Gulfport Caps Utica Production, Delays Drilling to Late 2020
Gulfport Energy, the third-largest (by number wells drilled) producer in the Ohio Utica Shale, issued an update yesterday to its previous plans on drilling in the Ohio Utica (and Oklahoma SCOOP), revising down the amount of natural gas it will produce and revising down drilling activity previously planned for 2020. The company says it will delay until later this year/early next year more of its production than previously announced–due to ongoing low prices for natgas.
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SECUR O&G, LLC is headquartered in Sewickley, PA, but its main operation, a Marcellus/Utica waste processing center, is located in the Bens Run Industrial Park in Friendly (Tyler County), WV. SECUR processes both liquid and solid drilling waste and handles TENORM (technologically enhanced naturally occurring radioactive material) at its Bens Run facility. Last Friday SECUR filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court for the Southern District of WV.
There were 7 new permits issued in PA for May 25-29. There were no new permits issued in WV for the same time period. The Ohio Dept. of Natural Resources (ODNR) database is still down. MDN contacted ODNR today and was told by a spokesman, “The Division [of Oil and Gas Management] hopes to be able to resume permitting activities this week.” Does that mean no new Utica permits are being issued at this time?
A coalition of so-called environmental groups (leftist, very radical organizations) filed an official request with the Federal Energy Regulatory Commission (FERC) on Saturday calling on FERC to conduct a supplemental environmental impact statement (EIS) for a project that’s already been studied to death: Dominion Energy’s Atlantic Coast Pipeline (ACP). The once $5.5 billion project (now $8 billion because of delays caused by these nefarious groups) will run from West Virginia through Virginia and into North Carolina.
We spotted an article by ICIS (Independent Commodity Intelligence Services) about ethylene contracts in May increasing in price after a six-month-long decline. How does that potentially impact drillers in the Marcellus/Utica? We’ll tell you…
MDN is updating our Calendar page more frequently to bring you the latest news on events of interest that have either been canceled, postponed, or in some cases, have gone virtual. We encourage you to review the list. A number of free and low-cost webinars and online events have popped up as an alternative to in-person meetings.
OTHER U.S. REGIONS: Dominion backs off plan to build natural gas pipeline along part of American Tobacco Trail; NATIONAL: AEA applauds EPA’s final rule to fix Governor Cuomo’s muddying of the Clean Water Act; INTERNATIONAL: Natural gas may be the next commodity to trade below zero; Oil’s comeback uplifts US shale, complicates OPEC+ task; European and U.S. gas markets look to each other for price direction; Is this the next major market for U.S. LNG?; Weak energy prices show Russia’s Achilles heel.