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February 8, 2012 |
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FACE TIME
PAYS DIVIDENDS |
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Burning torches, pitchforks, and angry village mobs haven't been a course of action for those opposed to hydraulic fracturing—yet. Just in case, Gastar CEO Russ Porter has a good strategy for E&P companies wanting to be proactive and foster relationships with the community, local government, and the press. |
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Russ says by building trust when things are running smoothly, E&P companies can get a more favorable community reaction if a mishap were to occur. Waiting to come out of the woodwork after things go wrong is a PR nightmare Russ says he’d rather not experience. Gastar’s E&P efforts are primarily in the Marcellus shale play, with 74k net acres of lease ownership in northern West Virginia and southwest Pennsylvania. Because it monitors its wells using microseismic technology, it is able to demonstrate hard facts to community leaders and the public that Gastar is being a good steward of the environment. Being proactive also gives an E&P company a voice in how regulations are determined and increases the likelihood that regulations are balanced and not rendered as a result of unfounded hysteria. |
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| Gastar often invites locals to community meetings so they can learn what the company is doing and have the opportunity to ask questions. When the company experienced a minor incident, Russ says its investment in community relations paid off. Instead of criticism, the community embraced Gastar’s quick response to the problem. VP Mike McCown (above, past president of the West Virginia Independent Oil & Gas Association) has been very active in working with the community, building relationships with the governor, the legislators, and other officials. Because he's also a local, people feel a connection to him, Russ says. |
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| Since drilling activity has been a part of the region for more than three years, people are becoming less resistive to E&P operations, Russ says. The industry has gone through some minor moratoriums in some areas, but over time, people are witnessing upticks in tax revenues and employment in the industry and supportive businesses. Lease payments and royalties have warmed public sentiment as well. Gastar has shared the wealth by hiring local people to manage operations in the Marcellus. (Who wouldn't love someone who readily shares their pie?) Russ, who's led Gastar since 2004, says the small cap public company has 22 wells and two rigs running, which are going for wet gas or oil. 2012 will be a very active year as another 20 wells are planned, and analysts project the firm will double production over last year. |
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MEET RENAISSANCE OFFSHORE |
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Renaissance Offshore sent us a snap of their CEO Jeffrey Soine in his office this morning, now that the company is up and running, thanks to a $300M equity commitment from Quantum Energy Partners. Immediately after formation, Renaissance closed on an acquisition of the Ship Shoal 266 field from Union Oil Company of California, a Chevron subsidiary. (It's located approximately 75 miles off the coast of Louisiana with an average water depth of 180 feet.) Jeffrey brings offshore experience to the operation, which will primarily engage in acquiring and redeveloping legacy oil producing properties in the Gulf of Mexico’s shallow waters. He previously served as EVP of the International Business Unit for Woodside Energy, as well as President of Woodside Energy (USA). |
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| TURBINES TO POWER HOMES IN NYC |
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| No matter how old you get, you still like playing with toys in the tub. The first-ever commercially licensed tidal energy project in the US is now underway. Verdant Power is installing 30 Free Flow System turbines along the strait that connects the Long Island Sound with the Atlantic Ocean in New York Harbor, called the The Roosevelt Island Tidal Energy (RITE) project. The turbines are scheduled to be installed by 2015 and will use the flow of the river and tides to generate 1,050 kW of electricity, enough to power 9,500 New York homes. The turbines also will collect environmental impact data on fish and river sediment and provide jobs to a team of technicians who will maintain the equipment. The DOE says as advanced marine and hydrokinetic technologies are developed, water resources could deliver 15% of our nation’s electricity supply by 2030. |
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| BP’S LANDIS TO KEYNOTE WEN EVENT |
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| Our friends at Women’s Energy Network have landed a dynamic duo to headline its biennial charity luncheon in suport of Aid to Victims of Domestic Abuse (AVDA) on April 25 at the Omni Riverway Hotel. BP alternative energy CEO Katrina Landis (above) will serve as the keynote, while ConocoPhillips SVP and general counsel Janet Langford Clark will serve as the honorary chair. Pillsbury counsel and WEN charity lunch chair Gindi Eckel Vincent says AVDA was a natural choice for WEN because it shares in the message of empowering women. She adds that her group looks forward to shattering past fundraising records. Since the lunches began in the 1990s, participation has grown to more than 300 attendees and funds raised have exceeded $100k per event. |
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| Happy Birthday, Boy Scouting of America! On this day in 1910, it was created in the US a few years after Sir Robert Baden-Powell started it in the UK. Email photos and story ideas to greg.miller@bisnow.com. |
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This newsletter is a journalistic news source which accepts no payment for featured interviews. It is supported by conventional advertisers clearly identified in the right hand column. You have been selected to receive it either through prior contact or professional association. If you have received it in error, please accept our apologies and unsubscribe at bottom of the newsletter. © 2010, Bisnow on Business, Inc., 1817 M St., NW, Washington, DC 20036. All rights reserved. |
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