Spain’s Repsol SA expects to raise production in the Marcellus natural gas shale field by about 50% by year-end 2020 due to efficiency gains, an executive said at an industry conference in New York on Dec. 6.
“With just the addition of one rig and investment of about $400 million a year, we're going to be able to raise production by 50 percent and be cumulative cash flow positive by the end of 2020,” Paul Ferneyhough, executive director of North America for Repsol said at the S&P Global Platts Global Energy Outlook Forum.
Repsol holds an interest in 168,400 net acres in the Marcellus Shale, one of the largest natural gas fields in the world, extending throughout the Appalachian Basin and stretching across Pennsylvania, according to its website.
There will be no seismic exploration this winter on the coastal plain of the Arctic National Wildlife Refuge (ANWR), the Interior Department said on Feb. 8, after the company seeking permission to conduct the tests ran out of time to get the required permit.
Cyprus wants to develop offshore gas reserves as a potential source of revenue, Reuters said.
The new platform will replace a similar one that was damaged by a large fire in 2016 that killed three workers.