Gas drilling might disappoint investors: NYT

While gas companies like ConocoPhillips and Chesapeake Energy Corporation are making big bets on wells to extract energy from shale formations, industry insiders have doubts that the companies will be able to deliver on their promises to investors.
which prepared a report based on an investigation of e-mails and documents, energy executive, industry lawyers, state geologists and market scepticism question whether natural gas companies are exaggerating how productive their wells will be.

 it researched well data and found that many of them are surrounded by less-productive zones that cost more to drill and operate than the resulting gas is worth.

The newspaper said its investigation found that in many of the wells, the amount of gas produced is falling faster than the companies had expected.

None of the e-mails explicitly accuse any companies of breaking the law.

Chesapeake could not be reached for comment.

ConocoPhillips, which on June 16 signed a deal with the Bangladesh government over exploration in the Bay of Bengal despite protests from citizen quarters, declined to comment on the issue.

The energy giant will start its seismic survey by December in deep sea blocks 10 and 11, an area of 5158 square kilometres. The depth of water is between 1,000 and 1,500 metres and the blocks are about 280 kilometres away from the Chittagong port.

The firm under its mandatory work programme must initiate seismic survey in a grid of 10km by 10km space over the whole of the blocks.

The Texas-based company has pledged $160 million bank guarantee for working in three phases and the contract period is nine years.

The oil giant won blocks 10 and 11 in 2008 in the second-round bidding for the production sharing contract (PSC), but could not sign the PSC with state-run Bangladesh Oil, Gas and Mineral Corporation, or Petrobangla, as parts of these blocks were also claimed by neighbouring India and Myanmar.

The country is divided into 52 blocks, 28 of which are in the Bay.

Experts say ConocoPhillips will have the authority to export 80 percent of gas, and Petrobangla will get the rest, which will have to be carried to the shore at its own cost — not an economically viable proposition for Bangladesh, in any case.

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Watch World Heritage special on Nat Geo

Beginning 11 June 2011 , The World Heritage Special* programming blocks will be available in 370 million homes across National Geographic Channel’s global network.

National Geographic Channel announced today that it has signed a ground-breaking sponsorship with Panasonic to bring a special programming block focused on UNESCO World Heritage sites to NGC viewers across five continents – Asia, North America, South America, Europe and Australia. National Geographic Channel is the broadcast arm of the National Geographic Society, one of the world’s largest nonprofit scientific and educational organizations, that is respected for the quality of its programmes. Panasonic, is passionate about the natural environment as well as the cultures and traditions of the world, with its long-standing partnership with UNESCO to inspire the next generation about World Heritage conservation and environmental preservation. Under the terms of this 12-month agreement, the two are proud to showcase outstanding documentaries about UNESCO World Heritage sites, such as the Taj Mahal, Machu Pichu, Yellowstone National Park and Stonehenge. Beginning 11 June 2011 in India, the Panasonic Presents The World Heritage Special and The World Heritage Special* programming blocks will be available in 370 million homes across National Geographic Channel’s global network. In Asia, 170 million homes will enjoy the Panasonic’s The World Heritage Special block in more than 15 markets, including China, Taiwan, Hong Kong, Singapore, Philippines, Malaysia, Indonesia, Thailand, Vietnam, Australia / New Zealand, Middle East, India, Japan, Korea and more. "The quality of programming and the brand integrity offered by National Geographic Channel provides a perfect global platform to reach our target audience," said Mr. Alex Nunoya, General Manager, Advertising Group, Corporate Brand Strategy Division Panasonic Corporation. "We are confident that viewers will enjoy the special World Heritage series and we look forward to sharing with the world our passion for supporting and protecting some of the world’s most amazing places." "National Geographic Channel provides fact-based entertainment that informs, expands and inspires. The brand synergies that exist between Panasonic and National Geographic Channel make us an ideal platform for Panasonic to bring breathtaking programming on UNESCO World Heritage sites – some of the most stunning cultural and natural sites found on Earth – to new audiences," said Mr. Hernan Lopez, President and Chief Executive Officer of FOX International Channels. "We believe that National Geographic Channel’s innovative and educational brand equity will further strengthen Panasonic’s mission to educate people about World Heritage monuments." the Taj Mahal: The Taj Mahal: Symbol of India, architectural jewel, and monument to a grand passion. Built in the 17th century by the Great Mogul Shah Jahan in honor of Mumtaz Mahal, the love of his life. Before she died, legend says, Mumtaz Mahal made a wish for a mausoleum, more sublime than any the world had seen. Built on the banks of the Yamuna River in Agra, it is said to have required over 20,000 workers including the best craftsmen of the Empire. Millions of bricks were baked on site only to disappear forever under flawless white marble. A heavenly memorial to the Queen of the World, or as a poet described it: "A teardrop on the cheek of time". A love poem set in stone and the most perfect building in the world.

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