From: The Wall Street Journal
By: ANGEL GONZALEZ
HOUSTON—Hess Corp.’s oil production in North Dakota’s prolific Bakken Shale will triple by 2015 as the oil company increases drilling activity in the area, Chief Executive John Hess said Wednesday.
Hess’s net output, currently at 39,000 barrels of oil equivalent per day, will reach 60,000 barrels of oil equivalent in 2012 and 120,000 barrels of oil equivalent in 2015, the executive said in an earnings call.
By: The Republic
FORT WORTH, Texas — Drilling is at a seven-year low in the North Texas natural gas fields. But even as drilling pace slackens in the Barnett Shale, it’s booming in other oil and gas fields of Texas such as the Permian Basin of West Texas and the Eagle Ford Shale of South Texas.
The number of active Barnett Shale drilling rigs has fallen to 53, their lowest since June 11, 2004. That’s barely more than one-fourth of the peak count of 203 active Barnett rigs on Sept. 5, 2008, the Fort Worth Star-Telegram reported in Sunday’s edition (http://bit.ly/p22kJe ).
From: Bloomberg Business Week
By Nayla Razzouk
Oct. 4 (Bloomberg) — Karak International Oil can start a $1.8 billion oil shale project expected to produce 15,000 barrels of oil a day by 2016 in Jordan after securing a royal decree, according to the British embassy in the kingdom.
Karak International, a unit of Tunbridge Wells, England- based Jordan Energy and Mining Ltd., has invested $30 million in the plan, the embassy said in an e-mailed statement today. The company signed an agreement with Jordan in March. The project will help the nation by “reducing its reliance on foreign oil imports and increasing national wealth by an estimated $60 million per year through tax and royalties,” it said.
