U.S. Cuts Estimate for Marcellus Shale Gas Reserves by 66% !
In Part:
The U.S. Energy Department cut its estimate for natural gas reserves in the Marcellus shale formation by 66 percent, citing improved data on drilling and production.
The U.S. Geological Survey said in August that it would reduce its estimate of undiscovered Marcellus Shale natural gas by as much as 80 percent after an updated assessment by government geologists.
Sorry I do not believe this at all! A scheme to try and pull investors out of the gas? With the bull crap of carbon credits and the like it makes one question what (supposedly government) our government is doing.
http://www.businessweek.com/news/2012-01-23/u-s-cuts-estimate-for-m...
Views: 6868
Replies to This Discussion
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Permalink Reply by craig on
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Well, if you believe this, then you believe all the myriad numbers the gov't entities produce, such as inflation, CPI, joblessness, debt, you name it.
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Permalink Reply by Brian Day on
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Yes, we must remember it is an election year. I'm not which political side this would benefit. It depends on who's spin doctor is better. 66% does sound like a rather large adjustment by experts who were supposed to be right on their calculations LAST year.
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Permalink Reply by Todd Charles on
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Thanks, Billy,
This is just more of "The sky is falling" propaganda - I don't know their point & don't even care to try and guess. I just know that I'm leased, in a 640 acre production unit, with a completed pad, just waiting for the rig. So I guess my Marcellus Shale Gas has been discovered... lol
...and as long as gas is below $3 - it doesn't bother me if they just let it stay in the ground a little longer - or until the market comes up and the price stablizes - hopefully a little better than the value right now.
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Permalink Reply by Billy Park Whyde on
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Congratulations to ya!
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Permalink Reply by Chartist on
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The article says 141 trillion feet can be recovered and that's the important number. When the scientists said there's 500 trillion cubic feet in the Marcellus, they said 50 trillion was recoverable. So, 141 is much better than 50 in terms of what's recoverable.....IMO, this was a perfectly timed story to squeeze the short sellers in the nat gas market. If you look at a multi-year chart, we touched or traded slightly below the low price during 2009. That's a double bottom in my book that will have enduring significance.
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Permalink Reply by Chartist on
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Make sure you understand what this article was all about: Money. The story was planted by powerful players in the commodities markets who have access to the media. And if you think this doesn't happen on a regular basis, go rent the movie "Trading Places".
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Permalink Reply by bo boboski on
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It"s sad that we have a government that noboby trusts. No-one really beleives anything they say. There s always a scheme of some kind behind their statements.
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Permalink Reply by brian kulp on
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bo we havent been able to believe are goverment for 40 yrs now. it just another day
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Permalink Reply by Jim Litwinowicz on
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When they say "technically recoverable gas" they mean what can be recovered using current techniques at at current prices. With gas prices so low right now, it is not feasible to extract a lot of gas that will be later worthy of extracting when gas prices rebound to $6 or more. And new techniques will greatly increase what is recoverable.
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Permalink Reply by Elnathan Cory on
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Less = more. Less gas = more $. less gas = cha ching!!!!!!!! Supply and demand!
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Permalink Reply by 2zeplh03yzflx on
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FYI - Chesapeake is now pulling back on production b/c of the glut. It will eventually turn around so I'm not too discouraged.
By DANIEL GILBERT And RYAN DEZEMBER
Taking a drastic step to stem a glut of natural gas that has pushed prices down 45% in the last year, the nation's second-largest producer said it will slash gas drilling by nearly half.
Associated Press
A Chesapeake Energy natural gas well site is seen near Burlington, Pa., in Bradford County.
The move is an abrupt turnabout byChesapeake Energy Corp., which calls itself "America's Champion of Natural Gas" and helped pioneer drilling techniques that have opened up swaths of the U.S. to energy produced from shale rock. So much gas-rich shale has been found, however, that federal and private forecasters predict an oversupply will last for years.
http://online.wsj.com/article/SB10001424052970203806504577178651732...
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