China waiting on technology to begin shale gas exploration
China is waiting for the right technology before it starts trying to exploit its shale gas resources, Reuters reports.
China is thought to have a potentially large shale gas resource, but officials don’t expect to begin production until 2020, according to the Reuters report.
Chinese oil companies began their shale push in 2009. They have inked multi-billion dollar deals with Chesapeake Energy Corp. and Devon Energy Corp., two of the leaders in U.S. shale development.
Such deals are expected to help provide CNOOC International and Sinopec with the necessary expertise to develop China’s shale resources.
Sen. Inhofe talks global warming on Rachel Maddow show
Oklahoma’s own Sen. Jim Inhofe plugged his new book and sparred with liberal talk-show host Rachel Maddow last night on her show.
The interview, which lasted more than 20 minutes, is posted below in two parts. Inhofe joked that Maddow, Sen. Barbara Boxer, D-Calif., and Environmental Protection Agency Administrator Lisa Jackson are his “three favorite liberals.”
In a segment about energy independence, Inhofe mentioned Harold Hamm, CEO of Enid-based Continental Resources Inc., and the company’s oil production in the Bakken Field in North Dakota. In a discussion about energy industry contributions to lawmakers that included Oklahoma City’s Devon Energy Corp., Inhofe said, “they’re a great group, too.”
The second half of the interview wandered into social issues and Inhofe’s religious work in Africa before circling back to the global warming issue.
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Controversy brewing over another energy project
The battle over the Keystone XL pipeline isn’t over yet, but another fight between the oil and natural gas industry and its opponents could be brewing, according to CNN Money.
Houston-based Cheniere Energy Inc. is planning to modify its liquefied natural gas terminal at Sabine Pass, La., to handle exports.
The $10 billion facility, which could be weeks away from construction, would be the first natural gas export facility in the lower 48 states.
Opponents worry the export facility would lead to an increase of hydraulic fracturing in natural gas development, according to the CNN story.
The process is controversial in some circles because of concerns about its impact on the environment, although industry officials maintain hydraulic fracturing has never been conclusively linked to water contamination.
Exporting natural gas has become an attractive option for producers as prices have plummeted to the lowest levels in a decade. The commodity sells for up to five times as much in Europe and Asia, CNN noted.
The story says companies like Chesapeake Energy and Devon Energy could cash in by exporting natural gas.
Devon prepares for move
The moving trucks are ready.
The first Devon Energy Corp. employees will move into the new tower at 333 W. Sheridan on Friday.
The company announced the plans Monday. The move marks the end of nearly three years of construction on the new Oklahoma City landmark.
Continental Resources Inc. employees are expected to begin moving next month into the former Devon building at 20 N. Broadway.
Chinese oil executive honored
Fu Chengyu, chairman of China’s state-owned Sinopec Corp., has been named “2012 Petroleum Executive of the Year” by his peers, industry insight provider Energy Intelligence announced Tuesday.
The honor is the international energy industry’s most prestigious award given in recognition of outstanding leadership.
“His peers recognize that Mr. Fu is a transformational figure in China’s oil industry and emerging markets as a whole,” Energy Intelligence President Ivan Sandrea said.
“He has extensive experience building partnerships with international oil companies and participating in Chinese oil and gas investments around the world. By effectively harnessing China’s strong technical skills, he has been a catalyst in this globalization of his country’s petroleum business.”
Sinopec’s international deals include a $2.5 billion joint venture with Devon Energy Corp. announced in January to develop acreage in five emerging U.S. resource plays.
Fu will be honored Nov. 12 at a the black-tie banquet that is the marquee event of the annual Oil & Money Conference in London.
