British

Tractebel LNG North America LLC, the largest supplier of liquefied natural gas (LNG) in the United States, and Oslo, Norway-based Bergesen, one of the world’s leading shipping companies, announced Tuesday the launch of a new 138,000 cubic meter LNG vessel that will begin making deliveries for Tractebel under an exclusive, long-term charter.

The two-year-old Liberal government in British Columbia, setting out to keep a promise to Canadian natural gas producers, has gone to bat for the latest effort to connect some of their hottest drilling targets to markets.

The two-year-old Liberal government in British Columbia, setting out to keep a promise to Canadian natural gas producers, has gone to bat for the latest effort to connect some of their hottest drilling targets to markets.

In responding to a complaint from British Columbia-based Powerex to have its collateral returned, the defunct and bankruptcy-restricted California Power Exchange (Cal-PX) fired back last Tuesday asking FERC to set generic guidelines on the distribution of nearly $1 billion in collateral from about 30 energy merchant sector participants that is held under Cal-PX’s caretaker administration. Cal-PX has made this same request in two other individual collateral cases brought before the Powerex one.

The British Columbia Utilities Commission said Friday that it has approved BC Gas Utility’s application for an increase in the rates it charges for the natural gas commodity. The increase will add approximately 16% to the typical residential customer’s total gas bill, about 6% less than the wholesale cost the distributor believes it may have to pay over the next 12 months.

BC Gas Utility has applied to the British Columbia Utilities Commission for a rate increase that will add approximately 16% to the typical residential customer’s total gas bill, about 6% less than the wholesale cost the distributor believes it may have to pay over the next 12 months.

New energy legislation introduced in British Columbia is expected to save money and improve services for the province’s industry and customers, Energy and Mines Minister Richard Neufeld said Thursday.

British energy giant BP said Tuesday it expects to report a decline in fourth-quarter earnings because of weaker-than-expected performance by its refining and marketing division. The news came a day after BP announced $1.3 billion in asset sales in the North Sea and the Gulf of Mexico. In a brief interim update on fourth quarter financial and operating statistics, BP said U.S. gas price realizations are expected to rise slightly ahead of the change in Henry Hub prices. However, the overall refining, marketing and trading environment deteriorated relative to the third quarter of 2002. Liquids realizations are expected to be broadly in line with last quarter. But chemicals margins are expected to weaken as prices lagged the rise in feedstock costs. Demand remains sluggish, BP said. Hydrocarbon production is expected to be up about 3% and 1.5% for the full year and 4Q, respectively, compared with 2001. North American NGL margins are expected to be slightly lower than in the third quarter. Retail margins are expected to be down from 3Q02 due to seasonal declines compounded by significant crude price increases at year-end. All these financial data, however, are subject to change and may differ considerably from the final numbers that will be reported on Feb.11, BP said.

British energy giant Centrica plc continued its shopping spree in North America Tuesday, announcing it will pay C$128.5 million to purchase the natural gas and power businesses of Atco Ltd., which serves one million Alberta customers.