BP reports gas bonanza
BP recorded high production of shale gas on land it bought from a US shale driller two years ago, the Oil & Gas Journal reported on Monday. It said the well, which achieved an average 30-day initial production rate of 12.9 million cubic feet of gas per day, is located in San Juan County in New Mexico. The journal quoted Dave Lawler, chief executive officer of BP’s US Lower 48 onshore business, saying the result gave his company confidence to pursue additional development of the shale, which BP believes could become one of the leading shale plays in the United States. BP acquired the well from Devon Energy Corp in late 2015, which expanded BP’s existing position in the area, known as the San Juan basin, and provided better access to its shale.