Chesapeake CEO Says 20-25% of U.S. Gas Production Will be Exported
Three weeks ago, Chesapeake Energy announced a 15-year deal to provide natural gas for LNG exports to Gunvor Singapore Pte (see Chesapeake Cuts Back on Marcellus, Signs Haynesville LNG Deal). As we shared then, Chesapeake plans to export some of its Haynesville production to an unnamed LNG plant along the Gulf Coast. In a follow-up interview with Chessy CEO Nick Dell’Osso, S&P Global Commodity Insights asked about the selection process for an LNG export plant. It was one of Dell’Osso’s peripheral remarks that caught our attention.
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The Net Zero Asset Owner Alliance (NZAOA) is a group formed under the umbrella of the United Nations. It is a “member-led initiative” of institutional investors committed to transitioning their investment portfolios to mythical net-zero greenhouse gas emissions by 2050. The group’s members (some of the biggest banks and investment firms in the world) have some $11 TRILLION of assets under management. It’s mind-bogglingly huge. NZAOA issued an edict last week to its members: No new direct investments in upstream oil and gas infrastructure projects for new fields. Period.
We have watched, with some distress, the crashing and burning of the price for natural gas in recent weeks and months (see 
MARCELLUS/UTICA REGION: What happens when the sun sets on a solar farm?; OTHER U.S. REGIONS: CA is bingeing on renewables, but emissions not falling; NATIONAL: Shift triggers significant change to Fitch Solutions natgas price forecast; Oil producers sound alarms over public lands management; Why oil companies are not running out of fresh shale fields to frack; How new technology will disrupt the oil and gas industry; House approves sweeping GOP energy package; INTERNATIONAL: OPEC+ makes shock million barrel cut; Japan buys Russian oil at prices above cap; Lower natural gas price is not all good news for Europe.
In October 2021, Nacero announced a $6 billion gas-to-liquids (GTL) refinery to be built on the site of a former coal mine in Newport Township and Nanticoke in Luzerne County, PA (see 
We have been closely tracking the restart of the shuttered Freeport LNG export terminal following its emergency shutdown in June 2022 after an explosion and fire. Earlier this week, we told you about the plant’s rocky restart road, with feedgas flowing to the plant averaging around 50% of total capacity (see 
In our daily perusal of press releases, we spotted an announcement from Yara and Enbridge about a joint venture to build a “world scale” low-carbon blue ammonia project along the Gulf Coast near Corpus Christi, Texas. We thought, “Hmmm, that’s interesting.” But as we read the announcement, our eyes got wide when they landed on this statement: “Enbridge’s Texas Eastern Transmission Pipeline is expected to provide the transportation service for feed gas that will be used for the production process.” Whoa! Now that’s REALLY interesting! We’ll tell you why…
If you support the Marcellus gas industry in Pennsylvania and you voted for Josh Shapiro for Governor last November, believing he doesn’t *really* want to kill the Marcellus industry via an obscene carbon tax (known as the Regional Greenhouse Gas Initiative, or RGGI), you were wrong. He does want to kill the industry. And a group of far-left groups are telling him he darned well better stay on the straight-and-narrow and keep RGGI alive. Or else…
Just a few days ago, we told you that Pieridae Energy was scaling back the scope of its planned Goldboro LNG export plant project in Nova Scotia, Canada (see 
Leave it to liberal Democrats to hype an issue that isn’t even an issue to try and scare folks for political gain. LibDems have introduced a bill in the Ohio House that would prohibit fracking for oil and gas underneath Lake Erie. The leftists of Lake Erie Waterkeeper appear to be behind the measure. When was the last time you heard about any drillers salivating over drilling and fracking under Lake Erie? That’s right. NEVER. And yet the left wants to plant the seed that drillers now have their sights set on fracking Lake Erie.
New shale permits issued for Mar. 20-26 in the Marcellus/Utica dropped by two from the prior week. There were 32 new permits issued in total last week, including 22 new permits for Pennsylvania, 8 new permits for Ohio, and 2 permits in West Virginia. (Note we recently updated last week’s report to include WV permits after the WVDEP fixed its database.) Last week the top receiver of new permits was CNX Resources with 10 new permits spread across two PA counties: Greene and Allegheny. Snyder Brothers received 8 permits in Armstrong County, PA.
It’s a miracle, A true blue spectacle, A miracle come true… (Lyrics from Barry Manilow’s tune, It’s a Miracle) In a 3-2 vote taken in December 2021, the Virginia State Water Control Board granted a permit (under the Clean Water Act) for Mountain Valley Pipeline (MVP) to cross about 150 streams and wetlands in Southwest Virginia (see 
This is a good news/bad news article. The good news is that the Marcellus/Utica region remained the top-producing natural gas region in the U.S. in 2022, supplying some 29% of all the natural gas produced in the U.S. –averaging 34.6 Bcf/d (billion cubic feet per day). The bad news is that the M-U’s new growth in 2022 was minuscule–just 100 MMcf/d (million cubic feet per day) over 2021 volumes. The Permian Basin (oil-focused) added roughly 2.5 Bcf/d of new natgas production in 2022. The Haynesville, the M-U’s chief competitor, added nearly 2 Bcf/d of extra production last year. Even the Eagle Ford and Anadarko plays added more natgas production last year than did the M-U. Why?