Attract

Natural gas pipeline owner Williams Cos. moved into the financial win column in the fourth quarter of 2004 due in part to a gain associated with an insurance arbitration award and reduced debt levels.

Mexico’s strategy to attract private energy companies appears to be working, especially for the oilfield services market, according to officials meeting last week at the Offshore Technology Conference in Houston.

Mexico’s strategy to attract private energy companies appears to be working, especially for the oilfield services market, according to officials at the Offshore Technology Conference, which opened Monday in Houston.

After failing to attract any bids on two Burgos Basin blocks, Petroleos Mexicanos (Pemex) said two international groups are competing to develop non-associated natural gas reserves in the Fronterizo, one of the basin’s smaller blocks.

After failing to attract any bids on two Burgos Basin blocks, Petroleos Mexicanos (Pemex) said two international groups are competing to develop non-associated natural gas reserves in the Fronterizo, one of the basin’s smaller blocks.

No companies offered bids to explore Mexico’s Corindon-Pandura natural gas block in the Burgos Basin, and a spokesman for Petroleos Mexicanos (Pemex) said Wednesday that it would consider whether to open a new bid process or assign it to a specific company.

After a mid-morning rally failed to attract much additional buying, natural gas futures ground lower Tuesday as traders managed to look past the hurricane bearing down on the Texas coast to focus on an improving supply situation. August futures closed at $5.02, down 8.2 cents for the session and 18 cents off its morning top. At 78,773, estimated volume was healthier than it has been lately, adding credence to the move lower.

El Paso Corp.’s Wyoming Interstate Company (WIC) said there is insufficient demand for it to move forward with its flow reversal and expansion project, which would have brought as much as 550,000 Dth/d of Powder River Basin production to Kanda, WY, and to Kern River Gas Transmission at the Opal Hub from the Cheyenne Hub in northern Colorado.

After a quick check to the downside failed to attract much profit-taking, natural gas futures continued higher Tuesday amid waves of local short covering and speculative trader new long accumulation. With that the June contract rebounded easily back above the $6.00 level, advancing 32.5 cents to close at $6.308.