Canada

The Canada-Nova Scotia Offshore Petroleum Board has approved seismic exploration offshore Cape Breton, but only under strict conditions. The direction to “proceed with caution” means that the first seismic testing may begin late this fall offshore by Hunt Oil Co. and Corridor Resources.

Prompted by overall strength in its various segments and the addition of Centra Gas, British Columbia-based BC Gas Inc. posted earnings of C$105.8 million or C$2.45/share for 2002, compared to earnings of C$84.6 million or C$2.21/share for the same period in 2001.

EnCana Corp. and MGV Energy Inc., the Canadian subsidiary of Quicksilver Resources Inc., are calling it quits on a joint coalbed methane (CBM) venture that to date has successfully drilled 175 wells in southern Alberta.

EnCana Corp. and MGV Energy Inc., the Canadian subsidiary of Quicksilver Resources Inc., are calling it quits on a joint coalbed methane (CBM) venture that to date has successfully drilled 175 wells in southern Alberta.

Canada’s Talisman Energy Inc. said it expects substantial cash flow and earnings from the $250 million in natural gas properties, production and facilities that subsidiary Fortuna Energy Inc. has acquired in northern New York State. The subsidiary has amassed 400,000 net acres of land in the Watkins Glen area with current production of 65 MMcf/d. Fortuna plans to spend $45 million in 2003, drilling up to 10 wells, shooting seismic and adding to existing infrastructure.

Westcoast Energy, a Duke Energy subsidiary, received approval from Canada’s National Energy Board (NEB) to expand its Southern Mainline gas pipeline system in British Columbia by adding 34 miles of 42-inch diameter pipe in six looping segments along with some compression upgrades. The C$270 million project will add about 200 MMcf/d of capacity to the system by Nov. 1.

Canada’s Talisman Energy Inc. said it expects substantial cash flow and earnings from the $250 million in natural gas properties, production and facilities that subsidiary Fortuna Energy Inc. has acquired in northern New York State. The subsidiary has amassed 400,000 net acres of land in the Watkins Glen area with current production of 65 MMcf/d. Fortuna plans to spend $45 million in 2003, drilling up to 10 wells, shooting seismic and adding to existing infrastructure.

Westcoast Energy, a Duke Energy subsidiary, received approval from Canada’s National Energy Board (NEB) to expand its Southern Mainline gas pipeline system in British Columbia by adding 34 miles of 42-inch diameter pipe in six looping segments along with some compression upgrades. The C$270 million project will add about 200 MMcf/d of capacity to the system by Nov. 1.

With Canada and much of the northern U.S. experiencing deep-freeze low temperatures and a more-of-the-same outlook for Wednesday, the market continued to eke out small, single-digit gains at most points Tuesday.