Energy sector suppliers have a message for lawmakers: Stay out of the way of hydraulic fracturing, and we'll create hundreds of thousands of new jobs and generate billions of dollars in new tax revenues.
That was the bottom line of a new study by consulting firm IHS, commissioned by the Energy Equipment & Infrastructure Alliance, which estimates employment at companies that supply goods and services for the shale oil and gas boom could grow 45 percent to 757,000 jobs by 2025.
PITTSBURGH (AP) — Penn State University said Wednesday that General Electric Co. will give the school up to $10 million to create a new center for natural gas industry research.
Penn State President Eric Barron said in a statement that the center will produce tangible benefits to the industry, to communities that are affected by drilling or related activity, and to consumers.
GE said the money will support research projects, equipment, and undergraduate, graduate, and postdoctoral fellowships at The Center for Collaborative Research on Intelligent Natural Gas Supply Systems. Barron planned to speak about the center during a luncheon with GE Senior Vice President Mark Little. GE is based in Fairfield, Connecticut.
The high debt to earnings ratio for Energy Transfer Equity, parent of Energy Transfer companies that run one of the largest pipeline networks in the country and have acquired major gasoline station chains, isn’t stopping its push to tackle new projects fueled by the shale boom, The Dallas Morning News reports.
Panelists at a forum in Houston said Tuesday they expect natural gas prices will remain low, with financier T. Boone Pickens declaring he’s unlikely to see it reach $10 per million British thermal units, FuelFix reports.
Trustees for the Port of Galveston have inked an agreement to set aside 185 acres on Pelican Island for NextDecade for six months in exchange for $100,000, as the company explores whether it’s feasible to build a facility there for LNG exports, FuelFix reports.
The company behind the Jordan Cove LNG export facility – Canada’s Veresen Inc – is paying $1.43 billion to take a half interest in the Ruby pipeline system that would bring natural gas from Wyoming to Oregon, Reuters reports.
Temperatures this coming winter should be milder than they were during last winter’s deep freeze, but natural gas prices may be higher as industries and electricity generators use more gas, according to American Gas Association vice president Chris McGill, Platts reports.
HOUSTON (AP) — German electronics and engineering company Siemens AG has reached a deal to acquire oilfield equipment maker Dresser-Rand for $7.6 billion.
Under the deal announced early Monday in Germany, Siemens will pay $83 per common share of Dresser-Rand Group Inc., $3.09 more than the company's closing share price on Friday. Dresser Rand's market capitalization is $6.12 billion. The deal includes assumption of debt.
Dresser-Rand's board of directors unanimously recommended the offer to shareholders, and Siemens expects to close the deal by summer, according to a statement from the company.
Kinder Morgan has filed a request with the Maine Public Utilities Commission to take capacity on its planned Northeast Energy Direct Project, which the company hopes would bring as much as 2.2 billion cubic feet of natural gas per day into New England, FuelFix reports.
$12.6 billion is on offer in the latest round of Department of Energy nuclear loan guarantees, this time being made available for uranium enrichment facilities as well as new reactors and upgrades to existing ones, Platts reports.
A drop in RBOB gasoline futures on retirement of the October contract helped crude prices slide again Tuesday. West Texas Intermediate crude plunged $3.41 to $91.16 a barrel on the Nymex -- the biggest single day loss in 22 months and the lowest settlement in 16 months – while in London Brent crude fell $2.53 to $94.67, Bloomberg reports.
The U.S. exported more crude in July – 401,000 barrels a day, mostly to Canada – than it did in June, according to Energy Information Administration statistics, the most since 1957 and almost four times as much as in 2013, The Wall Street Journal reports.
Enbridge’s reversed 9B pipeline should start filling with crude Nov. 1, Platts reports, noting that it will open up a new western Canada light crude and oil sands crude supply option to Quebec refineries.
The Department of Energy will grant a presidential permit for a project to build a 1,000 megawatt power transmission line from Canada into New York City when it publishes its decision in the Federal Register Wednesday, E&E reports.
The U.S. will actively address climate change issues when it takes over the chairmanship of the Arctic Council in 2015, said special envoy Adm. Robert Papp at the Center for Strategic and International Studies, declaring that there is a “moral imperative” to protect the area, The Hill reports.
Alberta’s new Premier Jim Prentice –- tackling an improvement of the province’s image in the face of heavy criticism of its oil sands crude –- has won respect from all sides of the environmental debate in the past, Bloomberg reports.