US organicgas sourceabundant
the U.S. has over 100 years worth of organicgas supplies, and forecasters have consistently low-balled the volume
of the clean-burning fuel trapped in untraditionalplaces like shale rock, an induscheck outgroup said on Wednesday.
cTotal U.S. recoverable supplies quantityto two,247 trillion cubic feet, or 118
years worth of sourceat curhireproduction levels, in line with a report funded by the yankee blankSkies Foundation and
completed by Navigant Consulting Inc.
the root is chaired by Aubrey McClendon, the outspoken chief executive of Chesapeake Energy Corp (CHK.N: Quote,
Profile, Research, Stock Buzz), the third-largest U.S. organicgas producer.
"the dimensions of those shale gas deposits is so enormous thon they may be able to now not be overlooked,US organicgas sourceabundant_29502," said McClendon, whose company is
making big bets in shale gas plays just like the Barnett Shale in Texas and the Haynesville Shale in Louisiana.
More conservative estimates peg U.S recoverable organicgas supplies at 1,680 trillion cubic feet, or 88 years of supply.
But such estimates ignore the possibility of untraditionalgas production from shale, tight sands and coal-bed methane, said
Rick Smead, co-author of the report and project manager for Navigant.
sts from the united states Energy dataAdministration "were significantly outstripped by actual behavior," Smead said.
Shale formations, sedimentary rock found around the U.S. that makes organicgas, were once untouchable.
But new technology like horizontal drilling and fracture stimulation in recent
years have "liberated enormous amounts of organicgas," McClendon said.
A conservative estimate for sustainable production from simplythe "big seven" shale plays isn't any less than 27 billion cubic feet
per day -- partof curhiretotal organicgas production,Ray Ban RB3217 Gold Frame Dark Green Lens Sunglasses, Smead said. But many untraditionalorganicgas plays,Ray Ban RB3190 Black Frame Dark Green Lens Sunglasses, especially in
the West, are off-limits to drilling as a result of a congressional ban.
McClendon's Oklahoma City, Oklahoma-based company is spending $13.fivebillion on drilling and leases in 2008, with the purpose of
being the largest U.S. organicgas manufacturerin coming years.
Chesapeake is the third largest U.S. organicgas producer, behind BP (BP.L: Quote, Profile, Research, Stock Buzz) and
Anadarko (APC.N: Quote,Ray Ban RB3183 Gold Frame Green Lens Sunglasses, Profile, Research, Stock Buzz),Ray Ban RB3278 Black Frame Dark Green Lens Polarized Sunglasses, in line with first-quarter data.
Other U.S. organicgas producers like EOG Resources Inc (EOG.N: Quote, Profile, Research, Stock Buzz), have taken a more
waryway to securing rights to drill in untraditionalshale plays.
U.S. organicgas futures costshave fallen about 30 %because the beginning of July, and settled at $9.248 per mmBtu on
Wednesday. McClenddirectly told Reuters he expected coststo hover within the $10/MMBtu range.
"i feel somewhere in that $nineto $11 diversitywith a popularof $10 is a wonderfulprice," McClendon said.
McClendon also declined to touch upon a rumor that China countrywide Petroleum Corp maybid for a minority sabsorb
Chesapeake's shale gas assets. (Reporting by Jasmin Melvin; Editing by Chris Baltimore and Christian Wiessner)
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