UK Explorer Cuadrilla Delays Fracking Plans Until 2014

LONDON - U.K. shale gas explorer Cuadrilla Resources Ltd. said Wednesday it was delaying its plans to begin hydraulic fracturing at its Bowland shale project in Lancashire, England, to 2014 while it conducts an environmental impact assessment for the site of each exploration well.

Cuadrilla had planned to start hydraulic fracturing, a controversial process used to release natural gas from the rock, this summer. The delay will be a setback for U.K. government ambitions to replicate the North American shale gas revolution that has transformed the U.S. energy market.

"We recognize that within the complex U.K. regulatory framework governing planning this process can prove lengthy but we are determined to spare no effort in meeting our exploration targets in an environmentally and socially sustainable manner," Cuadrilla Chief Executive Francis Egan said.

At the end of last year, the U.K. government lifted a moratorium on hydraulic fracturing, or fracking, as part of plans to stimulate renewed investment in Britain's energy sector and reduce dependence on gas imports as its aging North Sea oil and gas fields start to run dry.

Exploration is still at an early stage in the U.K., making a reliable estimate of the country's reserves difficult. There has been no commercial shale gas production in the U.K. so far.

Cuadrilla said that technical analysis of the Bowland Shale confirms the company's previous estimate that the license area holds at least 200 trillion cubic feet of gas resources.

Cuadrilla, which is the only company using the controversial technology to explore for shale gas onshore in the U.K., halted fracking in May 2011 after two small seismic tremors were detected near their operations.

Cuadrilla is jointly owned by U.S. private-equity firm Riverstone LLC and Australian mining group AJ Lucas and management.

Copyright (c) 2012 Dow Jones & Company, Inc.

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UK Explorer Cuadrilla Delays Fracking Plans Until 2014

LONDON - U.K. shale gas explorer Cuadrilla Resources Ltd. said Wednesday it was delaying its plans to begin hydraulic fracturing at its Bowland shale project in Lancashire, England, to 2014 while it conducts an environmental impact assessment for the site of each exploration well.

Cuadrilla had planned to start hydraulic fracturing, a controversial process used to release natural gas from the rock, this summer. The delay will be a setback for U.K. government ambitions to replicate the North American shale gas revolution that has transformed the U.S. energy market.

"We recognize that within the complex U.K. regulatory framework governing planning this process can prove lengthy but we are determined to spare no effort in meeting our exploration targets in an environmentally and socially sustainable manner," Cuadrilla Chief Executive Francis Egan said.

At the end of last year, the U.K. government lifted a moratorium on hydraulic fracturing, or fracking, as part of plans to stimulate renewed investment in Britain's energy sector and reduce dependence on gas imports as its aging North Sea oil and gas fields start to run dry.

Exploration is still at an early stage in the U.K., making a reliable estimate of the country's reserves difficult. There has been no commercial shale gas production in the U.K. so far.

Cuadrilla said that technical analysis of the Bowland Shale confirms the company's previous estimate that the license area holds at least 200 trillion cubic feet of gas resources.

Cuadrilla, which is the only company using the controversial technology to explore for shale gas onshore in the U.K., halted fracking in May 2011 after two small seismic tremors were detected near their operations.

Cuadrilla is jointly owned by U.S. private-equity firm Riverstone LLC and Australian mining group AJ Lucas and management.

Copyright (c) 2012 Dow Jones & Company, Inc.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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Ex-Cove Energy Team Launches Africa-focused Explorer

Newly-launched sub-Saharan Africa focused oil and gas explorer Discover Exploration issued a statement Monday in which it outlined its strategy.

Discover said that it plans to participate in exploration and appraisal programs that focus on deepwater petroleum systems within young, emerging basins that have been de-risked through 2D and 3D seismic analysis. It will also, where appropriate, participate in multi-well drilling programs through farm-ins, farm-outs and acquisitions.

Discover's directors include the former Cove Energy management team. Cove, which was focused on Mozambique's Rovuma Basin, was acquired by Thailand's PTT Exploration and Production last summer after a hard-fought takeover battle that also involved Royal Dutch Shell.

The firm has already signed a production sharing contract (PSC) offshore Comoros Islands. The PSC license area is located over the outboard part of the Rovuma Delta, near to major gas discoveries by Anadarko Petroleum Corporation and ENI offshore northern Mozambique.

The initial work program for the PSC will see the firm acquire further 2D seismic data to that already acquired over the 6,900-square mile area. Discover holds a 60-percent stake in the PSC.

Discover CEO John Craven commented in a statement:

"I am very pleased to introduce Discover Exploration and its strategy, core to which is utilising the strong geo-technical expertise, industry contacts and successful track record of our board and management team to identify frontier oil and gas prospects, as we build a balanced portfolio of assets.

"The signature of this strategic PSC with the Government of the Union of the Comoros and Bahari Resources, covering the seaward section of the Rovuma Delta and bordering the highly prospective offshore Mozambique hydrocarbon province, presents a unique opportunity given its geographical and geological position."

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Ex-Cove Energy Team Launches Africa-focused Explorer

Newly-launched sub-Saharan Africa focused oil and gas explorer Discover Exploration issued a statement Monday in which it outlined its strategy.

Discover said that it plans to participate in exploration and appraisal programs that focus on deepwater petroleum systems within young, emerging basins that have been de-risked through 2D and 3D seismic analysis. It will also, where appropriate, participate in multi-well drilling programs through farm-ins, farm-outs and acquisitions.

Discover's directors include the former Cove Energy management team. Cove, which was focused on Mozambique's Rovuma Basin, was acquired by Thailand's PTT Exploration and Production last summer after a hard-fought takeover battle that also involved Royal Dutch Shell.

The firm has already signed a production sharing contract (PSC) offshore Comoros Islands. The PSC license area is located over the outboard part of the Rovuma Delta, near to major gas discoveries by Anadarko Petroleum Corporation and ENI offshore northern Mozambique.

The initial work program for the PSC will see the firm acquire further 2D seismic data to that already acquired over the 6,900-square mile area. Discover holds a 60-percent stake in the PSC.

Discover CEO John Craven commented in a statement:

"I am very pleased to introduce Discover Exploration and its strategy, core to which is utilising the strong geo-technical expertise, industry contacts and successful track record of our board and management team to identify frontier oil and gas prospects, as we build a balanced portfolio of assets.

"The signature of this strategic PSC with the Government of the Union of the Comoros and Bahari Resources, covering the seaward section of the Rovuma Delta and bordering the highly prospective offshore Mozambique hydrocarbon province, presents a unique opportunity given its geographical and geological position."

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here