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Industry Briefs

Industry Briefs

Consolidated Edison and Orange and Rockland Utilities passed a milestone on their way to merging with approval of the transaction Friday by the New York Public Service Commission (NYPSC). The merger also has been approved by the New Jersey and Pennsylvania regulators and FERC. Con Ed plans to acquire all O&R's common stock for $58.50 per share, or about $790 million. O&R will become a wholly-owned subsidiary of Consolidated Edison and will continue to operate as a separate company. The utilities are awaiting the approval of the Securities and Exchange Commission and completion of the Hart-Scott-Rodino Act review by the U.S. Department of Justice and expect to close the transaction by next month.

Denver-based Gulf Canada Resources' new, 100% owned gas processing plant in the Steen area of northwestern Alberta is fully operational and was flowing 33 MMcf/d of gas from three wells at the end of the first quarter. Another well will begin production shortly, and two additional wells can be tied in next winter. The Steen plant, which is about 25 miles below the northern border of Alberta, began operations March 26, two months ahead of schedule. Gulf has drilled eight successful wells surrounding the plant site. At year-end 1998 the company had booked 72 Bcf of proved gas reserves. In addition, Gulf has drilled two nearby discoveries that will add more production capability and reserves and has identified up to ten additional winter 1999-2000 drilling locations. The plant is expected to produce about 30 MMcf/d but can be expanded.

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