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A sharp upward trend in unit operating costs in the shallow waters of the Gulf of Mexico (GOM) has added urgency to operators’ quests to effectively monitor and manage operating costs, according to Ziff Energy Group’s latest benchmarking study.

A sharp upward trend in unit operating costs in the shallow waters of the Gulf of Mexico (GOM) has added urgency to operators’ quests to effectively monitor and manage operating costs, according to Ziff Energy Group’s latest benchmarking study.

In another push for added liquefied natural gas (LNG) imports into North America, a ChevronTexaco (CVX) affiliate on Monday signed a memorandum of understanding (MOU) with Gorgon Joint Venture in Australia for up to two million tons annually of LNG supplies to West Coast markets. Based on the terms of the MOU, the affiliate will enter confidential negotiations with Gorgon Joint Venture, in which CVX will hold the majority interest and act as the operator.

An economic development unit, or “economic conscience” has been added to the California Public Utilities Commission, pushed by anxious state officials who are wrestling with a $35 billion budget deficit and a stagnated economy. Regulation in the energy, water and telecommunications sectors is viewed as a key to economic recovery by both California’s governor and the former utility executive/economist he picked to head the CPUC this year.

In another case inspired by the added information flowing from ongoing federal and state investigations, Reliant Energy and others were targeted last week in a Los Angeles law firm’s class action lawsuit , alleging a “massive conspiracy” to manipulate wholesale natural gas prices through bankrupt Enron Corp.’s now-defunct online energy trading operation.

UBS Warburg analyst Ronald J. Barone added 25-65 cents/MMBtu to his natural gas price projections for 2003, 2004 and 2005 on Tuesday, citing 10 bullish factors, including steep declines in wellhead deliverability, higher crude oil prices, an improving economy and expectations for normal temperatures.

UBS Warburg analyst Ronald J. Barone added 25-65 cents/MMBtu to his natural gas price projections for 2003, 2004 and 2005 on Tuesday, citing 10 bullish factors, including steep declines in wellhead deliverability, higher crude oil prices, an improving economy and expectations for normal temperatures.

XTO Energy Inc. has added another 29 MMcf/d to its current production base after completing the acquisition of some coalbed methane (CBM) properties in southwestern Colorado.

Westar Energy added yet another investigation to its already long list, disclosing in its 10-Q filing Thursday that the Securities and Exchange Commission (SEC) intends to take a closer look at the restatement of the company’s first and second quarter financial results. The company said earlier this month it will restate its quarterly financials to reflect an additional impairment (a charge of $93 million) at Protection One Inc., a home security company in which the Topeka, KS-based company owns an 88% stake (see Power Market Today, Nov. 4). The charge increased its first-half loss to $737.1 million, or $10.31 a share, Westar said.