The National Petroleum Council did not get into legislative issues in its report predicting annual U.S. natural gas demand of about 29 trillion cubic feet in 2010, but the next logical step is to determine how to convert resources into available supply, an NPC task force member said. Thomas B. Nusz, chairman of the NPC Supply Task Group and vice president of strategic planning and engineering at Burlington Resources Inc., called for a coordinated government-industry effort at devising incentives, such as possible investment tax credits, to encourage greater gas production and infrastructure development. Nusz made his comments during an Independent Petroleum Association of America presentation in Houston on the NPC report, a summary of which was released in December. The report included some recommendations, including establishment of a national gas strategy. "Development of supply and delivery systems require long lead times. Offshore fields can take up to 10 years to develop. Transmission lines may require three to five years to build," Nusz said. "In short, you just can't turn on the spigot and get more gas." The NPC has called for the formation of a proactive, interagency work group to be established under the National Economic Council to remove obstacles to developing gas supplies to meet anticipated demand. "I'm encouraged the NEC may become the forum for interagency efforts," Nusz said. The NPC report also calls for the establishment of a balanced, long-term approach for responsibly developing the nation's resource base. Other recommendations include a streamlining of processes that affect gas development and also an acceleration of research and technology development. -Paula Dittrick
Recommended Reading
NuStar Energy Unitholders Approve Merger with Sunoco
2024-05-02 - The transaction is expected to close on or about May 3, in which NuStar Energy LP will merge with and into a merger subsidiary of Sunoco LP.
Stice: Diamondback’s Small Company Culture Suits Big M&A Appetite
2024-05-01 - Diamondback Energy CEO Travis Stice tells analysts that the company’s nimble nature is among its top qualities, allowing for rapid growth and the successful integration of Endeavor Energy this year.
Comstock Adds Four Whopper Wildcats; Takes Western Haynesville to 450K
2024-05-01 - Comstock Resources' four newest wells, which IP’ed at more than 35 MMcf/d, were landed at up to 19,400 feet total vertical depth.
Marketed: Wylease Niobrara Shale Cloud Peak Opportunity
2024-04-30 - Wylease LLC has retained EnergyNet for the sale of working interest in the Niobrara Shale of Converse County, Wyoming in the Cloud Peak 3874-8-5-1NH.
Enbridge Closes First Utility Transaction with Dominion for $6.6B
2024-03-07 - Enbridge’s purchase of The East Ohio Gas Co. from Dominion is part of $14 billion in M&A the companies announced in September.