Energy Business Review: FirstEnergy Conducts Study, Shell Optimistic About Iraq Field

FirstEnergy Corp. (NYSE:FE) is conducting an organizational evaluation “aligned to best meet the challenges of the continued weak economy”, which will include the elimination of some 200 jobs. The firm also anticipates additional workforce reductions during all of next year.

Don’t Miss: Blackstone’s $2 Billion Acquisition.

Royal Dutch Shell (NYSE:RDSA)(NYSE:RDSB) expects that its Majnoon oil field in Iraq will meet its 175,000 barrels per day output target by the end of 2012, even though a series of setbacks have impacted its development. This particular production level is required if Shell is to recover its costs under its arrangement with the Iraqi oil ministry.

Memorial Production Partners LP (NASDAQ:MEMP) will purchase east Texas oil and gas properties from Goodrich Petroleum Corporation (NYSE:GDP) at a price of $95 million. Net proved reserves of approximately 139 Bcfe are estimated, with 22 percent proved developed reserves. The current net output is around 2.6 million Mcfe per day. With this move, Memorial also raises its borrowing base to $380 million.

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