In Mexico there is no debate about shale gas having potential, but there is an ongoing discussion in the federal government concerning whether to focus on finding out exactly what that potential might be. A relatively new government body, the National Commission for Hydrocarbons (CNH), is pushing other parts of the federal government to pursue a more diversified energy strategy.
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Andrew Fastow, whose ingenious off-the-book transactions as CFO of Enron Corp. enriched him while helping to precipitate one of the biggest corporate collapses in history, has been released to a community corrections facility in Houston until he completes his prison sentence in mid-December, according to the Federal Bureau of Prisons. Fastow, now 49, was facing 98 criminal charges but pleaded guilty to two criminal counts and agreed to testify for the government against his former colleagues (see Daily GPI, Sept. 27, 2006). His key testimony led to the convictions of several Enron executives, most notably founder Kenneth Lay and former CEO Jeffrey Skilling, who were convicted on numerous charges in 2006 (see Daily GPI, May 26, 2006). Skilling, convicted on 19 criminal counts, is scheduled to be released from federal prison in 2030; he is appealing. Lay was convicted on 10 criminal counts, but died before sentencing and the convictions were dismissed. Wife Lea Fastow, also a former Enron employee, served a one-year prison term; she continues to live in Houston with the couple’s two children.
Spread Trading Opportunities Seen; February Gains
February natural gas futures closed higher in a session described as “book-squaring” with traders focused on spread trading with little in the way of any fundamental developments. At the close February posted an advance of 4.1 cents to $4.736 and March added 5.1 cents to $4.743. March crude oil fell 48 cents to $89.11/bbl.
Fracking Services Provider Files to Go Public
Cisco, TX-based Frac Tech Services Inc. has filed with the U.S. Securities and Exchange Commission for an initial public offering of common stock to raise up to $690 million. The company said it intends to apply to list its shares on the New York Stock Exchange.
Marathon Sanctions Two Deepwater GOM Projects
Two deepwater Gulf of Mexico (GOM) development projects, Droshky and Ozona, which initially may book a total of 29 million boe of natural gas and oil proved reserves, will move forward following approval by Marathon Oil Corp.
SEC Pondering Update to Oil, Gas Reserves Bookings
The Securities and Exchange Commission (SEC) may change the rules on how oil and natural gas producers book their reserves — something the industry has requested for several years.
SEC Pondering Update to Oil, Gas Reserves Bookings
The Securities and Exchange Commission (SEC) may change the rules on how oil and natural gas producers book their reserves — something the industry has requested for several years.
Spring Warmer Than Normal, Drought in Southwest, Says NOAA
With energy traders prepared to close the book on winter 2006-2007 weather, attention will now turn to what kind of spring is in store for the United States. According to the National Oceanic and Atmospheric Administration’s (NOAA) 2007 Spring Outlook, April through June is expected to bring above-normal temperatures across a wide area of the country, from the West through the Plains and into the Southeast, while below-normal temperatures are likely for southwest California and Hawaii. The government forecasting firm said the remainder of the country, including the Northeast, Mid-Atlantic and the tip of the Pacific Northwest, have equal chances of above-, near- or below-normal temperatures.
Spring Warmer Than Normal, Drought in Southwest, Says NOAA
With energy traders prepared to close the book on winter 2006-2007 weather, attention will now turn to what kind of spring is in store for the United States. According to the National Oceanic and Atmospheric Administration’s (NOAA) 2007 Spring Outlook, April through June is expected to bring above-normal temperatures across a wide area of the country, from the West through the Plains and into the Southeast, while below-normal temperatures are likely for southwest California and Hawaii. The government forecasting firm said the remainder of the country, including the Northeast, Mid-Atlantic and the tip of the Pacific Northwest, have equal chances of above-, near- or below-normal temperatures.
EnCana Expects to Book 19 Tcf of North American Reserves Over Next 5 Years
With thousands of acres of unconventional natural gas plays across the United States and western Canada, EnCana Corp. expects to book about 19 Tcf in proved reserves over the next five years, CEO Gwyn Morgan said Wednesday.