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And there was much rejoicing in the land.... Gas Prices

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  • Glenn Patterson, one of the founders of Patterson-UTI (second largest driller in NA), died today.



    And in other randomness...

    European Emissaries Call for the End of U.S. Export Ban
    June 23, 2015

    Pennsylvania’s shale gas, affordable prices, preferred over Russian gas

    Representatives from about 15 European embassies were in attendance during a recent meeting of the Williamsport-Lycoming Chamber of Commerce to discuss lifting the ban of exports of U.S. crude oil and natural gas, and to tour a Halliburton (ticker: HAL) facility in Pennsylvania, reports The PA Media Group. Many of them called for the end of the export ban to ensure a reliable alternative to Russian natural gas, which they feel has stunted their growth potential.

    Ivo Konstantinov, the Commercial Attaché from the Bulgarian Embassy in Washington D.C., said the “monopolistic extortion” of Russian natural gas supplies was preventing development in Bulgaria. He said that while Bulgarians like the people of Russia, “we can’t afford such an expensive friendship.”

    Fred Hutchinson, executive director of LNG Allies, cited comments from a Lithuanian official who said, “we need America’s cooperation to reach our full potential, and what we need the most right now from the United States of America is competitively priced, long-term supply of natural gas.”


    Oh, and do you remember those "satellite pictures of flares in the Bakken?"

    Turns out that was not legit.



    Study shows Bakken natural gas flare satellite images aren't accurate

    Satellite images that circulated the Internet more than two years ago purported to show natural gas flares lighting up the Bakken Oil Patch as bright as a major metropolitan city were “highly processed,” “manipulated” and “inaccurate,” researchers at the University of North Dakota’s Energy & Environmental Research Center said Wednesday.

    Chris Zygarlicke, the EERC’s deputy associate director for research, said he took an interest in the images because the science involved aligns closely with his background. He said having driven through western North Dakota and the Oil Patch, he believed the images were inaccurately portraying the area.

    “There’s no way that we’re lighting up the land like you see people talking about everywhere,” he said.

    So, since late 2013, Zygarlicke and researchers from the EERC and UND’s aerospace department have used images gathered from the National Oceanic and Atmospheric Administration to determine what the Oil Patch truly looks like from space.

    The UND study found the images that went viral on the Internet in January 2013 and were published across worldwide media -- including in publications such as National Geographic -- were actually a representation of heat sources, not light.

    It also discovered that the published images were often amplified to be 100 times brighter than the actual image.

    “These images are misleading in that they give the uninformed public the idea that flares are literally lighting up many square miles of prairie countryside, creating visible light similar to large metro areas,” the study states. “So does the sky in western North Dakota light up like a million-person metropolis? A casual drive on any evening through counties of the Bakken oil play shows otherwise, so how are these satellite images being formulated?”

    UND researchers stated they created improved methods for identifying, characterizing and processing gas flare images in western North Dakota to produce what Xiaodong Zhang, associate professor in the UND aerospace department, called “real gas flare images.”

    Researchers developed a processing method based on data collected from the NOAA.

    Zygarlicke said typical satellite sensors would capture an 800-by-800-meter area as one pixel on an image. Researchers determined typical flares only occupied one-six thousandth of a pixel. So, if a flare was present in the pixel area, the image would present the area as lit up.

    Zygarlicke said the study used only nighttime images that were free of clouds and used only the middle portion of the image not affected by the Earth’s curvature.

    “We were able to generate and validate the images using actual production data, which differentiate flaring emissions from other signals, including man-made light, to accurately depict nighttime satellite images of flares,” Zhang said in a release.
    A side-by-side comparison of a satellite image that circulated in 2013 and an image derived from the VIRRS and day-night bands show a much darker Bakken

    “That’s what it really looks like,” Zygarlicke said. “There it is, in black and white.”

    The $25,000 study was funded by a UND grant program and funding from the university’s provost office.

    Alison Ritter, public information officer for the North Dakota Department of Mineral Resources, said her office learned of the images in late May. The images were also presented at the North Dakota Industrial Commission meeting on Wednesday.

    She said the Department of Mineral Resources, which both regulates and promotes the oil and gas industry in North Dakota, had an “uphill battle” after those images came out.

    Since the UND study began, North Dakota has added rules in an attempt to decrease the amount of flaring.

    “It was nice to see them come out and kind of explain what those satellite images really represented,” Ritter said. “... We all know that when you drive in western North Dakota, you can still see the stars.”


    Last edited by Strychnine; 06-25-2015, 07:44 PM.

    Comment


    • US rig count this week...

      +2

      28 weeks of decline. Week 29 turned it around.

      Comment


      • About frac-ing time

        Comment


        • What about my gas prices?
          sigpic

          Comment


          • I am celebrating the hell out of this.

            Comment


            • Originally posted by Mysticcobrakilla View Post
              About frac-ing time
              No shit. I got fucking bills to pay.
              Fuck you. We're going to Costco.

              Comment


              • Originally posted by kbscobravert View Post
                No shit. I got fucking bills to pay.
                I hear that!

                Comment


                • Shell is about to move forward with it's Ethane Cracker up here.

                  Comment


                  • Originally posted by Trip McNeely View Post
                    Shell is about to move forward with it's Ethane Cracker up here.
                    [Homer Simpson] "Mmmmmmmmm, ethane cracker"

                    Comment


                    • It's only taken about 4 years back and forth over if they wanted to do it and getting the permits for it.

                      Comment


                      • Lots of pretty graphs:

                        The Chart Everyone's Been Asking For


                        Last week, we published a comparison of rig count collapses for 6 big downturns, noting some uncanny similarities in trough formations across the decades.

                        In the comments section of that post (and by email), quite a few smart readers asked us to chart the ensuing recovery patterns in the same way, comparing the percentage change from each trough back up to the next peak.

                        The exercise helps lend some perspective as to how the next couple of years could possibly shape up if you believe in past as prologue.

                        So without further ado, here's the chart you asked for.



                        A few quick observations:
                        • The time to double from the bottom: 10 months around 1982 downturn (although this was followed by another leg down), 17 months in 1997, 19 months in 2008, 42 months in 2001, and doubling didn't really happen in 1985;
                        • the chart highlights how lackluster the recoveries in the 1980s were by more modern recovery standards (in the 1980s, double dips and long L-shape trends were seen);
                        • 2001 was a more drawn out recovery;
                        • 1997 and 2008 were sharp bounce backs;
                        • note that we charted out the recoveries either to next peak, stagnation or 152 weeks (whatever came first).


                        Here is another way to look at downturns past, in absolute terms.




                        Weekly Rig Count Statistics

                        The North America rig count rose slightly on an offshore increase during the week ended 6/26. In the US, the land rig count was down 1 rig to 824 with horizontal oil drilling falling again but partially offset by a gas increase. While the weekly figures will ebb and flow and another leg down in oil prices would restart a negative trend, we believe the trough has now been effectively established for this phase of the downturn (in the 800-850 range).




                        In Canada, the rig count has flattened out after a luke-warm seasonal recovery and was at 135 rigs for the week, down 1 unit.




                        Some stability has returned to the US rig count, but the outlook remains questionable. In this environment, we view a flat rig count trend as a win for the drilling and completion business.




                        A regional summary of rig counts by key basins is below. With 231 rigs working, the Permian is still the most active basin, and it was down 2 rigs on the week. The Eagle Ford, with 103 rigs running, is the second most active basin, and it was down 1 rig last week. With 74 rigs running, activity in the Bakken was down 3 units.



                        *Footnote: I decided to push up my school start for the MS Global Energy Management degree. In three weeks my posting around here, and in this thread, will likely take a massive hit lol

                        Comment


                        • Originally posted by Strychnine View Post
                          *Footnote: I decided to push up my school start for the MS Global Energy Management degree. In three weeks my posting around here, and in this thread, will likely take a massive hit lol[/SIZE]
                          Congrats...and while i admire your courage in the path youve chosen...i do believe youre crazy.

                          Also...it may be time to invest in oil...

                          Despite revising its data on an ongoing basis, it appears that, once again, the EIA has confused the oil and gas production figures for Texas


                          "cond, why, based on EIA’s own projections, should one expect production in 2015 to grow at all let alone by 400,000B/D in Texas? To me, it was an attempt to offset the positive price impacts of the recent large inventory draws. Honestly, I don’t know what else to conclude as the data does not warrant a ratcheting up of expectations for higher production. Larger E&P company managements who can have some sway better start initiating inquiries into all of this in my view. Especially if the EIA doesn’t revise its revisions, and soon."

                          Comment


                          • Originally posted by Ruffdaddy View Post
                            Congrats...and while i admire your courage in the path youve chosen...i do believe youre crazy.

                            Thanks. It's been an interesting two months with lots of reflection, soul searching, and long talks with the wife. I declined the COO role with the financial group and chose to stick with my real passion. I know you and i had some talks about the future of O&G specifically, but this program is not purely fossil fuel focused.
                            In the end nothing in this world happens without energy. I don't want to just make some cash and retire one day; I would actually like to have some measurable impact on the world. In your other thread Dr Dave said that I have "yet to start living" because we don't have kids - well I guess I'd better do something else productive with my time lol

                            I mean, you don't need me to go into details of what comprises the energy industry and what opportunities the global energy demand will create, but just think about this one fact:

                            Around 1.1 billion people worldwide—roughly the population of India—are still living without access to electricity with most concentrated in Africa and Asia. Another 2.9 billion rely on wood or other biomass for cooking and heating, resulting in indoor and outdoor air pollution attributable for 4.3 million deaths each year

                            Comment


                            • Congrats Strych! Kick ass and take names.
                              Originally posted by davbrucas
                              I want to like Slow99 since people I know say he's a good guy, but just about everything he posts is condescending and passive aggressive.

                              Most people I talk to have nothing but good things to say about you, but you sure come across as a condescending prick. Do you have an inferiority complex you've attempted to overcome through overachievement? Or were you fondled as a child?

                              You and slow99 should date. You both have passive aggressiveness down pat.

                              Comment


                              • Originally posted by Strychnine View Post

                                Thanks. It's been an interesting two months with lots of reflection, soul searching, and long talks with the wife. I declined the COO role with the financial group and chose to stick with my real passion. I know you and i had some talks about the future of O&G specifically, but this program is not purely fossil fuel focused.
                                In the end nothing in this world happens without energy. I don't want to just make some cash and retire one day; I would actually like to have some measurable impact on the world. In your other thread Dr Dave said that I have "yet to start living" because we don't have kids - well I guess I'd better do something else productive with my time lol

                                I mean, you don't need me to go into details of what comprises the energy industry and what opportunities the global energy demand will create, but just think about this one fact:
                                Very good points...and thinking more about it now...i imagine energy sources and systems will only grow in complexity as more alternative sources come on line. The finances and trade offs are going to also become extremely complex as this stuff is still in a period of rapid development.

                                Congrats and best of luck!

                                Comment

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