Natural Gas

Illinois lawmakers drop fracking bill, urge action

SPRINGFIELD, Ill. (AP) — Lawmakers supporting hydraulic fracturing Wednesday abandoned proposed legislation to speed use of the practice in Illinois, and said they would instead urge a state agency to move more quickly writing rules to regulate it.

The Legislature last May authorized the process commonly known as fracking, which uses a high-pressure mixture of water, sand and chemicals to crack and hold open thick rock formations, releasing trapped oil and gas. But the Department of Natural Resources has spent months holding hearings and gathering more than 30,000 comments on the best way to regulate the drilling method. The agency has until November to publish rules for fracking.

Rising gas prices boost Connecticut electric costs

HARTFORD, Conn. (AP) — Energy markets are defying Connecticut officials who have made driving down electricity prices a top priority.

State regulators announced on Friday their approval of an 8 percent increase in electric generation rates for about 62 percent of Connecticut Light & Power residential customers who do not get their electricity from competing suppliers. The increase by the state's largest utility boosts the average residential bill by $5.29 a month. The increase will take effect on July 1.

Spokesman Mitch Gross said the Northeast Utilities subsidiary is passing along increased prices charged by suppliers. "It's creeping up a little," he said.

LNG from PNG: Exxon makes first shipment

Source: 
FuelFix

A $19 billion liquefied natural gas project in Papua, New Guinea that’s been years in development has made its first shipment, according to Exxon Mobil, FuelFix reports.

Oil

Median CEO pay crosses $10M in 2013, oilfield services chief tops list

NEW YORK (AP) — They're the $10 million men and women.

Propelled by a soaring stock market, the median pay package for a CEO rose above eight figures for the first time last year. The head of a typical large public company earned a record $10.5 million, an increase of 8.8 percent from $9.6 million in 2012, according to an Associated Press/Equilar pay study.

Last year was the fourth straight that CEO compensation rose following a decline during the Great Recession. The median CEO pay package climbed more than 50 percent over that stretch. A chief executive now makes about 257 times the average worker's salary, up sharply from 181 times in 2009.

Oil

US rig count down 4 to 1,857

HOUSTON (AP) — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. fell by four this week to 1,857.

The Houston firm said in its weekly report Friday that 1,528 rigs were exploring for oil and 325 for gas. Four were listed as miscellaneous. A year ago there were 1,762 active rigs.

FERC HQ meeting over abandonment of Midla pipeline

Source: 
The News Star

The Federal Energy Regulatory Commission will hold a special meeting May 29-30 to discuss the proposed abandonment of the Midla pipeline, and try to reach an agreement between operator American Midstream Partners and its parent, customers, Louisiana officials and members of the Senate Energy Committee including chair Sen. Mary Landrieu, D-La., Gannett’s The News Star reports.

Obama NY visit draws fracking demos

Demonstrators for and against hydraulic fracturing were on hand in Cooperstown, N.Y. Thursday as President Barack Obama visited the Baseball Hall of Fame to promote tourism in the U.S.

About 100 anti-fracking protesters carried signs that read “Keep Fracking Out."

"He's got to stop it with a nation ban because these resources will go away," said Abbie Tanber, of Oxford. "It'll ruin the environment and, more importantly, our water."

Biden: Cyprus may become global natural-gas hub

NICOSIA, Cyprus (AP) — U.S. Vice President Joe Biden on Thursday underscored Cyprus' potential to become key provider of natural gas to Europe, saying that newly discovered offshore reserves of the fossil fuel represented a unique opportunity for the divided island nation.

"Cyprus is poised to become a key player ... transforming the eastern Mediterranean into a new global hub for natural gas," Biden said as he toasted his host, Cyprus President Nicos Anastasiades, at lunch in the presidential palace.

Anastasiades said the gas deposits, which also have been found in Israeli waters, can offer "an alternative energy corridor leading to increased energy security."

EU seeks new Russian gas strategies

Source: 
The Wall Street Journal

The European Union is examining steps it can take to ease its dependence on Russian gas, including increasing storage capacity and building more liquefied natural gas terminals to aid in bringing in imports from places like the U.S. and the Middle East, according to a draft of the bloc’s energy security plan seen by The Wall Street Journal.

Asset swap to see Exxon expand in Texas, Linn consolidate in Hugoton Basin

Source: 
FuelFix

Under a swap announced Wednesday, Exxon Mobil is picking up assets that will see its XTO Energy unit operate over 300,000 acres in the Midland Basin, while Linn Energy adds to its “already sizeable” position in Kansas and Oklahoma gas fields, FuelFix reports.

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