Newspaper article THE JOURNAL RECORD

ARCO Decision Dramatically Cuts Proven U.S. Natural Gas Reserves

Newspaper article THE JOURNAL RECORD

ARCO Decision Dramatically Cuts Proven U.S. Natural Gas Reserves

Article excerpt

Proven U.S. natural gas reserves dropped dramatically last year because Arco dropped Northern Alaska natural gas from its proven reserves, according to Salomon Brothers' annual survey.

The 30 energy companies surveyed in the study replaced only 78 percent of their natural gas production and 57 percent of their crude oil production, before revisions and purchases.

Worldwide reserves fell from 74.1 billion barrels of oil equivalent in 1978 to 67 billion barrels of oil equivalent by December 1985. This is an average yearly decline of 1.4 percent. . .

- Oil and natural gas drilling permits in the United States through August totaled 28,480, a decline of 49 percent from the 1985 eight-month total, according to Petroleum Information.

Permits for new exploration were 2,827 for the 1986 eight-month period, a drop of 53 percent.

Permits for wells in search of new pays in existing fields were down 47 percent, to 3,445 compared to 6,482 for the first eight months of 1985.

Development well drilling permits numbered 22,208, a decline of 48.8 percent. . .

- Completions for domestic oil and natural gas wells for the first half of 1986 dropped 25 percent compared to the same period in 1985, according to the American Petroleum Institute.

For 1986, oil well completions numbered 13,923; natural gas wells, 5,075; and dry holes, 8,034, for a total of 27,032.

For the same period in the previous year, oil well completions numbered 18,714; natural gas wells, 6,578; and dry holes 10,762, for a total of 36,054.

The percentage decline in the categories was 26 percent for oil well completions; 23 percent for natural gas wells; and 25 percent for dry holes. Total decrease for the first eight months was 25 percent. . .

- Good Cents, a Public Service Company of Oklahoma energy efficiency program, will be used to make three new Tulsa-area convenience stores more efficient.

The program starts at the beginning of a project with the companies making suggestions for the businesses to save money on energy costs at the design stage.

The utility uses a computer analysis to calculate the anticipated savings of construction under the program's guidelines. A savings of 10 to 50 percent on commercial customers' heating and cooling costs can be realized through the program. The amount of savings is determined by which options customers choose. The most cost savings can be realized by installation of an energy efficient heat pump.

Lighting, controllable ventilation and levels of insulation in the ceiling, walls and floor are also improvements made by the program. . .

- The Energy Advocates will participate in an ""Industry Update Breakfast'' Oct. 7.

The four Tulsans, James L. Houghton, John A. Brock, J.M. Graves and Richard A. Williford, will discuss the southwestern oil and gas economic crises with Washington media members. . .

- A Forum on Major Natural Gas Issues will be held Oct. 15-16 at the Royal Sonesta Hotel in New Orleans. The forum is sponsored by the Interstate Oil Compact Commission.

Speakers will discuss a wide variety of topics, including regulatory changes in Louisiana and Texas, natural gas supply and demand projections, an explanation of Federal Energy Regulatory Commission Orders 436 and 451, and the independent natural gas producer's adjustment in marketing.

Registration is $150 per person or $35 for state government personnel. . .

- The annual meeting of the Oklahoma-Kansas Division of the Mid-Continent Oil and Gas Association will be held Oct. 7-8 at the Excelsior Hotel, Tulsa.

James A. Middleton, president of Arco Oil and Gas Co., will be the main speaker, discussing opportunities in oil and gas drilling, development and production in the mid-continent region. He will also address actions needed from industry and government to maintain a healthy energy industry. …

Author Advanced search


An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.