Beusa horizontal permit issued in Ashtabula County

Drilling unit in Wayne Twp., Ashtabula County has been approved by ODNR.  While 2 permits appear, they are actually for the same well, Magyar 9.  One is for the vertical (6500 feet to the Trenton) and the other is for the horizontal (13945 feet(???) in the Point Pleasant).  I'm guessing the 13945 feet includes the vertical footage.  Unit acreage is about 690 acres.
  From what I've been hearing, drilling is supposed to start the beginning of August.  The same rig will be drilling both the vertical and the horizontal...

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Permalink Reply by Joseph-Ohio on September 27, 2013 at 5:50pm
Thank you James Foster.
0i7okn54zwbdoPermalink Reply by 0i7okn54zwbdo on September 27, 2013 at 5:54pm

They are a private company funded by a Chinese oil company.

Permalink Reply by Joseph-Ohio on September 27, 2013 at 5:58pm
So production / profits will go to China ?
Permalink Reply by Joseph-Ohio on September 27, 2013 at 7:10pm
Thank you Marcus Grayson.
Forgot to earlier.
Apologies.
Permalink Reply by Noah Brenner on September 27, 2013 at 6:02pm

Beusa is the US subsidiary of Bridas Energy. Bridas is an Argentina-based energy company that is jointly owned by the Bulgheroni family and China's CNOOC. They are a big player in the Argentine energy sector including in the development of the Vaca Muerta shale there through their stake in Pan American Energy. Pan American is jointly owned with BP. BP tried to sell its stake in Pan American to Bridas in 2010 but the deal fell through and ended up in a lawsuit. Beusa has operated in other parts of the US but I couldn't tell you what their track record has been. They get a mention in this story from last year

http://www.crainscleveland.com/article/20120904/FREE/309049997

Permalink Reply by Joseph-Ohio on September 27, 2013 at 6:18pm
So production / profits go to the South American Bulgheroni family and CNOOC and perhaps indirectly to BP via the Pan American / Bridas connection (money being fungible).

Very complicated (the world economy).
Permalink Reply by Joseph-Ohio on September 27, 2013 at 6:30pm
Thought I read that domestic (US) natural resources could not be sold to foreign states / flags ?

If that's so I guess only the profits / money end up going off shore / to foreign flags / states.

Could that be correct ?

Maybe it's just oil ?
Permalink Reply by Noah Brenner on September 27, 2013 at 6:36pm

By and large crude oil cannot be exported- There are pipeline exports to Canada that are approved on a case-by-case basis but its done more to match grades of crude with the refineries that can run it. Currently gas exports are limited to Canada and Mexico but that will change in a few years with the first US LNG liquefaction terminals come online. Products like gasoline and diesel can be exported internationally. If the well is successful production will end up be sold and going to whatever outlets all the other gas/liquids/oil goes to no matter who ultimately owns the well.

Permalink Reply by Noah Brenner on September 27, 2013 at 6:38pm

Here are the federal figures for exports of the various hydrocarbon and products types

http://www.eia.gov/dnav/pet/pet_move_exp_dc_nus-z00_mbblpd_m.htm

Permalink Reply by Joseph-Ohio on September 27, 2013 at 6:42pm
Thank you Noah Brenner.

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