Haynesville Shale

The Haynesville Shale is a rock formation mainly composed of consolidated clay-sized particles deposited and buried in northwest Louisiana and East Texas more than 170 million years ago during the Upper Jurassic age. It is characterized by ultra-low permeability but has a high porosity compared to other shales.

The Haynesville Shale came into prominence in 2008 as a potentially major shale gas resource. Producing natural gas from the Haynesville Shale involves drilling wells from 10,000 feet and to 13,000 feet deep. The formation is deeper in areas nearer the Gulf of Mexico. The Haynesville Shale has recently been estimated to be the largest natural gas field in the contiguous 48 states with an estimated 250 trillion cubic feet of recoverable gas. Production has boomed since late March 2008, creating a number of new millionaires in the Shreveport, Louisiana region.

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Monday, August 1, 2011

Chesapeake ramps up Utica

The Utica Shale, located in Ohio and Pennsylvania, is one of the more closely watched plays in the US.
In a statement reporting its quarterly earnings, Chesapeake said it had accumulated about 1.25 million net leasehold acres in the Utica – acreage that could be worth as much as $20 billion, according to the company.
“As a result of its analysis, the company believes the Utica Shale will be characterised by a western oil phase, a central wet gas phase and an eastern dry gas phase,” Chesapeake said, adding that the play is “analogous, but economically superior” to the Eagle Ford shale in Texas.
The company currently has five rigs drilling in the Utica and plans to add three more by year’s end. By the end of next year, Chesapeake said it hopes to have between 16 and 20 rigs drilling the Utica Shale.
Chesapeake said it is now “conducting a competitive process to monetise” a portion of its holdings in the play, possibly through a joint venture.
“The company anticipates completing a Utica Shale transaction in the 2011 fourth quarter”, it added.
For the three months that ended in June, Chesapeake reported net income of $467 million after taxes, or 68 cents per share on revenue of $3.318 billion.
That compared to a first-quarter loss of $205 million and was nearly double the $235 million the company brought in during the second quarter last year.
Chesapeake’s production for the quarter reached 277.5 billion cubic feet of natural gas equivalent and 7.2 million barrels of liquids.
Strong drilling results in the Haynesville Shale and the Marcellus Shale led Chesapeake to boost its production forecast for this year to about 1.17 trillion cubic feet equivalent.
The Oklahoma City-based company also said it plans to raise its capital expenditures this year and next by about $500 million to a range of between $6 billion and $6.5 billion for each year, partly as a result of expanding operations in the Utica.
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