Banpu Ponders Entering U.S. LNG Export Market
Banpu, Thailand’s largest coal mining company, loves American shale gas. Over the past several years Banpu has invested ~$500 million in the PA Marcellus, going as far as building a new regional office in northeastern PA (see Banpu Opens New $5M Marcellus Operations Office in NEPA). Recently the company announced a deal to buy Devon Energy’s Barnett Shale assets in Texas (see Banpu Invests Another $770M in Shale – but Not in PA Marcellus). It seems Banpu is not yet done with American shale energy.
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A great many things affect the price of oil and natural gas–weather, economic conditions, supply/demand balance, sunspots. Can a human virus affect the O&G industry too? It seems the answer to that is, YES. We’ve resisted bringing you blow-by-blow the daily coronavirus tripe peddled by mainstream media in their attempt to harm the American “Trump” economy. But we can’t ignore how media-generated panic is affecting world markets–and (now) the oil and gas industry, including the industry here in the U.S.
For years anti-fossil fuel zealots have used and abused the word “fracking” and its derivatives to describe horizontal hydraulic fracturing, and more generically to describe the entire shale oil and gas industry (drilling, pipelines, etc.). Antis love to slip in phrases like “fracked gas” and refer to those who work in the industry as “frackers.” They call themselves “fracktivists.” It all sounds so naughty. We happen to love the word and we embrace it, to shove it right back in their faces (others in our industry do not like the word and sometimes chide us for using it). A couple of so-called researchers have coined a new fracking-related term: “fraccidents.”
The Ohio Dept. of Natural Resources (ODNR) issued fourth-quarter 2019 numbers for Utica shale oil and gas production last Friday. The numbers show new state record highs for quarterly oil and natural gas production, the most ever since quarterly reporting began in 2013. Utica oil production was up 17% over 4Q18, and Utica natural gas production was up 3.2% over 4Q18.
In January MDN told you about a Franklin & Marshall College poll that showed 48% of Pennsylvania voters support a ban on fracking, while 39% oppose a ban (see 
While the Andrew Cuomo-corrupted New York Dept. of Environmental Conservation (DEC) can claim a victory in stopping the much-needed Constitution Pipeline (see 
In April 2017 (almost three years ago) the Mariner East 1 pipeline sprung a small leak and spilled 20 barrels (~840 gallons) of ethane and propane in Berks County, near Philadelphia. Sunoco Logistics Partners, builder and maintainer of the pipeline, shut it down and fixed it over the next several days. Yesterday the Pennsylvania Public Utility Commission announced a “settlement” with Sunoco, to fine the company $200,000. Sunoco, as part of the settlement, must also conduct a “remaining life” study of the pipeline. After all, it is almost 90 years old.
One of our favorite publications to read is the Pittsburgh Business Times. The PBT recently researched and published a list of the “
Pennsylvania Attorney General Josh Shapiro, a leftist Democrat who wants to succeed Tom Wolf as governor, likes to investigate accidents related to the shale industry to see if he can turn them into crimes (
Nick DeIuliis, CEO of CNX Resources, has about had it up to “here” with the haters. At a recent speech to the Pittsburgh Rotary Club and the Pittsburgh Business Exchange, DeIuliis unloaded on extremists (whom he called “haters”) targeting the shale and petrochemical industries. He made a strong case for fossil fuel energy. He’s also not a fan of the “carbon-shaming mob mentality” of some leftist fund managers who are pressuring investment firms to divest from fossil fuel companies. Way to go Nick!
It was April 2015 when PTT Global Chemical, a huge petrochemical company based in Thailand, first announced they would consider building an ethane cracker plant in Ohio (see