IntercontinentalExchange (ICE) said it is conducting an internal investigation into a report by Duke Energy on Tuesday that it conducted 23 round-trip trades on the electronic trading system. ICE said that as a part of its investigation it will consider whether enhanced internal procedures are necessary to ensure the orderly, efficient and fair markets that customers expect. Duke told the Securities and Exchange Commission the transactions “had the apparent purpose of increasing volumes” on ICE and increased its revenues by $127 million in 2001, or about 0.25% of its $51 billion in gross revenue from gas and electricity trading and marketing last year (see Daily GPI, July 17). Duke is one of 13 equity owners in ICE.
Dominion Exploration and Production Inc. said its West Cameron 100 No. 2 well encountered 155 feet of gas pay, an increase compared to the 140 net feet of gas pay found in the discovery well. The two wells have been completed and flow tested at rates of 20-25 MMcf/d. Potential reserves for the field are estimated at 100-150 Bcfe, making this field a significant shelf discovery. A production platform and facilities with a design capacity of 80 MMcf/d will be installed in late July. Production is scheduled to commence during September.
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