Becoming

Calgary-based Talisman Energy Inc. and Norway’s Statoil ASA have formed a joint venture (JV) to acquire 97,000 net acres of liquids-rich Eagle Ford Shale properties from Enduring Resources for US$1.325 billion, the companies said.

Canadian producers are keeping access to their most hazardous natural gas source, but the path to the drilling target is becoming a tight squeeze past popular resistance and regulatory supervision.

With Tropical Storm Bonnie becoming a potential threat to the Gulf of Mexico, BP plc on Friday said it was suspending relief well activities targeting its blownout Macondo well.

Canadian producers are keeping access to their most hazardous natural gas source, but the path to the drilling target is becoming a tight squeeze past popular resistance and regulatory supervision.

Even with springtime weather becoming more in evidence in nearly all areas as the Easter weekend approaches, prices saw fairly substantive gains at nearly all points Wednesday. The screen breaking a recent losing streak with a 5.7-cent rally Tuesday obviously played a role, but sources suggested several other minor factors that may have combined into an up day for cash.

Even with springtime weather becoming more in evidence in nearly all areas as the Easter weekend approaches, prices saw fairly substantive gains at nearly all points Wednesday. The screen breaking a recent losing streak with a 5.7-cent rally Tuesday obviously played a role, but sources suggested several other minor factors that may have combined into an up day for cash.

Former Iowa utility regulator John Norris is to be sworn in Monday by FERC Chairman Jon Wellinghoff, becoming the newest member of the Federal Energy Regulatory Commission. The Senate confirmed Norris in late December, ending a three-month stalemate over his nomination (see NGI, Jan. 4). Norris, a Democrat, joins Wellinghoff, a Democrat; Commissioner Philip D. Moeller, a Republican; and Commissioner Marc Spitzer, a Republican. One Democrat seat will be vacant. Because the political make-up of the Commission will be evenly split, at least for the time being, the agency in the coming months could be tied on certain energy orders, which would prevent them from being voted out. The White House reportedly is looking at two prominent female state commissioners — Colette D. Honorable, a member of the Arkansas Public Service Commission; and Lauren Azar, a member of the Wisconsin Public Service Commission — to succeed former Commissioner Suedeen Kelly, who left the agency in late December. Norris will finish the term vacated by former FERC Chairman Joseph Kelliher, which expires on June 30, 2012. Norris was a board member and chairman of the Iowa Utilities Board from March 2005 until early 2009. Prior to joining FERC, Norris was chief of staff for Agriculture Secretary Tom Vilsack.

Former Iowa utility regulator John Norris will be sworn in Monday by FERC Chairman Jon Wellinghoff, becoming the newest member of the Federal Energy Regulatory Commission.

Freeze-offs were becoming a very real threat to production Thursday as nearly all of the United States and Canada was experiencing lows in the 30s or below — often much below — that are expected to last into early next week in most cases. Abetted by a 37.2-cent futures gain a day earlier, most of the cash market responded to the onslaught of frigid weather with price spikes that exceeded a dollar in several cases, particularly in the Gulf Coast and Midcontinent.