Smith, the government has to act to make sure UK industry does not miss the boat as it did in case of offshore wind energy generation, where opportunities to build solid supply chains have clearly been missed.

She said "The government has a role to play in supporting the steel industry to exploit the opportunities available and to thereby secure a better future for itself," she said, adding that a supply chain strategy needs to be developed which "guarantees that the best of British will lie at the heart of a successful, safe and environmentally sustainable British shale gas industry".

Government support, she argued, is needed in the evolution of a wider range of steel capabilities by building the business case for the development of a UK shale gas supply chain.

It has been estimated that shale gas exploration would need some 50 drilling rigs, costing about £1.6bn to manufacture, and some 12,000km of high-quality steel casing costing £2.3bn.

Source : The EI ET
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German study says domestic shale gas, oil production possible

The author of a federal study said that tapping Germany’s shale gas and oil without damaging drinking water is possible, although the size of reserves is slightly smaller than previously estimated.

German lawmakers are debating whether to use the hydraulic fracturing (fracking) technique to extract unconventional mineral resources, with many worrying it could damage Germany’s environment.

Fracking involves pumping water and chemicals at high pressure through drill holes to prise open shale rocks holding gas and oil, a process used in the United States.

Conventional resources reside in more porous and permeable rock, allowing easier access.

Geologists at the Federal Institute for Geosciences and Natural Resources (BGR) used computer simulations to study what would happen to frack fluids when injected into the bedrock of the North German basin.

Mr Stefan Ladage, lead author of the BGR study, which was published in Germany, said that “We found that the injected fluids did not move upwards into layers carrying drinking-water.”

Germany’s powerful green lobbies warn against the possible contamination of drinking water through fracking.

The densely populated country is committed to moving to renewable energy. Proponents say that eliminates the need to look beyond existing oil and gas reserves.

But energy companies like ExxonMobil, Basf, Dea and CEP want to develop Germany’s shale resources, arguing this could reduce its dependence on imported energy.

The BGR said that between 0.32 trillion and 2.03 trillion cubic metres (cbm) of gas could be extracted in depths below 1,000 metres in northern Germany.

Source : Reuters
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Cheap natural gas leads to more plants and pollution - Report

An environmental watchdog group said that the nation’s boom in cheap natural gas - often viewed as a clean energy source — is spawning a wave of petrochemical plants that, if built, will emit massive amounts of greenhouse gases.

The Washington-based Environmental Integrity Project said that hydraulic fracturing of shale rock formations and other advances, such as horizontal drilling, have made natural gas cheap and plentiful — so plentiful that the United States has begun exporting gas.

The watchdog nonprofit, which says its mission is to hold polluters accountable and champion environmental laws, is led by Eric Schaeffer, former director of the U.S. Environmental Protection Agency’s Office of Civil Enforcement.

Thanks to this energy boom, the group calculated that if 44 large-scale petrochemical developments proposed or permitted in 2015 were built they would spew as much pollution as 19 new coal-fired power plants would.

The report said that all these projects potentially could pump about 86 million tons of greenhouse gases into the atmosphere each year. That would be an increase of 16 percent for the industry’s emissions in 2014.

The report combined new natural gas, fertilizer and chemical plants and petroleum refinery expansions projects. Natural gas is a prime ingredient in ammonia, a basic element in fertilizers.

Similarly, the report said natural gas is important for chemical manufacturers of plastics and other products.

The group said that seven refinery projects were included because shale oil extraction has surged along with fracking.

A bulk of these projects is in Louisiana, where 20 of the 44 projects were found.

In recent years, Louisiana has embraced a slew of new facilities. The state has long welcomed the oil and gas industry.

Source : Associated Press
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Miljardendeal in Amerikaanse gassector

Gepubliceerd op 16 mei 2016 om 13:23 | Views: 1.079

FORT WORTH (AFN) - Het Texaanse olie- en gasconcern Range Resources koopt schaliegasproducent Memorial Resource Development. Met de deal die volledig in aandelen wordt betaald is omgerekend bijna 3,9 miljard euro gemoeid.

De partijen brachten de deal maandag naar buiten. Range, dat vooral in Trinidad en Tobago actief is, wil op deze manier meer voet aan de grond krijgen in de Noord-Amerikaanse Appalachen en de regio rond de Golf van Mexico. De transactie wordt naar verwachting in de tweede helft van dit jaar afgerond.
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