Consolidated Edison announced it plans to sell two-thirds (5,500MW) of its New York City electric generation plants in an auctionstarting this summer. Its plants will be divided into threebundles. Each bundle will include a major generating facility-theRavenswood Generating Station in Long Island City, the AstoriaGenerating Station in Astoria, or the Arthur Kill Station on StatenIsland-and gas turbine generating facilities in Queens andBrooklyn. The company plans to sell two of the bundles throughauction and retain the remaining bundle, which has not yet beenidentified. It expects to receive authorization from the New YorkState Public Service Commission (PSC) by July 1. The auctionprocess would begin later that month, with the winning bidders tobe announced in January 1999.
Vastar Resources said an exploratory well testing the Calgaryprospect on High Island Block 169 in the Gulf of Mexico shelf areais the company’s seventh gas discovery in its last eight shelfwildcats since last year. Production is expected to begin late inthe fourth quarter. The well reached a depth of 14,530 feet andencountered more than 100 feet of gas pay. It is about 50 mileswest of Galveston, TX, in 53 feet of water. Vastar is the operator,with 75% working interest. Union Oil Company of California, dbaSpirit Energy 76, holds a 25% working interest. Vastar is active in37 key producing fields on the shelf. During 1996 and 1997 thecompany expanded its total shelf lease holdings by 29% to 293blocks, adding nearly 70 blocks through lease sales or acquisitionsfrom other companies.
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