Adviser

Chesapeake Energy Corp. has sold a five-year volumetric production payment (VPP) to an affiliate of Barclays Bank PLC for proceeds of $1.15 billion related to its production from the Barnett Shale of North Texas, the company said Monday.

Stricter emissions standards for marine vessels make natural gas a more attractive fuel choice, Guy Caruso, an adviser to the Center for Strategic & International Studies’ energy and national security program, told the Natural Gas Roundtable in Washington, DC, recently.

Stricter emissions standards for marine vessels make natural gas a more attractive fuel choice, Guy Caruso, an adviser to the Center for Strategic & International Studies’ energy and national security program, told the Natural Gas Roundtable in Washington, DC, recently.

With the sale of mature oil-producing properties in east central and southern Alberta to Harvest Energy Trust for US$395 million, EnCana Corp. said Thursday it has completed the first tranche of asset sales that it announced following the completion of its merger with Tom Brown in April. The company now plans to sell additional assets over the next 12 months representing another 15,000-35,000 boe/d of production.

Former energy industry and utility senior executive and unpaid adviser to the governor, Michael Peevey, was confirmed for a six-year appointment to the California Public Utilities Commission (CPUC) on a 32-3 vote of the 40-member state Senate. Governor Gray Davis reappointed Peevey to the regulatory commission on Dec. 31, 2002, designating him as president.

The State of Alaska has hired Petrie Parkman & Co. of Denver to act as a financial adviser to evaluate the state’s potential participation in owning an interest in or financing a North Slope natural gas pipeline project. Alaska Gov. Tony Knowles has proposed federal legislation that would mandate a natural gas pipeline along the Alaska Highway, and called for federal tax incentives to enable companies to bring North Slope gas to market. Petrie Parkman will assist the Alaska commissioner of revenue in preparing a comprehensive report addressing options for and analysis of the state’s potential participation in a gas pipe project. The assistance was provided under the authority of Alaska’s Senate Bill 158. The report, when completed, would be presented to the governor and the state legislature and would include an examination of each of the announced North Slope pipe proposals. The report also would analyze whether and how the state could take an equity ownership or other financial interest in the project.

The State of Alaska has hired Petrie Parkman & Co. of Denver to act as a financial adviser to evaluate the state’s potential participation in owning an interest in or financing a North Slope natural gas pipeline project. Last week, Alaska Gov. Tony Knowles proposed federal legislation that would mandate a natural gas pipeline along the Alaska Highway, and called for federal tax incentives to enable companies to bring North Slope gas to market (see Daily GPI, Sept. 4).

Merrill Lynch has been hired to serve as Avista Labs’ investmentbank and strategic adviser to evaluate the best ways to maximizethe shareholder value of its fuel cell technology. Avista Corp. ofSpokane, WA made the announcement yesterday, and said that MerrillLynch will “consider all possible options, including financialrestructuring and an initial public offering.” Avista Labs recentlyreceived a comprehensive patent securing the exclusive modulardesign of its PEM fuel cell system, a “plug and play” feature thatallows fuel cell cartridges to be easily removed and replacedwithout interrupting power. The Labs arm of Avista Corp. is a jointdevelopment agreement with UOP to integrate its fuel cell with thenatural gas and propane fuel processor systems of UOP. Later thisyear, field testing will begin for the integrated units of UOP.Currently, Avista Labs is testing its fuel cell subracks in severallocations across the country, including Arizona Public Service inPhoenix, the Fuel Cell Test and Evaluation Center in Johnstown,PA., Tyndall Air Force Base in Panama City, FL, and as back-uppower within the Avista Utilities service territory in the PacificNorthwest.