The Energy Information Administration released its Annual Energy
Review this week chronicling 50 years of changes in the U.S. energy
industry. Fifty years ago the nation was nearly self-sufficient in
petroleum and was a net exporter of natural gas, the report notes.
Now, on the eve of the new century, America imports more than half of
its petroleum and 15% of its natural gas. Gas supply and demand were
in relative balance in the U.S. until the mid-1980s when a
production-consumption gap developed. In 1998, U.S. production was 19
Tcf, consumption was 21 Tcf and imports were 3 Tcf. While the number
of wells producing gas in the U.S. grew 263% over the 50 years, the
average output per well fell by 55%. The report is available at http://www.eia.doe.gov/emeu/aer/ on EIA's web site.
Printed copes will be available later this month from the U.S.
Government Printing Office, (202) 512-1800, or through EIA's National
Energy Information Center, (202) 586-8800.
Looking to spread its presence in the Gulf of Mexico (GOM),
Ocean Energy Inc. (OEI) entered into a drilling agreement with Duke
Energy Hydrocarbons, LLC to jointly develop 13 OEI drilling
prospects in the outer continental shelf. The Duke subsidiary
agreed to participate with up to 50% non-operating working interest
in the program. The two companies anticipate drilling costs will
exceed $40 million for the rest of 1999. All 13 wells will be
spudded during the second half of 1999.
A joint venture of Venus Exploration Inc. and EXCO Resources
Inc. has completed a $28.5 million acquisition of Louisiana-based
oil and gas properties from Apache Corp. Venus and EXCO each will
own 50% of the venture and EXCO will be the operator. The
properties are in the Vernon Field of Jackson Parish, LA, which
contains 18 gas wells, producing an aggregate of about 6.5 MMcf/d
net to the interest being acquired by the venture. During the last
half of 1999, the venture expects to begin a multi-well development
KeySpan Energy said it reached a power generation record this
week. On Tuesday, Long Island had a record peak load of 4,590 MW
and a new record consumption of 91,862 MWHs for the day. KeySpan
supplied 74,262 MWHs of Long Island's requirements, which
represents 81% of total demand for the day. For the four-day heat
wave ending July 6, KeySpan produced 254,698 MWHs. This compares to
energy production of 133,618 MWHs for the same period last year-an
increase of 90%. New York City also had a record peak demand of
11,800 MW on July 6. KeySpan's Ravenswood Plant generated 31,850
MWHs, which represented 25.2% of New York City's total demand for
the day. Energy production at Ravenswood for the four-day heat wave
ending July 6 was 118,515 MWHs. This compares to energy production
of 47,059 MWHs for the same period last year-an increase of 152%.
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