Shale News

Saudi Aramco to more than double shale gas investment

Saudi Arabia’s state run oil company, Saudi Aramco, has saidthat it is to increase its investment in shale gas exploration, despite multi-year low oil prices.

Speaking at an investment conference in Riyadh, chief executive of Aramco, Khalid al-Falih said that for the first time he could say publicly that the company had already earmarked $3 billion for shale gas exploration but has set aside a further $7 billion of investment.

Ridgetop Capital raises largest company fund for Marcellus, Utica shale property

Ridgetop Capital LP has raised its sixth and by far largest fund to date to purchase mineral rights and real estate in the Marcellus and Utica shale plays, confirmed Managing Partner Brad Carpenter.

Fully subscribed at $200 million, the fund is10 times the size of the $20 million fund McMurray-based Ridgetop completed last summer.

Carpenter said a new investor, whom he would not identify but described as a U.S.-based international energy fund, was key to the size of Ridgetop Capital VI LP.

Range Resources Corp. Witness Large Outflow of Money

Shares of Range Resources Corp. (NYSE:RRC) traded 0.28 points or 0.58% higher at $48.92.The total intraday money flow for the counter came in at a disappointing $(-0.98) million. The total upticks amounted to $1.28 million and the total downticks were approximately $2.27 million, with the up/down ratio of 0.57. On a different note, the shares have seen 0.58% price change during the week.In a block trade which occurred during the day, the stock had an inflow of $0 million in upticks and an outflow of $0.82 million in downticks. The up/down ratio for the block was found to be 0.

Grant helps innovation in wind energy take flight

If there’s one state in which wind energy research can thrive, it’s Colorado. Though some researchers say clean energy isn’t always a viable option for some states, wind energy accounts for about 5,000 of the state’s jobs and nearly 14 percent of its local energy production. With its steady flow of innovations and job opportunities, clean-energy industry could arm the state with a viable alternative to supplement its suffering oil and gas industry.

Oil could solve the Iraqi-Egyptian debt dispute

Earlier this month, Iraqi Prime Minister Haider al-Abadi made a visit to Egypt which ended in a series of new agreements between the two nations, including economic settlements and expanding efforts to combat the Islamic State (IS).

According to a recent report, an Egyptian government official told news publication Al-Monitor that Egypt offered “dropping the Iraqi debt in exchange for Iraqi oil shares. The concluded economic agreements also included resending Egyptian workers and contracting companies to Iraq.”

Marcellus horizontal well activity

The following information is provided by the Ohio Department of Natural Resources for the week ending on January 17th.  The data is pertaining to the Marcellus Shale activity occurring in the state of Ohio.

DRILLED: 16

DRILLING: 1

PERMITTED: 15

PRODUCING: 12

TOTAL: 44

Fourty-four horizontal permits were issued during the week that ended Jan. 17, and twenty-nine wells were drilled in the Marcellus Shale.

TOP COUNTIES BY NUMBER OF PERMITS

MONROE: 32
BELMONT: 9
JEFFERSON: 2
CARROL: 1

Guttman Group sees natural fit in shale gas, electricity

The ventures of a man who once sold meat in McKeesport have evolved into a $3.8 billion business dealing in the distribution of fuel and, most recently, natural gas and electricity.

Belle Vernon-based Guttman Group, with four operating companies under its umbrella, was originally established by Jacob Guttman, who opened the meat shop Guttman Sanitary Market in 1922. Less than 10 years later, he dipped into the oil market with his first gas station, Guttman Super Service, at the corner of Ninth and Market streets in 1931.

Obama Administration to Propose New Offshore Areas for Oil and Gas Drilling

WASHINGTON—The Obama administration is planning to propose opening up new areas of the nation’s federally owned waters to oil and natural gas drilling, including areas along the Atlantic Coast, according to people familiar with the plan.

The Interior Department is set to propose as soon as Tuesday its plan that will outline what leases the federal government will offer from 2017 to 2022, a step the government is required by law to take every five years.

West Virginia, Ohio visitors seek guidance in North Dakota

MINOT, N.D. (AP) — Government and economic development leaders from West Virginia and Ohio are visiting northwestern North Dakota to see firsthand what it's like to deal with an energy boom.

The residents from Parkersburg and Vienna, West Virginia, and Belpre and Marietta, Ohio, hope to apply lessons from Minot and Williston to what the mid-Ohio Valley will experience if and when an anticipated ethane cracker plant is built there. Such plants convert ethane from shale oil and natural gas into chemicals used to produce plastics, fertilizer and other products.

Paradigm Oil & Gas: Strong Start to 2015

DALLAS, TX--(Marketwired - Jan 26, 2015) - Paradigm Oil and Gas, Inc. (OTC PINK: PDGO), a leading service provider to the oil and gas industry with expanding operations in oil and gas production, announced important new strategic partnerships, the reactivation of four newly rebuilt wells and the accumulation of a growing stockpile of oil that now exceeds 2,000 barrels.

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