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Industry Briefs

Industry Briefs

Nevada Energy Inc. signed an offer to purchase from Consolidated Beacon Resources Ltd. two separate onshore exploration agreements covering a combined total area of about 82,000 net hectares northwest of Truro, Nova Scotia. Nevada will have a 75% working interest in 27,970 gross hectares and a 100% working interest in 60,936 gross hectares and will be the operator. The agreements require the operator to expend capital to fulfil the earning requirements under the terms of the work programs as required by the Nova Scotia Petroleum Directorate. Significant offshore gas tests have been documented in the 5 MMcf/d range with established oil and gas production of 4 MMBoe realized at the onshore Stoney Creek Field within the same depositional basin about 78 miles northwest of the lands.

Citing a continued upturn in the area's economy that has led to new business growth, Consolidated Edison of New York electricity use by its three million customers in New York City and Westchester County will reach new heights this summer.

If summer's heat and humidity reach levels the company has planned for, a new record peak demand of 11,650 MW could occur, which would surpass the previous record of 11,013 megawatts set on July 15, 1997, by 637 MW. The entire borough of Staten Island, for example, would be expected to use about 500 megawatts during a peak period.

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