Don’t hold your breath waiting for a revised plan from EnCana Corp. on its stalled Deep Panuke natural gas project offshore Nova Scotia. After notifying provincial authorities in December it would submit a new plan in six months, EnCana now estimates it could take up to a year as it works on ways to make the offshore discovery economical. Panuke originally was estimated to hold 1 Tcf of gas and was expected to produce 400 MMcf/d.
2004
Articles from 2004
Canadian Ambassador Balks at Price Floor Proposal in Revised Senate Energy Bill
Canadian Ambassador Michael Kergin said last week that he was “disappointed” the revised U.S. Senate energy bill has “resuscitated” a proposed price floor to encourage the construction of a 3,600-mile natural gas transportation pipeline from the North Slope to the Lower 48 states. He should be happy to learn then that the shelf life of the proposed subsidy will be short.
March 1, 2004
Software Glitch Shuts Down Nymex ; 172 Bcf Draw Seen as Non-Event
As with every other non-expiration day at Nymex, Thursday’s daily natural gas settlement prices were calculated using a weighted average of the final two minutes of trading. What sets Thursday apart from every other day in the commodity’s 13-year history is that this decisive two-minute trading window took place from 11:28 to 11:30 a.m. EST.
February 20, 2004
CPUC to Abandon Outdated SoCalGas Unbundling Settlement
A California regulator late Thursday proposed that the state regulatory commission abandon the long-standing, now outdated, Southern California Gas Co. unbundling settlement for its in-state transmission pipeline and storage system.
February 17, 2004
FERC Proposes Generic Standards for Assessing Shippers’ Credit Risks
The Federal Energy Regulatory Commission voted out a proposed rule last Wednesday that signals a major shift in how interstate natural gas pipelines will determine their shippers’ creditworthiness in the future.
February 16, 2004
Regulated Energy Firms Must Report Financials to FERC Each Quarter
FERC, in a final rule issued Wednesday, imposed new quarterly financial reporting requirements on natural gas and electric companies, and on oil pipeline companies to keep closer tabs on the energy industry.
February 12, 2004
Pacific Northwest Study: Construction, Annual Costs for Gas Pipes About Half Power Line Costs
The capital costs to construct natural gas pipelines are about half of those required to build electric transmission wires, according to a joint study by the Bonneville Power Administration (BPA) and the Northwest Gas Association (NGA). Gas pipes have lower costs per energy unit delivered and total annual costs as well, it said.
February 11, 2004
TECO Energy Pulls Plug on Ownership of Arizona, Arkansas Power Plants
TECO Energy last Thursday said that it has decided to drop out of the 2,145 MW Gila River power station in Arizona and the 2,200 MW Union Power Station in Arkansas and will cease funding the plants. As a result, the company will record an after-tax impairment charge of up to $780 million.
February 9, 2004
FERC Sticks with Decision to Nix ROFR Term Cap
FERC has upheld an October 2002 decision eliminating the contract term limit for existing pipeline shippers who exercise their rights of first refusal (ROFR) to retain transportation capacity under contracts that are due to expire in the near term.
February 9, 2004
Producers Post Record Earnings, Declining Gas Production
In yet another record year that was spurred by its upstream operations, ExxonMobil Corp. boosted its fourth quarter income 63% over a year ago, reporting $6.65 billion ($1.01/share), an increase of $2.56 billion year-over-year. Excluding still-lingering merger effects, discontinued operations and special items, ExxonMobil’s earnings were up $630 million from 4Q2002.
February 2, 2004
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