Benefit

The oil and natural gas industry is positioned to lead and benefit from the commercialization of various carbon sequestration strategies, according to a report issued last Thursday by Cambridge, MA-based Emerging Energy Research (EER). The report concludes that there is a potential $30-70 billion annual industry waiting to emerge by 2030 in the carbon capture and storage (CCS) business.

Hundreds of royalty owners in the natural gas-rich Piceance Basin of Garfield, CO, may benefit from a proposed partial settlement of a class action lawsuit brought against Williams Production RMT.

Quicksilver Resources Inc. has increased its position in the emerging Horn River Basin of northeastern British Columbia, which is considered one of the most promising new natural gas shale plays in Canada.

Williams made news both on- and offshore North America last week with two major expansions that would build its natural gas gathering and midstream businesses in both the deepwater Gulf of Mexico (GOM) and in the burgeoning Canadian oil sands.

A dispute over the local economic benefit of a liquefied natural gas (LNG) receiving terminal at the Port of Long Beach has stalled negotiations between Sound Energy Solutions (Mitsubishi, ConocoPhillips) and the City of Long Beach. The city and SES are scheduled to meet Monday, and following those discussions city energy department head Chris Garner will give an oral report to the city council at its meeting Tuesday night, Garner told Daily GPI Friday.

Dispute over the local economic benefit of a liquefied natural gas (LNG) receiving terminal at the Port of Long Beach has stalled negotiations between Sound Energy Solutions (Mitsubishi, ConocoPhillips) and the City of Long Beach.

In an effort to pay down debt, streamline operations and benefit from the advantageous tax regime in the United Kingdom, Kerr-McGee Corp. sold all of its North Sea assets, including 231 million boe of proved reserves, Monday for US$3.5 billion in cash, the assumption of $182 million in abandonment obligations and another $175 million in derivative liabilities.

The California Clean Energy Fund (CalCEF), a $30 million endowed public benefit investment fund created as part of Pacific Gas and Electric Co.’s Chapter 11 settlement with the state, announced Thursday it plans to give $1 million to establish and maintain what it called “the world’s leading university center on energy efficiency” at a still-to-be-determined university campus in northern California.

The exploration and production (E&P) sector will continue to benefit from “very favorable” industry fundaments as the year progresses because of two factors: strong earnings because of high commodity prices that have far outpaced service costs and “attractive” stock valuations, according to a report by Raymond James’ energy analysts.