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Briefs

Briefs

Gulf Canada Resources said it closed on a 50-50 partnership agreement with KeySpan Energy for the operation of its natural gas midstream business in western Canada. Cash consideration paid by KeySpan was $290 million (US$189 million) to Gulf plus a $100 million (US$65 million) loan to the partnership. The cash will offset significant charges Gulf took during the third quarter primarily related to crude oil asset write-downs.

CNG's exploration and production subsidiary, CNG Producing Co., announced the three-platform, eight-well complex being built in the Main Pass area of the Gulf of Mexico will handle an initial deliverability of 240 MMcf of gas and 20,000 barrels of condensate once fully operational. The company also announced that natural gas started flowing at the two-deck, four-pile "Nemo" platform, located at Main Pass 279. CNG owns 100% interest in platform. Nautilus, the three-deck, four-pile drilling and production platform located at Main Pass 281, is expected to be in production around the end of January. CNG owns 68.5% of Nautilus, which is the predominant platform in the complex.

Con Edison Solutions, the energy services and supply subsidiary of Consolidated Edison, Inc., unveiled a suite of services intended to help business compete by managing energy resources called the TERM program. The suite is composed of services that help businesses manage energy casts and improve energy environment by evaluating energy needs, usage patterns, infrastructure, and equipment on a site-specific basis. TERM services fall into four categories: Energy Management &amp Information Solutions, Business Environment Solutions, Energy Reliability Solutions, and Energy Assessment Solutions.

Houston Industries Wholesale Energy Group signed a 10-year contract to supply up to 50 Bcf of gas to LGS Natural Gas, an affiliate of Louisiana Gas Service Co., the largest distributor in the state. The contract could bring in over $100 million. The gas will be delivered by Houston Industries interstate pipeline, Noram Gas Transmission, to a connection with LGS in West Monroe, LA.

FERC gave the go-ahead for Transwestern Pipeline to sell about 118 miles of small- diameter lateral pipelines to KN Interstate Gas Transmission (KNI) at an estimated book value of $9.6 million.The facilities include the Lipscomb Mocane, Delhi Feldman/Leedy and Feldman laterals, which are located on the eastern end of Transwestern's system in Oklahoma and Texas. The laterals are no longer an integral part of Transwestern's system, the pipeline told FERC. KNI estimated that the facilities, which are already interconnected with its Buffalo Wallow system, will provide the capability to receive and deliver 65 MMcf/d of gas on a firm basis from producers and shippers in the Anadarko region.

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