Newfield Exploration will drill 20 development wells in the Eagle Ford Shale next year, company officials announced. The company, based in The Woodlands, Texas, will invest $170 million for the project.
The American Chemistry Council's Chemical Activity Barometer posted an increase of 0.1% on a three-month moving average in May. This marks a 10-month consecutive gain, although previous months have seen higher monthly rates, ranging from 0.2% to 0.6%, with the exception of another 0.1% increase in April. ACC Chief Economist Kevin Swift said the slim growth rate was due to weaker demand for construction-related plastic resins.
A Senate committee forum on shale natural gas development is scheduled for Thursday. On Tuesday, the Senate Energy and Natural Resources Committee heard from shale natural gas stakeholders, including American Chemistry Council President and CEO Cal Dooley. "Abundant and affordable supply of natural gas has transformed the U.S. chemical industry from the world's high-cost producer five years ago to among the world's lowest-cost producers today," Dooley said.
European Union competition authorities have granted permission to chemical maker Ashland to acquire Hercules. In addition to increasing Ashland's portfolio, the acquisition will give the company a stronger presence in the water-treatment field, which mainly serves the pulp and paper industry.