Catch up on the top Eagle Ford news stories from the past week. Rising oil prices led to the first increase of the national rig count this year.
5. Colorado has 40 times more natural gas than thought
DENVER (AP) — Western Colorado has 40 times more natural gas than previously thought, but an immediate boom is unlikely because of low gas prices, government and industry experts said Wednesday.
The U.S. Geological Survey said the Mancos Shale formation in Colorado’s Piceance (PEE’-yahns) Basin holds about 66.3 trillion cubic feet of gas, up from 1.6 trillion estimated in 2003.
USGS cited data from commercial drilling companies and new research for the revision.
4. US stocks climb with energy companies, oil hits milestone
NEW YORK (AP) — U.S. stocks continued to rise last week as energy companies built on their recent surge. The price of oil surpassed $50 a barrel for the first time in almost a year. Phone companies are rising as bond yields fall.
3. OPEC states fail to reach deal on production
VIENNA (AP) — OPEC countries failed Thursday to agree on measures to influence crude supplies and prices, in a missed opportunity to show the resolve that for decades let them set how much consumers and industries worldwide would pay for gasoline, heating and related necessities.
At the same time, OPEC officials argued the cartel was alive and well, scoffing at suggestions that its authority was eroding to the point where it will soon be negligible.
“Don’t take that (to mean) that OPEC is dead,” said Secretary General Abdulla al-Badri. “OPEC will be powerful, will be strong. OPEC is alive.”
2. Police: Not enough evidence to prove Chesapeake CEO’s death intentional
OKLAHOMA CITY (AP) — Investigators did not find enough evidence to prove whether a vehicle crash that killed prominent businessman Aubrey McClendon the day after he was indicted by a grand jury was intentional or not, the Oklahoma City Police Department said Tuesday.
Police spokesman Capt. Paco Balderrama told The Associated Press that investigators have ruled out homicide, but could not rule out the possibility that McClendon took his own life or had a medical emergency in the crash on March 2. The medical examiner’s report is still pending.
“We don’t know if he meant to do it,” Balderrama said. “We could not rule out suicide with 100 percent certainty, but we just were not able to find any evidence which directly pointed to it.”
1. US rig count sees first significant jump of 2016
HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. rose by four this week to 408, the first rig count gain in months and halting a slide that pushed the count to record-low levels amid collapsed energy prices.
A year ago, 868 rigs were active.
Houston oilfield services company Baker Hughes Inc. said Friday 325 rigs sought oil and 82 explored for natural gas. One was listed as miscellaneous.