Entries in Natural Gas (3)


Report: Natural Gas to Top Coal as World's No. 2 Energy Source

Robert Nickelsberg/Getty Images(NEW YORK) -- Natural gas looks set to replace coal as the world's second biggest energy source by 2025.  The forecast comes from oil giant ExxonMobil in its latest energy report. 

Oil and Gas Journal reports demand for gas will grow by 65 percent by 2040, and 20 percent of global production will be in North America.  

According to ExxonMobil's 2013 outlook, "electricity demand will account for more than half the global energy demand increase over the next few decades, with gas, nuclear, and renewable energy meeting more power generation demand as coal and oil meet less," the Journal says.

Copyright 2012 ABC News Radio


ConocoPhillips Purchases Colorado Shales for Gas, Oil Expansion

Robert Nickelsberg/Getty Images(DENVER) -- ConocoPhillips announced that it has bought 46,000 acres in Colorado to expand its oil and natural gas drilling.

The company did not reveal the details of the exchange, although they bought the land from the Lario Oil & Gas Co.

ConocoPhillips announced earlier this month that it was privatizing its refining business in order to increase returns for its shareholders.

Copyright 2011 ABC News Radio


BP Teams with Russia-Based Rosneft Energy

Photo Courtesy - JIM WATSON/AFP/Getty Images(LONDON) -- Oil giant BP has announced a long-term deal with Russia's state-run energy firm to explore and eventually drill in the Arctic.

The deal with Russia-based Rosneft was made to explore vast expanses of untapped land and water in the Arctic in search of oil and natural gas.

“Cross-investment between countries and companies is what brings together cooperation and changes the way everyone operates there,” BP CEO Bob Dudley said.

“This is an opportunity to work with Rosneft in the country that produces the most oil in the world,” said Dudley, “in an area that can bring our exploration expertise to play.”

Dudley said the deal is a great fit for both companies, and that it's impossible to compare this effort to the company’s operations in the Gulf of Mexico.

“It's a different climate.  This is not deep water,” said Dudley. “This is shallow water. It's very cold. It requires the kind of experience that we have from operating in Alaska.

Copyright 2011 ABC News Radio

ABC News Radio