Advantage

Taking advantage of continuing high natural gas prices, Williams said Tuesday it will boost its exploration and production (E&P) spending next year by 26% to not only increase production, but also bulk up probable and possible oil and gas reserves, which are now estimated at more than 4 Tcf.

Taking advantage of continuing high natural gas prices, Williams said Tuesday it will boost its exploration and production (E&P) spending next year by 26% to not only increase production, but also bulk up probable and possible oil and gas reserves, which are now estimated at more than 4 Tcf.

Taking advantage of continuing high natural gas prices, Williams said Tuesday it will boost its exploration and production (E&P) spending next year by 26% to not only increase production, but also bulk up probable and possible oil and gas reserves, which are now estimated at more than 4 Tcf.

Houston-based EnerSea Transport LLC, a player claiming a technological advantage in the budding compressed natural gas (CNG) oceanic transportation and storage business, announced Tuesday it was forming a strategic partnership with Tanker Pacific in the development of what EnerSea envisions as a portfolio of niche natural gas transportation and storage projects that can both complement and compete with liquefied natural gas (LNG).

Canada’s largest integrated oil and natural gas company, Imperial Oil Ltd, failed to take advantage of record commodity prices in the second quarter, with profit falling 12%. The country’s number two integrated, Shell Canada, reported a huge earnings drop in its exploration and production (E&P) segment, but results were boosted with the ramp up of the Athabasca oil sands project in Alberta.

In a bold move to improve its competitive advantage, ChevronTexaco Corp. said last week it would sell some of its non-strategic U.S. assets, cut up to 200 U.S. jobs, consolidate several U.S. offices and consider whether to sell some of its producing and midstream assets in western Canada. The program, which only targets North American operations, is expected to be completed in 2004.

In a bold move to improve its competitive advantage, ChevronTexaco will sell some of its non-strategic U.S. assets, cut up to 200 U.S. jobs, consolidate several U.S. offices and consider whether to sell some of its producing and midstream assets in western Canada. The program, which only targets North American operations, is expected to be completed in 2004.

Infrastructure is key to siting new liquefied natural gas (LNG) facilities, which will give the Gulf Coast the advantage over any of the other proposed sites in the United States, a BG Group executive said Tuesday.

Taking advantage of significant storage and transportation capacity and natural gas price volatility, Oneok’s marketing and trading unit more than doubled operating income in 2002 over 2001, contributing to the company’s 2002 earnings of $166.6 million, or $1.39 per diluted share of common stock compared with $101.6 million, or 85 cents per diluted share for the previous year.