Range Resources said it increased its natural gas hedge position, adding natural gas swaps in 2007 and 2008. The 2007 natural gas swaps average $9.34 per MMBtu, with the 2008 swaps averaging $9.42. To a lesser degree, additional natural gas collars were added in the third and fourth quarters of 2006. "With approximately 80% of Range's reserves being natural gas, we have locked in outstanding prices on a significant portion of our production for the remainder of 2006 and for all of 2007 and 2008," said CEO John H. Pinkerton. "With 15% production growth targeted for 2006 and 2007 combined with the attractive hedge prices, we anticipate generating record financial results. Importantly, the increased hedge position will allow us to aggressively pursue our growth strategy while continuing to build our financial strength."
Washington Group International Inc. has formed a co-venture with UK-based Whessoe Oil & Gas Limited to provide engineering, procurement and construction services for liquefied natural gas (LNG) tanks, receiving terminals and peak shaving (storage) facilities in the United States and at select locations internationally. "The co-venture will offer a consistent, integrated, single-source delivery solution to potential clients," said Jon Dale, managing director of Whessoe Oil & Gas Ltd, "allowing them to benefit from the combined experience of our team. Ultimately this provides increased project delivery confidence and will serve to lower our client's delivery risk." Whessoe is a specialist engineering, procurement, and construction contractor in the cryogenic and low-temperature gas industry.
The Maritime Administration (MARAD) and the U.S. Coast Guard issued a notice in the Federal Register requesting comments on a draft environmental impact statement (DEIS) on Suez's proposed Neptune liquefied natural gas (LNG) deepwater port, which would be located about eight miles southeast of Gloucester, MA and 22 miles northeast of Boston. The project would include a subsea pipeline and a submerged buoy system that would surface to connect two cargo ships with onboard regasification. The 11-mile, 24-inch diameter pipeline would bring an average of 500 MMcf/d of regasified LNG to a connection with Algonquin's HubLine pipeline in Boston Harbor. Construction would take about three years with commercial operation expected in 2009. The DEIS stated that using one pipeline system for the Neptune project and the competing Northeast Gateway offshore LNG project, sponsored by Excelerate Energy, would reduce the environmental impacts of both projects. The agencies considered the impacts of three proposed LNG import terminals: Neptune, Northeast Gateway and AES Battery Rock, which would be built on an island near the entrance to Boston Harbor. Public meetings on the Neptune DEIS will be held later this month in Massachusetts. For more information, go to MARAD's website at http://www.marad.dot.gov/dwp/index.asp.
The Georgia Public Service Commission approved retail marketing certificates for MxEnergy Inc. of Stamford, CT, and Dominion Retail Inc. of Richmond, VA, for participation in Atlanta Gas Light's service territory. MxEnergy Inc. received a certificate with plans to purchase the customers currently receiving service from Shell. MxEnergy is supplying gas to customers in 10 states but most of its customers are located in Michigan, New York, New Jersey and Ohio. Dominion Retail is currently supplying gas to customers in Illinois, Pennsylvania and Ohio. With the addition of the two new marketers, there are 12 certificated natural gas marketers in the Atlanta Gas Light delivery area.
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