A new natural gas platform will be built off the north-west coast of Western Australia.
The North Rankin B platform will recover remaining low pressure gas from the North Rankin A and Perseus gas fields.
Natural gas will be pumped from the facility to be processed onshore 145 kilometres away at Karratha.
BHP Billiton, one of six participants in the project, has approved US$850 million in funding for the new platform.
Monday, March 31, 2008
Sunday, March 30, 2008
Gazprom Leveraging Europe
Due to increasing oil prices caused by global conflicts and growing demand, Europe, together with the most important importers regard as important that their energy policy be reviewed and the reliability of their suppliers be re-examined. For several decades, Gazprom has been an organic part of European energy security; it provided stable natural gas supplies under all circumstances.
Hungary is an important partner of Gazprom, with its share of 7.5bn cubic metres it was the fifth largest buyer in 2007. In addition to outstanding business relations, Hungary also serves as a gas distribution centre of strategic significance for Gazprom. Not too long ago we started a joint venture with MOL (Hungarian Oil Company) to construct an underground gas storage tank, large enough to store no less than 1bn cubic metres of natural gas. To satisfy Europe's growing natural gas needs we secure several sources for the exploration of new gas fields, for the construction of new transportation routes and for the establishment of new, underground gas storage tanks on the Continent. By exploiting the Shtokman gas field in cooperation with our European partners, we are opening the world's largest natural gas reserve in the sea, thus further increasing Europe's gas supply security.
The two basic pillars of energy security for areas in need to import natural gas - including Europe - are reliable supplies provided at economically still rational prices. The term energy security means to us reliable profit acquired by way of predictable demand based on long-term contracts and mutual participation in pipeline construction. This enables us to take part in several billion euros worth of investments through which European consumers can access reserves from natural gas fields in the most remote corners of the world. For this reason we are somewhat concerned about recommendations made by the European Commission for reforming the EU energy market, because these raise questions about investments needed for the development of the European energy infrastructure as well as common energy security goals. This is one of the reasons why we initiated constructive dialogue with EU institutions.
Gazprom is fully aware of, and many from Brussels to Budapest are concerned about the fact that disputes that erupted between Gazprom and the transit countries about the price of gas could unfavourably influence the EU's energy security. Recent negotiations with the Ukrainians and the Belarusians prove that it is possible to reach agreements and that nothing threatens deliveries to Europe. Our commitment to greater transparency is also indicated by the fact that we have informed our European partners of these throughout the negotiations.
The two gas pipelines - the Northern Stream and the Southern Stream - that significantly increase the quantity of gas that can be transported to Europe are the most visible and most promising indications of increased cooperation and mutual dependence between Europe and Russia. During the past several months Gazprom conducted countless negotiations with governments and other interested parties affected by these projects. A few weeks ago the Russian and the Hungarian delegations have conducted rather successful negotiations about extending the Southern Stream pipeline into Hungary. I believe that the Southern Stream - whose supplies are already guaranteed - could be an important step towards establishing energy security in the area.
The key to Gazprom's long-term profitable and reliable functioning is mostly based on the well-considered selection of our business partners. The booming and stable European economy with its 500 million consumers and with an easily predictable energy need, already linked to us also with a huge network of existing pipelines, as well as successful economic relations make Europe one of our most important business partners. But could this judgment change? It is the common goal of both Europe and Gazprom that energy security could only be realized if the seller and the buyer develop relations based on mutual confidence and on rational economic decisions. Gazprom has committed itself to transparency and is prepared to conduct open dialogue with Hungary, with the EU, with any member state of the EU and with their European business partners to ensure energy security, our common goal for decades ahead.
Hungary is an important partner of Gazprom, with its share of 7.5bn cubic metres it was the fifth largest buyer in 2007. In addition to outstanding business relations, Hungary also serves as a gas distribution centre of strategic significance for Gazprom. Not too long ago we started a joint venture with MOL (Hungarian Oil Company) to construct an underground gas storage tank, large enough to store no less than 1bn cubic metres of natural gas. To satisfy Europe's growing natural gas needs we secure several sources for the exploration of new gas fields, for the construction of new transportation routes and for the establishment of new, underground gas storage tanks on the Continent. By exploiting the Shtokman gas field in cooperation with our European partners, we are opening the world's largest natural gas reserve in the sea, thus further increasing Europe's gas supply security.
The two basic pillars of energy security for areas in need to import natural gas - including Europe - are reliable supplies provided at economically still rational prices. The term energy security means to us reliable profit acquired by way of predictable demand based on long-term contracts and mutual participation in pipeline construction. This enables us to take part in several billion euros worth of investments through which European consumers can access reserves from natural gas fields in the most remote corners of the world. For this reason we are somewhat concerned about recommendations made by the European Commission for reforming the EU energy market, because these raise questions about investments needed for the development of the European energy infrastructure as well as common energy security goals. This is one of the reasons why we initiated constructive dialogue with EU institutions.
Gazprom is fully aware of, and many from Brussels to Budapest are concerned about the fact that disputes that erupted between Gazprom and the transit countries about the price of gas could unfavourably influence the EU's energy security. Recent negotiations with the Ukrainians and the Belarusians prove that it is possible to reach agreements and that nothing threatens deliveries to Europe. Our commitment to greater transparency is also indicated by the fact that we have informed our European partners of these throughout the negotiations.
The two gas pipelines - the Northern Stream and the Southern Stream - that significantly increase the quantity of gas that can be transported to Europe are the most visible and most promising indications of increased cooperation and mutual dependence between Europe and Russia. During the past several months Gazprom conducted countless negotiations with governments and other interested parties affected by these projects. A few weeks ago the Russian and the Hungarian delegations have conducted rather successful negotiations about extending the Southern Stream pipeline into Hungary. I believe that the Southern Stream - whose supplies are already guaranteed - could be an important step towards establishing energy security in the area.
The key to Gazprom's long-term profitable and reliable functioning is mostly based on the well-considered selection of our business partners. The booming and stable European economy with its 500 million consumers and with an easily predictable energy need, already linked to us also with a huge network of existing pipelines, as well as successful economic relations make Europe one of our most important business partners. But could this judgment change? It is the common goal of both Europe and Gazprom that energy security could only be realized if the seller and the buyer develop relations based on mutual confidence and on rational economic decisions. Gazprom has committed itself to transparency and is prepared to conduct open dialogue with Hungary, with the EU, with any member state of the EU and with their European business partners to ensure energy security, our common goal for decades ahead.
Saturday, March 29, 2008
British Columbia - Natural Gas Big Time Player
British Columbia, long an also-ran in Canada's energy boom, is emerging as one of North America's hottest areas for natural-gas exploration.
One factor: An accommodating government in a time when other countries and regions are angling for a bigger slice of energy-production profits.
Thursday, British Columbia said it reaped 152 million Canadian dollars (US$149.2 million) on the sale of drilling rights on 81 parcels of land covering more than 220,000 acres. It was the latest in a series of major sales, which already had brought in more than C$1 billion in the fiscal year ending Monday, outpacing the previous annual high of C$625.7 million.
One factor: An accommodating government in a time when other countries and regions are angling for a bigger slice of energy-production profits.
Thursday, British Columbia said it reaped 152 million Canadian dollars (US$149.2 million) on the sale of drilling rights on 81 parcels of land covering more than 220,000 acres. It was the latest in a series of major sales, which already had brought in more than C$1 billion in the fiscal year ending Monday, outpacing the previous annual high of C$625.7 million.
Friday, March 28, 2008
Long Island Natural Gas via Canada
A little-noticed action by federal energy regulators will increase natural gas supplies for Long Island and parts of New York City by about 10 percent in the next 19 months -- helping to meet growing demand and, in the view of some, reducing the need for gas from the proposed Broadwater barge in the Long Island Sound.
The increased supply -- 200 million cubic feet a day phased in by November of next year -- will come from $118.4 million in improvements to the Iroquois Gas Transmission System pipeline that brings Canadian gas through upstate New York and Connecticut to a National Grid/KeySpan station in South Commack.
Improvement of the Iroquois pipeline is one of several measures that Broadwater opponents, including local environmentalists and Connecticut Attorney General Richard Blumenthal, favor as alternatives to the Broadwater liquefied natural gas processing plant proposed for a site midway to Connecticut.
National Grid KeySpan senior vice president for energy portfolio management Richard Rapp said the added gas increases the supply at South Commack by a third to 40 percent and adds about 10 percent to the total supply available for National Grid's downstate area, which includes Long Island, most of Queens, Brooklyn and Staten Island. "It's entirely for KeySpan's needs, for our firm customers -- commercial and residential," he said. Customers are guaranteed an uninterrupted supply; some commercial customers can be temporarily asked to switch to other fuels if gas supplies are tight.
The increased supply -- 200 million cubic feet a day phased in by November of next year -- will come from $118.4 million in improvements to the Iroquois Gas Transmission System pipeline that brings Canadian gas through upstate New York and Connecticut to a National Grid/KeySpan station in South Commack.
Improvement of the Iroquois pipeline is one of several measures that Broadwater opponents, including local environmentalists and Connecticut Attorney General Richard Blumenthal, favor as alternatives to the Broadwater liquefied natural gas processing plant proposed for a site midway to Connecticut.
National Grid KeySpan senior vice president for energy portfolio management Richard Rapp said the added gas increases the supply at South Commack by a third to 40 percent and adds about 10 percent to the total supply available for National Grid's downstate area, which includes Long Island, most of Queens, Brooklyn and Staten Island. "It's entirely for KeySpan's needs, for our firm customers -- commercial and residential," he said. Customers are guaranteed an uninterrupted supply; some commercial customers can be temporarily asked to switch to other fuels if gas supplies are tight.
Thursday, March 27, 2008
Petrobras Inks Large Natural Gas Contract
March 26 (Bloomberg) -- Gas Natural SDG SA, Spain's largest natural-gas supplier, agreed to buy fuel from Petroleo Brasileiro SA until 2012 to supply its customers in Brazil.
The Barcelona-based company will buy 9.5 million cubic meters a day of gas, Gas Natural said in an e-mailed statement late yesterday.
Gas Natural is expanding outside Spain to make up for a falling market share since the market was opened to competition. In Brazil, where demand for the fuel grew twice as fast as Spain in 2006, it's supplying gas to 739,000 clients.
The Barcelona-based company will buy 9.5 million cubic meters a day of gas, Gas Natural said in an e-mailed statement late yesterday.
Gas Natural is expanding outside Spain to make up for a falling market share since the market was opened to competition. In Brazil, where demand for the fuel grew twice as fast as Spain in 2006, it's supplying gas to 739,000 clients.
Wednesday, March 26, 2008
Natural Gas Projects Hughe in East Texas
A huge shift in natural gas flows is expected as more than 40 infrastructure projects go online in the Southeast/Gulf region beginning in 2008, according to a report released Tuesday.
The study, released by Golden, Colo.-based Bentek Energy LLC, said 25 natural gas pipeline projects, 11 natural gas storage projects and four liquefied natural gas terminals are expected to shift gas flow patterns, disrupt regional pricing relationships and realign the value of transportation capacity across the most complex pipeline grid in North America between early 2008 and mid-year 2009.
Many of the projects under construction are by companies either based in Houston or with a large presence here, including Owensboro, Ky.-based Boardwalk Pipeline Partners LP (NYSE: BWP), CenterPoint Energy Inc. (NYSE: CNP), Enterprise Products Partners LP (NYSE: EPD), Kinder Morgan Energy Partners LP (NYSE: KMP), Plains All American Pipeline LP (NYSE: PAA) and Spectra Energy Corp. (NYSE: SE).
Many of the projects are tapping into areas in East Texas and will be moving gas into southeast and northeast markets.
The energy markets information company said the current level of industry infrastructure expansion has not been seen since the interstate construction boom of the late 1940s and early 1950s.
"The pipeline and LNG projects represent a total of more than 25.4 billion cubic feet per day of additional capacity serving the Southeast Gulf region, with an additional 6.3 Bcf/d of new storage deliverability as well," said Russell Braziel, managing director of Bentek. "But there's a catch: In the short term there will not be enough incremental supplies to fill the new pipeline and LNG terminal capacity."
Bentek expects the initial shortfall to affect regional flows and pricing from projects that will displace or "steal" gas from traditional pipelines; increased demand and supplies; and LNG supplies competing for the same markets.
The study, released by Golden, Colo.-based Bentek Energy LLC, said 25 natural gas pipeline projects, 11 natural gas storage projects and four liquefied natural gas terminals are expected to shift gas flow patterns, disrupt regional pricing relationships and realign the value of transportation capacity across the most complex pipeline grid in North America between early 2008 and mid-year 2009.
Many of the projects under construction are by companies either based in Houston or with a large presence here, including Owensboro, Ky.-based Boardwalk Pipeline Partners LP (NYSE: BWP), CenterPoint Energy Inc. (NYSE: CNP), Enterprise Products Partners LP (NYSE: EPD), Kinder Morgan Energy Partners LP (NYSE: KMP), Plains All American Pipeline LP (NYSE: PAA) and Spectra Energy Corp. (NYSE: SE).
Many of the projects are tapping into areas in East Texas and will be moving gas into southeast and northeast markets.
The energy markets information company said the current level of industry infrastructure expansion has not been seen since the interstate construction boom of the late 1940s and early 1950s.
"The pipeline and LNG projects represent a total of more than 25.4 billion cubic feet per day of additional capacity serving the Southeast Gulf region, with an additional 6.3 Bcf/d of new storage deliverability as well," said Russell Braziel, managing director of Bentek. "But there's a catch: In the short term there will not be enough incremental supplies to fill the new pipeline and LNG terminal capacity."
Bentek expects the initial shortfall to affect regional flows and pricing from projects that will displace or "steal" gas from traditional pipelines; increased demand and supplies; and LNG supplies competing for the same markets.
Tuesday, March 25, 2008
Chesapeake Finds Natural Gas in Louisiana
Chesapeake Energy Corporation (NYSE:CHK) today announced a new natural gas discovery in the Haynesville Shale in Louisiana. In addition, the company announced two other new unconventional natural gas discoveries and five new unconventional oil projects. The company believes these discoveries and projects are significant and has decided to increase its capital expenditure budget for 2008 and 2009 in order to increase drilling and leasing activity on these new plays as well as its three most important existing unconventional shale plays: the Barnett Shale, the Fayetteville Shale and the Marcellus and Lower Huron Shales in Appalachia. Chesapeake Provides Information on the Haynesville Shale Discovery and Seven Other New Discoveries and Projects As a result of recent drilling results, Chesapeake is announcing eight new unconventional natural gas discoveries and unconventional oil projects described below. Haynesville Shale: Based on its geoscientific, petrophysical and engineering research during the past two years and the results of three horizontal and four vertical wells it has drilled, Chesapeake believes the Haynesville Shale play could potentially have a larger impact on the company than any other play in which it has participated to date. Chesapeake is currently utilizing four rigs to drill Haynesville Shale wells and plans to increase its drilling activity level to approximately 10 rigs by year-end 2008 and potentially more in 2009. The company currently owns or has commitments for more than 200,000 net acres of leasehold in the Haynesville Shale and has a leasehold acquisition effort underway with the goal of owning up to 500,000 net acres in the play. Colony Granite Wash (Anadarko Basin of western Oklahoma): Chesapeake is also announcing the discovery of the Colony Granite Wash play in Washita and Custer Counties, Oklahoma. Developed internally two years ago, the Colony Granite Wash play is now producing 40 million cubic feet of natural gas equivalent (mmcfe) per day net to the company from 12 net horizontal wells. Chesapeake is currently utilizing four rigs to further develop its leasehold of approximately 60,000 net acres in the Colony Granite Wash play that the company believes will accommodate the drilling of approximately 250 additional net horizontal wells over time. Mountain Front Granite Wash (Anadarko Basin of southwestern Oklahoma and Texas Panhandle): During the past few months, Chesapeake has drilled three horizontal Granite Wash wells along the 150 mile Mountain Front area of the Anadarko Basin. The company believes its current leasehold of approximately 75,000 net acres will accommodate the drilling of approximately 400 additional net horizontal wells over time. Five New Unconventional Oil Projects: Chesapeake is also announcing today that it has identified five new unconventional oil projects, four of which have been developed on a proprietary basis. The projects range in size from approximately 100,000 to 1,000,000 acres and are located in four different states in the U.S. Chesapeake has commenced oil production in two of the projects and initial drilling in the other projects is scheduled during the next 12 months. Chesapeake Increases Drilling and Leasehold Acquisition Activities in the Fort Worth Barnett Shale, Fayetteville Shale, Marcellus Shale and Lower Huron Shale Plays In addition to the increased drilling and leasing activity on the new discoveries and projects described above, Chesapeake plans to increase drilling and leasing activities in several of its existing shale plays discussed below. Fort Worth Barnett Shale (Greater Fort Worth Area): Chesapeake is continuing its drilling and leasing program in the Barnett Shale, particularly in the Core and Tier 1 sweet spot of Tarrant, Johnson and western Dallas counties. The company’s net natural gas production in the Barnett Shale is now approximately 450 mmcfe per day. Chesapeake plans to increase its Barnett Shale drilling activity by five rigs, from 40 to 45 rigs by year-end 2008. Fayetteville Shale (Arkansas): In the Fayetteville Shale, Chesapeake’s net natural gas production is now approximately 130 mmcfe per day. The company plans to increase its Fayetteville Shale drilling activity from 12 rigs currently to approximately 25 rigs by early 2009 in response to the company’s recent 10% increase in expected estimated ultimate per well recoveries for horizontal Fayetteville Shale wells. Marcellus and Lower Huron Shales (Kentucky, West Virginia, Pennsylvania and New York): Chesapeake owns a leasehold position of 1.6 million net acres in the Marcellus and Lower Huron Shale plays. The company has drilled 26 vertical and horizontal Marcellus and Lower Huron Shale wells to date and plans to drill approximately 165 vertical and horizontal Marcellus and Lower Huron Shale wells in 2008 and 2009. Company Raises Capital Spending Plans for Increased Drilling Activity and Leasehold Expenditures To capitalize on the new discoveries, projects and existing plays described above, Chesapeake is increasing its capital expenditure plans for 2008 and 2009. In light of higher per well reserve recovery expectations and decreasing per well costs in key shale plays, the company plans to increase its drilling activity levels in each of 2008 and 2009. Specifically, Chesapeake plans to increase its current drilling activity levels in the Fort Worth Barnett Shale, Fayetteville Shale and Haynesville Shale plays by 24 operated rigs by year-end 2008. As a result of the Haynesville Shale discovery and other new discoveries and projects, the company also plans to increase its leasehold expenditures to more fully capture the value of the plays and projects recently identified by Chesapeake. Chesapeake currently plans to spend an additional $275 million and $675 million for drilling and leasehold in 2008 and 2009, respectively, as compared to its previously announced spending plans. Chesapeake Raises 2008 and 2009 Production Forecasts and Increases Natural Gas Hedging Positions Due to higher recovery expectations in various plays and increased drilling activity levels, the company has raised its 2008 and 2009 production forecasts by 30 and 100 mmcfe per day, respectively. Accordingly, Chesapeake now expects its average daily production rate to increase in 2008 by approximately 21% over its 2007 average rate to 2,370 mmcfe per day and in 2009 by approximately 16% to 2,740 mmcfe per day. These are increases of 5% and 33%, respectively, over 2008 and 2009 production growth levels of 20% and 12% projected by the company last month. In response to the strength of natural gas prices experienced during early March, the company added to its 2008 and 2009 natural gas hedging position and began to hedge a portion of its expected production in 2010. Chesapeake currently has hedged, using swaps, approximately 71%, 40% and 12% of its expected 2008, 2009 and 2010 natural gas production at average NYMEX prices of $8.77, $9.13 and $9.34 per mcf, respectively. Additionally, the company has hedged, using collars, approximately 6% of its expected 2008 and 2009 natural gas production at an average NYMEX floor price of $7.88 per mcf and an average NYMEX ceiling price of $9.64 per mcf in 2008 and an average NYMEX floor price of $8.22 per mcf and an average NYMEX ceiling price of $10.70 per mcf in 2009. Depending on changes in oil and natural gas futures markets and management’s view of underlying oil and natural gas supply and demand trends, Chesapeake may either increase or decrease its hedging positions at any time in the future without notice. Company Revises Capital Funding Plans Due to New Discoveries and Increased Capital Expenditure Budgets Chesapeake believes the combination of developing the new discoveries and projects announced today, increasing drilling activity levels to accelerate the development of existing plays, and the higher cost of acquiring leasehold in some of the company's most important plays creates the need for an increase in the company's capital expenditures. The company had planned to fund its 2008 and 2009 capital expenditures through cash flow from operations, borrowings under its revolving credit facility, and from previously announced producing property monetizations and the sale of a minority interest in a private partnership for the company’s midstream assets. These initiatives remain on track for completion in the second quarter of 2008, although it is possible that current uncertainty in the financial markets could impact this timing. Considering that uncertainty and the increasing number of upside growth opportunities available, the company now expects to fund some or all of these additional expenditures through the public capital markets. Although a departure from its previously announced plans, Chesapeake believes that the potential incremental financial returns available from its increased capital spending will far exceed the expected capital costs. Management Comments Aubrey K. McClendon, Chesapeake’s Chief Executive Officer, commented, "We are very excited to announce our Haynesville Shale discovery and our seven other new unconventional gas discoveries and oil projects. We are proud of our collection of high-quality, growth-oriented onshore U.S. assets and as competitive conditions allow, we will provide investors with more information about our existing, emerging and new plays. "We believe we must invest the necessary capital to more fully capture the upside of our new opportunities. We remain focused on per-share value creation and we believe our shareholders will benefit from our increased investments in these new discoveries and projects and in our most important existing plays.” Conference Call Information A conference call to discuss this release has been scheduled for Tuesday, March 25, 2008 at 9:00 a.m. EDT. The telephone number to access the conference call is 913-981-5557 or toll-free 888-677-8775. The passcode for the call is 2609304. We encourage those who would like to participate in the call to dial the access number between 8:50 and 8:55 a.m. EDT. For those unable to participate in the conference call, a replay will be available for audio playback from noon EDT on March 25, 2008, and will run through midnight EDT on Tuesday, April 8, 2008. The number to access the conference call replay is 719-457-0820 or toll-free 888-203-1112. The passcode for the replay is 2609304. The conference call will also be webcast live on the Internet and can be accessed by going to Chesapeake’s website at www.chk.com and selecting the "News & Events” section. The webcast of the conference call will be available on our website for one year. This press release includes "forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give our current expectations or forecasts of future events. They include estimates of oil and natural gas reserves, expected oil and natural gas production and future expenses, planned capital expenditures for drilling, leasehold acquisitions and seismic data, and statements concerning anticipated cash flow and liquidity, business strategy and other plans and objectives for future operations. We caution you not to place undue reliance on our forward-looking statements, which speak only as of the date of this press release, and we undertake no obligation to update this information. Factors that could cause actual results to differ materially from expected results are described in "Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2007, filed with the U.S. Securities and Exchange Commission on February 29, 2008. These risk factors include the volatility of oil and natural gas prices; the limitations our level of indebtedness may have on our financial flexibility; our ability to compete effectively against strong independent oil and natural gas companies and majors; the availability of capital on an economic basis to fund reserve replacement costs; our ability to replace reserves and sustain production; uncertainties inherent in estimating quantities of oil and natural gas reserves and projecting future rates of production and the amount and timing of development expenditures; uncertainties in evaluating oil and natural gas reserves of acquired properties and associated potential liabilities; unsuccessful exploration and development drilling; declines in the values of our oil and natural gas properties resulting in ceiling test write-downs; lower prices realized on oil and natural gas sales and collateral required to secure hedging liabilities resulting from our commodity price risk management activities; the negative impact lower oil and natural gas prices could have on our ability to borrow; drilling and operating risks, including potential environmental liabilities; production interruptions that could adversely affect our cash flow; and pending or future litigation. Our production forecasts are dependent upon many assumptions, including estimates of production decline rates from existing wells and the outcome of future drilling activity. Although we believe the expectations and forecasts reflected in these and other forward-looking statements are reasonable, we can give no assurance they will prove to have been correct. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. The SEC has generally permitted oil and natural gas companies, in filings made with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We describe volumes of reserves potentially recoverable through additional drilling or recovery techniques that the SEC's guidelines may prohibit us from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of actually being realized by the company. While we believe our calculations of unproved drillsites and estimation of unproved reserves have been appropriately risked and are reasonable, such calculations and estimates have not been reviewed by third-party engineers or appraisers. Chesapeake Energy Corporation is the largest independent and third-largest overall producer of natural gas in the U.S. Headquartered in Oklahoma City, the company's operations are focused on exploratory and developmental drilling and corporate and property acquisitions in the Mid-Continent, Fort Worth Barnett Shale, Fayetteville Shale, Haynesville Shale, Permian Basin, Delaware Basin, South Texas, Texas Gulf Coast, Ark-La-Tex and Appalachian Basin
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