Diversified Energy | Electrical Generation | Elk County | Energy Companies | Industrywide Issues | Pennsylvania
Diversified Gives Old Natural Gas Wells New Life Mining Crypto
Diversified Energy (formerly Diversified Gas & Oil), with major assets in the Marcellus/Utica region (and other regions too), owns approximately 8 million acres of leases with close to 70,000 (mostly) conventional oil and gas wells. The company’s business model is to buy lower-producing wells on the cheap and find ways to make them more productive. One of the new ways Diversified is looking to make money with old wells is by mining cryptocurrency at wells in remote locations not hooked to a pipeline network. Diversified wants to try it with a well in northwestern Pennsylvania. Unsurprisingly, it’s generating some controversy…
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New shale permits issued for Jan. 16-22 in the Marcellus/Utica included only 7 new permits in Pennsylvania, 5 new permits in Ohio, and 2 new permits in West Virginia–for a grand total of 14. The top recipient of permits for last week, scoring nearly half, was Coterra Energy (the former Cabot Oil & Gas), with 6 permits issued in northeastern PA’s Susquehanna County.
Holy smokes! What just happened? For months (and months and months) the cumulative number of weekly permits issued to drill new shale wells in the Marcellus/Utica has fluctuated from the low teens to perhaps 30 total on the upper end. Last week, from Jan. 17-23, an amazing 61 permits were issued to drill new shale wells. Double the usual. Wow! Pennsylvania issued 24 new permits, Ohio issued 9, and blow-the-doors-off-we’ve-never-seen-so-many-permits-issued-in-one-week for West Virginia, the Mountain State issued 28 new shale permits.
In March 2019 MDN told you about National Fuel Gas Company’s (NFG) FM100 Project in northwestern Pennsylvania that will beef up and extend an existing pipeline network to flow an extra 330 million cubic feet per day (MMcf/d) of Marcellus gas to Williams’ mighty Transco Pipeline (see 