Other Market Trends
BOEMRE Reorganization to be Completed in October. The Bureau of Ocean Energy Management, Regulation, and Enforcement (BOEMRE) will divide into two entities in October, according to notices released by the agency. This will complete a plan announced in May 2010 to divide the former Minerals Management Service (MMS) into three agencies (the first phase of the plan was completed a year ago with transfer of revenue collection functions). The revenue collection agency, the Bureau of Ocean Energy Management (BOEM), will be responsible for managing development of offshore resources, while the new Bureau of Safety and Environmental Enforcement (BSEE) will enforce safety and environmental regulations. The division of the agencies separates resource management from safety oversight and strengthens the role of environmental review in the agency. In May 2010, the MMS was reorganized and split into three entities: one that would handle revenue collection and royalty issues; a second to ensure responsible development of offshore resources; and a third to enforce safety and environmental regulations.
Natural Gas Rigs Drop for Third Consecutive Week. The natural gas rotary rig count fell by 3 to 892, according to data released on September 9 by Baker Hughes Incorporated. This is the third consecutive week natural gas rigs have fallen, though declines have been small each week. The oil rig count, which had risen for 19 consecutive weeks until the beginning of September, also fell this week, to 1,057. This number, however, is still historically very high. Rigs in all categories, horizontal, vertical, and directional (which include both natural gas and oil rigs), posted small declines week over week. Most states saw somewhat small changes in their rig counts, but Texas and Oklahoma were two notable exceptions. In Texas, the total rig count fell from 898 the week ending September 2 to 884 the week ending September 9. In Oklahoma, on the other hand, total rigs rose from 195 to 203, according to Baker Hughes.
Natural gas outlook: Prices pass $4 as weather cools
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