Green Innovations

Developing renewable and clean technology companies in New York

Tuesday, January 5, 2010

Shale Gas market heats up in 2010

The Business Council of New York State, Inc., The Independent Oil and Gas Association of New York and fifteen other businesses groups from across New York have sent a letter to Governor Patterson urging him to remain committed to natural gas development in New York State. According to the Business Council, “Sixteen groups, including chambers of commerce and other pro-business and pro-taxpayer groups, reminded the governor of his stated position that expanded natural gas exploration “would generate economic benefits, including increasing the stable supplies of indigenous fuel, lowering gas transportation costs for consumers, generating new State and local tax revenues, and increased revenues for landowners from land use agreements with natural gas companies.” See full press release from the Business Council at:

In a related story, the Broome County Executive has expressed support for draft DEC drilling regulations and expressed support for drilling to begin.  See full press release from the Business Council at:

The race for the country’s natural gas riches grew more crowded yesterday with the announcement that France’s Total SA would spend $2.25 billion to gain new access to deep fields in Texas.  Total’s deal with Chesapeake Energy Corp. comes just three weeks after Exxon Mobil Corp. said it will buy XTO Energy Inc., another prolific natural gas company, in a $31 billion all-stock deal.

The Marcellus Shale formation, which stretches across New York State's Southern Tier and up into Central New York is considered a "sleeping giant" by geologists: