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Industry Briefs

Industry Briefs

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 program.

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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