1970

Irving Oil Ltd., which has operated the deepwater terminal Irving Canaport in New Brunswick since 1970, has applied for a permit to add a liquefied natural gas (LNG) terminal to the site, located about 60 miles from the U.S. border. The proposed project, which would cost about C$500 million to construct, would give Canaport, which has a current total tank capacity of 12.5 MMbbl, the ability to receive LNG cargoes and vaporize the LNG for send-out over the pipeline grid.

Assuming that weather conditions stay consistent with the 1970-1999 average, and oil prices continue to moderate, Energy and Environmental Analysis Inc. (EEA) expects natural gas prices at the Henry Hub to average $3.28/MMBtu this month and $3.07/MMBtu for the remainder of the 2001 gas storage injection season. The research firm said it expects working gas in storage to reach 3.2 Tcf by the start of the winter heating season, higher than the 3.03 Tcf in 1999 and 2.66 Tcf in 2000.

Assuming that weather conditions stay consistent with the 1970-1999 average, and oil prices continue to moderate, Energy and Environmental Analysis Inc. (EEA) expects natural gas prices at the Henry Hub for July to average $3.28/MMBtu, and $3.07/MMBtu for the remainder of the 2001 gas storage injection season. The research firm said it expects working gas in storage to reach 3.2 Tcf by the start of the winter heating season, higher than the 3.03 Tcf in 1999 and 2.66 Tcf in 2000.