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Industry Briefs

Industry Briefs

The New York State Public Service Commission (NYPSC) approved the merger of Consolidated Edison of New York and Orange and Rockland Utilities. NYPSC Chairman Maureen O. Helmer said Consumers will benefit from the strength of the companies' combined management and from merger-related savings over the next five years.

Aquila Energy and Oasis Pipe Line entered into a new type of agreement in which Aquila will market short-term space on Oasis, which runs from the production area around Waha to connections near Houston. The 600-mile line has about a 1 Bcf/d capacity. The two companies are related since Oasis is owned by a triumvirate of El Paso, Dow Hydrocarbons and Aquila Gas Pipeline. Aquila will do all the short-term marketing for Oasis, up to and including one month transactions.

Columbia Natural Resources is buying 43 Bcfe of Appalachian region gas reserves and some gathering assets from The Wiser Oil Co. for $28 million. CNR plans to purchase working interest in 487 natural gas and oil wells, more than 100,000 net acres of developed and undeveloped property and a natural gas gathering system. The assets are located primarily in southeastern Kentucky and central West Virginia. Current production from the acquired assets on a net revenue basis is 8 MMcf/d.

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