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.
The announcement of a cutback in production at the Khaji oilfield shared between Saudi Arabia and Kuwait has helped prop up oil prices early Monday. U.S. benchmark crude was 20 cents higher to $82.95 a barrel in electronic trading on the Nymex, while in London Brent crude slipped just 10 cents to $86.06, Reuters reports.
Increased natural gas production, which has almost replaced supplies depleted by last winter’s deep freeze, has sent prices down even as the next cold season approaches, The Wall Street Journal reports.
Some environmental concerns still need to be satisfied, but Freeport LNG can start site preparation as well as construction for liquefaction facilities at its planned export facility at Quintana Island in Texas, under permission granted by the Federal Energy Regulatory Commission Friday, FuelFix reports.
The Natural Resources Defense Council has warned that Congressional investigations can be tools of “intimidation,” according to a blog post from lobbyist David Goldston, who hasn’t yet said whether the group will respond to a letter from Republican lawmakers including Sen. David Vitter, R-La., demanding documents and emails regarding its communications with the Environmental Protection Agency over the EPA’s carbon rule, The Hill reports.
As operators like Exelon, Dominion and Duke Energy apply for extensions to keep older nuclear power plants in service, the Nuclear Regulatory Commission will be faced with questions about their safety, The New York Times reports.
Officials in New York said they would be quick to restart a Fire Island dune restoration project following a court ruling rejecting a bid from the Audubon Society to stop it, over concerns about its impact on piping plovers, Newsday reports.
Abengoa Bioenergy, which opened a big production plant in Kansas Friday, is pinning its hopes for the success of the project on the use of ethanol in plastics as well as fuel, The New York Times reports.