Chesapeake Energy Axes Natural Gas Vehicles Team
Chesapeake Energy has let go of its natural gas vehicles team as part of its corporate reorganization, reports The Oklahoman. The seven-member team was in charge of growing the market for the company’s natural gas efforts and the company was a leading voice in pushing for more natural gas vehicles on the road.
The natural gas vehicles team helped grow usage by supporting the construction of compressed natural gas filling stations across the country, reports energy news company Platts in a blog. The company managed a web site, CNGnow.com, which helped owners of natural gas vehicles located CNG fueling stations in their vicinity.
Industry advocates like Natural Gas Vehicles for America told The Oklahoman that Chesapeake was a key voice for the industry, but that its growth will continue as others step in and take over the company’s role.
Chesapeake did not explain the reasons behind its restructuring decisions, but the company has been undergoing major changes since its previous CEO left and the current CEO Doug Lawler was brought on board in May. In August, when he let the COO and three other top officers go, he told Reuters that the reorganization is aimed at making the company more competitive.
In July, Navigant Research published a report that says there’s an urgent need for more natural gas refueling stations as more natural gas vehicles hit the road. The report predicts 40 percent of the stations that will be opened in the next two years will be in North America. By 2020, there will be 30,000 stations worldwide, the report forecasts.
The report says the growth of natural gas vehicles depends on the availability of CNG, and for heavy-duty vehicles, liquefied natural gas (LNG). With the explosive growth in hydraulic fracturing, or fracking, making natural gas cheaper than ever, new pipelines offer increased supply.
Image credit: Chesapeake Energy
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