Shale Insight 2020 Day #2: Renewable Energy Myth; Unions Love Gas

Mark Mills – Manhattan Institute

Yesterday the second day of Shale Insight began with a keynote delivered by West Virginia U.S. Senator Joe Manchin (D). He mouthed support for the shale industry in an unremarkable talk. We’re not all that thrilled with Manchin. The American Energy Alliance Report Card says Manchin voted only 67% of the time to support affordable energy and fossil fuels (see House/Senate Energy Scorecard: Who to Vote For/Against PA-OH-WV). The real belle of the ball yesterday was another speaker: Mark Mills.
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2nd Emergency Shutdown at Weymouth, MA Compressor, Antis Pounce

A few weeks ago Enbridge began testing its Weymouth, Massachusetts compressor station project, the final piece of the company’s $452 million Atlantic Bridge expansion project. As sometimes happens when you begin testing, there was a problem. A gasket failure led to an unplanned release of 265 Mcf of gas (see Emergency Shutdown at Weymouth Compressor During Initial Test). It’s happened again. A second “emergency shutdown” occurred yesterday when the plant released (drum roll please….) 10 Mcf of natural gas.
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Olympus Energy (née Huntley & Huntley Energy Expl.) Gets a New CEO

Tim Dugan – CEO, Olympus Energy

Olympus Energy, the renamed Huntley & Huntley Energy Exploration (HHEX) has a new CEO. The new guy is Tim Dugan, who joined Olympus in January as the company’s COO (see Former CNX COO Tim Dugan Becomes Olympus Energy COO). Tim is replacing Chris Doyle who is staying on the board but leaving the area to become CEO of Primexx Energy Partners, a Dallas-based oil driller.
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Clinton County, PA Petchem Plant One Step Closer with Grants

In February MDN brought you news about a new half-billion-dollar petrochemical plant that will convert Marcellus Shale gas into feedstock (chemicals) to be used in agriculture, manufacturing, medicine, and transportation, coming in Clinton County, PA (see $500M Marcellus-Fed Petchem Plant Coming to Clinton County, PA). The project has just gotten a step closer to reality with a pair of grants to conduct third party studies.
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Newly Passed Act 66 Petchem Bill Lights a Fire for PA Econ Dev

In July Pennsylvania Gov. Tom Wolf signed into law House Bill (HB) 732, a bill that will grant tax breaks to companies willing to build brand new petrochemical plants in the Keystone State–plants that use huge quantities of Marcellus Shale gas (see Victory Lap! Gov. Wolf Signs Tax Break Bill for New Petchem Plants). HB 732 has become Act 66 in PA’s codes and regulations.
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Dominion Expects to Close Most (Not All) Buffet Pipe Deal Nov. 1

In July Dominion Energy announced it is throwing in the towel and canceling the 600-mile Atlantic Coast Pipeline (ACP) project that would have stretched from West Virginia to North Carolina. The company also announced it is selling its pipeline business to Warren Buffett (see Dominion Cancels Atlantic Coast Pipe, Sells Pipe Biz for $9.7B). Dominion announced yesterday it expects to close on most, but not all, of its pipeline deal with Buffet on Nov. 1.
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Other Stories of Interest: Thu, Oct 1, 2020

MARCELLUS/UTICA REGION: Ohio-produced natural gas is essential to economic and environmental progress; West Virginia joins coalition seeking to protect pipeline construction; NATIONAL: Key indicator shows signs of oil market recovery; A ban on drilling misses its mark; Renewables won’t save us if the electric grid is not ready; Stable oil prices may finally bring consolidation to the shale sector.
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