M-U Driller Northeast Natural Energy Believes Geothermal the Future
Marcellus driller Northeast Natural Energy (NNE) has begun to drill a geothermal and carbon capture and sequestration (CCS) data collection well, all the way down to 15,000 below the surface (see WVU & NNE Drilling Test Well for CCS, Geothermal Energy). The test well is being drilled near the Morgantown Industrial Park in cooperation with (under the direction of) West Virginia University and the U.S. Dept. of Energy. The study and the data collected from the well aim to test the potential of geothermal energy in the region and gather information on the potential for underground CCS in the Appalachian basin. NNE Drilling Manager, Josh Dalton, says he believes this will be the future for companies like his–drilling geothermal wells instead of Marcellus wells. We respectfully disagree.
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Seneca Resources Company, the Marcellus/Utica drilling arm of utility giant National Fuel Gas Company (headquartered in Williamsville, NY), has contracted with a company called Tachyus (headquartered in Houston, TX) to use its cloud-based greenhouse gas tracking and reporting service called Aurion. The purpose is, of course, to lower Seneca’s carbon and fugitive methane footprint–and to prove that is has lowered it.
Last summer Pennsylvania House Bill (HB) 2644 was passed into law, becoming Act 96 of 2022 (see 
We’re about tell you about bitcoin mining and blockchains, a topic we know VERY little about. We feel like we’ve entered the Twilight Zone! However, we believe there’s a connection (in this case) with the Utica Shale. So strap in and hold on…We spotted a press release from a company we hadn’t heard of before called Compass Mining, which claims it is the world’s first and largest online marketplace for bitcoin mining hardware and hosting. (Hold on, we’ll explain that in a moment.) Compass Mining says it has partnered with another company, Arthur Mining, to launch a bitcoin mining site in Ohio, called Ohio 2.
The Baker Hughes U.S. rig count fell by 44 in May, the biggest drop in three years. Last week the count fell another nine, to 711, the lowest the count has been since May of 2022 (one year ago). U.S. oil rigs fell by five to 570 last week, their lowest since May 2022. Gas rigs dropped by four to 137, their lowest since March 2022. Ouch. How did the Marcellus/Utica fare?
NATIONAL: Which generation is most in demand in oil, gas right now?; Students, climate activists push universities to fully cut ties from fossil fuel industry; INTERNATIONAL: U.S. oil enters world’s most important benchmark.
The weather has been fantastic for those of us living in the northeastern U.S. over the past few weeks. Clear blue skies (when they aren’t clouded with wildfire smoke from Canada), really warm temperatures, and absolutely no rain to spoil outdoor activities. Here in the Binghamton, NY area, we went from a surplus of rain and swollen rivers and lakes just a month ago to a rain deficit today. Lawns and fields and beginning to turn brown. Hey, we’re not complaining! But we do need some rain. The lack of rain in the Susquehanna River Basin has triggered water withdrawal restrictions for 42 oil and gas drillers and four other large water users (46 in all) by the Susquehanna River Basin Commission (SRBC). In many cases, the SRBC order is to “cease withdrawal.”
Although U.S. Senator Joe Manchin “absolutely thinks” that Congress will pass the debt ceiling bill negotiated by President Joe Biden and House Speaker Kevin McCarthy, it’s still an open question as to whether or not it will pass. There are plenty of people on both ends of the political spectrum who are more than unhappy with the bill and plan to vote against it. At least, that’s what they say now. Today will be the acid test when a finalized bill appears and gets a vote in the House of Representatives. The billed, called the “Fiscal Responsibility Act of 2023,” contains language that forces the completion of the 303-mile Marcellus/Utica Mountain Valley Pipeline (MVP). Manchin says if the bill passes, all currently open and pending lawsuits against MVP in the U.S. Court of Appeals for the Fourth Circuit will be immediately dismissed.
Will the debt ceiling bill, the “Fiscal Responsibility Act of 2023,” actually get passed? And, will it retain the sections that deal with completing the Mountain Valley Pipeline (MVP) and so-called permitting reform? That’s the gazillion-dollar question. We should know within the next day or so whether the bill, largely as written, will survive. Let’s assume, for the moment, that it does survive and gets adopted. We brought you the preliminary language of the 99-page bill yesterday (see 
We have nothing against using hydrogen as an energy source, other than it will never be able to power your home (see 
It’s been a wild ride for shale energy companies from the beginning of the shale revolution around 20 years ago. Here in the Marcellus/Utica, the very first Marcellus well was sunk by Range Resources in 2004. Until a few years ago, most shale drillers were not profitable, eating through investors’ money like candy. Just before the beginning of the pandemic, shale drillers got the “free cash flow” religion and began to pull back on new drilling in favor of profitability for shareholders. The pandemic, followed by Russia’s war against Ukraine, added new market gyrations. Bottom line: Last year, shale oil and gas drillers saw historic revenues and profitability. This year, the bottom is dropping out once again…