Acknowledging that Nova Scotia has work to do if its waters are to ever be considered a world class attraction for exploration and production companies, the regulator of the province’s offshore petroleum industry announced changes to make the region more enticing.
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Nova Scotia Offshore to be Friendlier to Exploration, Says Regulator
Acknowledging that Nova Scotia has work to do if its waters are to ever be considered a world class attraction for exploration and production companies, the regulator of the province’s offshore petroleum industry announced changes to make the region more enticing.
BLM Targeted for Focusing on Drilling Permits While WY Wildlife Suffers Sharp Declines
While acknowledging steep declines in the wildlife population around hot drilling areas in Wyoming, the Bureau of Land Management (BLM) said a recent article in The Washington Post that accuses the agency and the Bush administration of turning a blind eye to the environment and to wildlife in the state is “misleading” and contains inaccuracies.
NRC Rebukes PG&E for Handling of Closed Nuke Plant; Utility Prepares Gas Customers
As it prepared for a winter of discontent among retail natural gas customers, Pacific Gas and Electric Co. faced the year’s shortest day Wednesday acknowledging violations and accepting civil penalties handed out by the federal Nuclear Regulatory Commission (NRC) for the giant combination utility’s mishandling of the record-keeping at its long-closed Humboldt Bay Nuclear Power Plant in the far northwest end of California.
NGI The Weekly Gas Market Report
CNOOC ‘Fully Prepared’ for U.S. Review of Unocal Offer; Analysts Expect Chevron to Prevail
Acknowledging concerns about China’s global economic ambitions, the CEO of China National Offshore Oil Corp. (CNOOC) said Friday that the company was “fully prepared” to participate in a U.S. government security review of the unsolicited offer to buy Unocal Corp. for $18.5 billion cash. CEO Fu Chengyu also said CNOOC would discuss selling some Unocal pipeline and storage assets, and consider putting some assets not involved in exploration and production “under American management.”
CNOOC CEO Calls Unocal Offer ‘Friendly,’ but Analysts Expect Chevron to Prevail
Acknowledging concerns about China’s global economic ambitions, the CEO of China National Offshore Oil Corp. (CNOOC) said the unsolicited $18.5 billion cash offer for Unocal Corp. is “friendly,” and said he hopes it will lead to a “consensual transaction.” Meanwhile, financial analysts appear to believe that Chevron Corp., which already has an offer on the table for Unocal, will prevail.
Prices Fall at All Points Along With Heating Load
Acknowledging that most of the recent cold snap was fading except in the Northeast, prices fell across the board Wednesday by major amounts (except for a drop of only a nickel or so at Transco’s non-New York City Zone 6 pool). Although sources said the declines primarily were weather-based, Tuesday’s screen downturn of almost 26 cents also had some influence.
ConocoPhillips CEO Says Current Oil, Gas Prices Not Sustainable
Acknowledging the possibility that a new oil and gas pricing environment could be in the offing, ConocoPhillips CEO Jim Mulva, nevertheless, is betting that current high prices probably are not sustainable. Mulva said the company has decided not to increase its current $6.2 billion a year exploration and production budget.
ConocoPhillips CEO Says Current Oil, Gas Prices Not Sustainable
Acknowledging the possibility that a new oil and gas pricing environment could be in the offing, ConocoPhillips CEO Jim Mulva, nevertheless, is betting that current high prices probably are not sustainable. Mulva said the company has decided not to increase its current $6.2 billion a year exploration and production budget.
CA Attorney General to Take Energy Reform to U.S. Supreme Court
Acknowledging that the energy policy recommendations he released last week are aimed more at federal than state jurisdictions, California’s Attorney General Bill Lockyer Thursday told a state Senate energy committee that he is prepared to continue the legal fight all the way to the U.S. Supreme Court to change what he characterized as “antiquated” federal energy statutes and inadequate FERC enforcement.