Producers and field contractors are lining up to confirm that the Canadian natural gas industry is sprouting a new growth arm in coalbed methane (CBM). Ensign Group, the second-biggest Canadian drilling contractor after Precision Drilling, underscored the rising expectations by ordering 10 new rigs especially suited for rapidly harvesting shallow coal seams.
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Williams Sells Kern River to MidAmerican for $960 Million in Cash, Debt
In an effort to restore its financial strength and confirm its investment grade credit rating, The Williams Companies has agreed to sell Kern River Gas Transmission and 1.47 million shares of convertible preferred stock (each convertible to 10 WMB common shares) to Berkshire Hathaway subsidiary MidAmerican Energy Holdings Co.
Prices Plummet on Full Storage, Mild Weather, Nymex Fall
Cash prices plummeted more than 30 cents at some points in the Rocky Mountain region Monday as western pipelines remained packed with gas, and maintenance reduced transportation out of the region. Late reports showed spot price lows in the $1.20s at Opal, WY after averaging in the $1.80s on Friday. Fifty-cent ranges were common throughout the Rockies.
Pepco Eyes Conectiv, WSJ Reports
Officials at Potomac Electric Power Co. (Pepco) would notconfirm nor deny a report in The Wall Street Journal last week thatPepco has made an offer to buy Delaware-based Conectiv Inc. for $2billion in cash and stock. A spokesman said it might be a good ideato check back with the Washington, D.C.-based utility this week.The Journal reported the deal would be announced within a few days.
Pepco Eyes Conectiv, WSJ Reports
Officials at Potomac Electric Power Co. (Pepco) would notconfirm nor deny a report in The Wall Street Journal yesterday thatPepco has made an offer to buy Delaware-based Conectiv Inc. for $2billion in cash and stock. A spokesman said it might be a good ideato check back with the Washington, D.C.-based utility next week.The Journal reported the deal would be announced within a few days.
PanCanadian’s Panuke Tests Confirm Substantial Reserves
The Deep Panuke gas field, offshore Nova Scotia, is confirmingbeliefs that the Sable Island region may contain the mostsignificant gas finds there in 10 years, with news last week that asecond appraisal well by PanCanadian maxed out the testingequipment, with a flow rate at the well averaging more than 50MMcf/d.
PanCanadian’s Panuke Tests Confirm Reserves
The Deep Panuke gas field, offshore Nova Scotia, is confirmingbeliefs that the Sable Island region may contain the mostsignificant gas finds there in 10 years, with news this week that asecond appraisal well by PanCanadian maxed out the testingequipment, with a flow rate at the well averaging more than 50MMcf/d.
Northwest Pipeline Ruptures for Second Time in Two Months
Details were still somewhat sparse Saturday, but Northwest Pipeline was able to confirm that there had been a line failure on its pipeline near Stevenson, WA Friday night about 8:20 (PST). Personnel were immediately dispatched to the site to secure the area. As of press time Saturday, no injuries were reported and the cause of the incident was under investigation.
Senate Confirms Richardson to Head DOE
A last-minute concession by the White House on nuclear-wastestorage cleared the way for the Senate on Friday to confirm byunanimous consent Bill Richardson, currently the U.S. ambassador tothe United Nations, as the next secretary of the Department ofEnergy (DOE).
Storage Operators Confirm Rapid Injection Pace
Storage statistics show the industry is heavily into squirrelingaway its nuts for the winter. Some traders watching robust storageinjections have questioned the validity of AGA-reported figures,but storage operators say, “Yes, Virginia, there really is thatmuch gas in the ground.”