Conducted

A new western natural gas forecast is expected to be conducted by the California Energy Commission (CEC) for the Western Governors Association, which will be holding a three-day North American Energy Summit later this week in Albuquerque, NM.

The Department of Interior’s Minerals Management Service said that a sale it recently conducted sold more than 379,000 MMBtu of royalty-in-kind (RIK) gas produced from federal leases in the Gulf of Mexico. Seven companies purchased the gas during a winter heating season sale.

The Department of Interior’s Minerals Management Service said that a sale it recently conducted sold more than 379,000 MMBtu of royalty-in-kind (RIK) gas produced from federal leases in the Gulf of Mexico. Seven companies purchased the gas during a winter heating season sale.

McMoRan Exploration Co. announced Thursday that it has conducted a successful production test on its South Marsh Island Block 223 exploratory well — referred to as “JB Mountain” — located in the shallows of the Gulf of Mexico. The test indicated a flow rate of 14.25 MMcf/d of gas and 1,056 b/d of condensate.

Despite the Alaskan gas pipeline project being deemed uneconomic at the end of a study conducted by BP, ExxonMobil and ConocoPhillips, David Welch, BP president of Alaska-Canada Gas, said Thursday the company’s new fiscal package could not only make the project viable, but more importantly, could get it up and running by the end of 2011 if the energy bill goes through this year.

Despite the Alaskan gas pipeline project being deemed uneconomic at the end of a study conducted by BP, ExxonMobil and ConocoPhillips, David Welch, BP president of Alaska-Canada Gas, said Thursday the company’s new fiscal package could not only make the project viable, but more importantly, could get it up and running by the end of 2011 if the energy bill goes through this year.

IntercontinentalExchange (ICE) said it is conducting an internal investigation into a report by Duke Energy on Tuesday that it conducted 23 round-trip trades on the electronic trading system. ICE said that as a part of its investigation it will consider whether enhanced internal procedures are necessary to ensure the orderly, efficient and fair markets that customers expect. Duke told the Securities and Exchange Commission the transactions “had the apparent purpose of increasing volumes” on ICE and increased its revenues by $127 million in 2001, or about 0.25% of its $51 billion in gross revenue from gas and electricity trading and marketing last year (see Daily GPI, July 17). Duke is one of 13 equity owners in ICE.

IntercontinentalExchange (ICE) said it is conducting an internal investigation into a report by Duke Energy on Tuesday that it conducted 23 round-trip trades on the electronic trading system. ICE said that as a part of its investigation it will consider whether enhanced internal procedures are necessary to ensure the orderly, efficient and fair markets that customers expect. Duke told the Securities and Exchange Commission the transactions “had the apparent purpose of increasing volumes” on ICE and increased its revenues by $127 million in 2001, or about 0.25% of its $51 billion in gross revenue from gas and electricity trading and marketing last year (see Daily GPI, July 17). Duke is one of 13 equity owners in ICE.

The Vinson & Elkins investigation of Enron employee Sherron Watkins’ allegations of accounting improprieties was conducted by two of the law firm’s partners who had minimal accounting background and no help from associates or consulting accountants, testimony revealed last Thursday at a House Energy and Commerce subcommittee hearing.