Growth lies ahead for the North American gas industry as do anumber of risks and challenges, according to the just released”North American Natural Gas Trends 2000,” a joint report of ArthurAndersen and Cambridge Energy Research Associates (CERA).
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Vastar Earnings Up 56%, Reserves Up 170%
“1999 was a very good year for Vastar,” according to VastarResources President Charles D. Davidson, who had the numbers toback up the boast: a 56% increase in earnings over 1998, along witha 170% replacement of reserves.
3Q 1999 Saw Big Jump in LNG Imports
The role of liquefied natural gas (LNG) in the U.S. gas supplymix continues to grow as 1999’s third quarter saw a significantpercentage jump in LNG imports. According to the U.S. Department ofEnergy’s Office of Natural Gas & Petroleum Import and ExportActivities, total gas imports grew by 15% over the third quarter of1998 while LNG imports were up a strong 221% over the same period.A 10% rise in Canadian imports and a 154% rise in Mexican importswere also noted. At the same time, U.S. exports of gas to Mexicogrew by 41%.
TRC Commissioner Touts TX Gas
Texas stands to play a larger role in meeting the nation’sdemand for natural gas, according to one member of the TexasRailroad Commission. After reviewing a report by the NationalPetroleum Council titled “Meeting the Challenges of the Nation’sGrowing Natural Gas Demand,” TRC Commissioner Tony Garza said hesaw opportunities for the state.
Andersen Survey sees U.S. Solidly in Independents’ Camp
According to a survey completed last month, most exploration andproduction companies expect steadily rising U.S. oil and gas demandand continued strong prices will lead to increased capital spendingnext year. That’s one finding of Arthur Andersen’s 12th annual U.S.Oil & Gas Industry Outlook Survey.
PG&E Gas Transmission Scouts Sale of TX Assets
PG&E Corp. is exploring the possibility of selling itsTexas-based natural gas pipeline, processing and liquids assets,according to an 8-K form filed at the Securities and ExchangeCommission last week.
PG&E Gas Transmission Scouts Sale of TX Assets
PG&E Corp. is exploring the possibility of selling itsTexas-based natural gas pipeline, processing and liquids assets,according to an 8-K form filed at the Securities and ExchangeCommission yesterday.
CA Attorney General Vows Closer Scrutiny of Mega-Mergers
The mega-merger candidates in the production industry face anuphill battle in California, according to the state’s attorneygeneral, who promised close scrutiny of their transactions lastweek. With a new study on the causes of a gasoline price spikesthis summer in hand, Attorney General Bill Lockyer said there’s adistinct lack of oil industry competition in the state.
Transportation Notes
Destin Pipeline said Monday it is experiencing excessive watervapor in its receipts. According to the Destin tariff, all gasreceived must contain no more than seven pounds of water vapor per1 million cubic feet of gas and no free water. Operators were askedto check their equipment to make sure it is in proper workingorder. Destin said it is gathering data on various locations, andany producer found in violation of the water vapor spec is subjectto being shut in.
Drilling Deep Pays Off in the Gulf
Deep-water gas production reached 560 MMcf/d in 1998 from only381 MMcf/d the year prior, a 47% increase, according to datareleased yesterday by the Mineral Management Service (MMS). Another311.5 MMcf/d of deep-water gas production is expected to come online this year.