The Williams Co.’s natural gas pipeline unit is bullish on NorthAmerican development and is looking north to Canada for its nextproject.
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Houston Exploration Possibly Up for Grabs
KeySpan Energy, which has been focusing increasingly ondownstream and electric power activities, is considering the saleof its 64% ownership interest in E&P arm Houston Exploration.An announcement last week said KeySpan and Houston Exploration hadbegun a process to review “a full range of strategic transactions”and hired J.P. Morgan Securities Inc. as financial advisor.
Houston Exploration Potentially Up for Grabs
KeySpan Energy, which has been focusing increasingly ondownstream and electric power activities, is considering the saleof its majority ownership of E&P arm, Houston Exploration. Anannouncement Monday said KeySpan and Houston Exploration had beguna process to review “a full range of strategic transactions” andhired J.P. Morgan Securities Inc. as financial advisor.
Oxy Pondering Sale of CanadianOxy Shares
Occidental Petroleum Corp. of Los Angeles is reviewing itsinvestment in Canadian Occidental Petroleum Ltd. and consideringall options, the company said. Oxy’s investment in CanadianOxy ofCalgary dates back to 1971, and Occidental currently owns 40.2million shares, or about 29%, of the company’s outstanding commonshares.
Oxy Pondering Sale of CanadianOxy Shares
Occidental Petroleum Corp. of Los Angeles is reviewing itsinvestment in Canadian Occidental Petroleum Ltd. and consideringall options, the company said. Oxy’s investment in CanadianOxy ofCalgary dates back to 1971, and Occidental currently owns 40.2million shares, or about 29%, of the company’s outstanding commonshares.
Study: Too Late For New Marketers in Georgia?
Marketers considering whether to enter soon-to-be deregulatedelectricity and gas markets should re-evaluate strategies in lightof the experience of gas marketers in Georgia. Late entrystrategies may be very risky, according to an analysis of Georgia’sgas deregulation process by Atlanta-based Energy Market Solutions.
FERC Considers Review of Eastern Gas Demand
The Federal Energy Regulatory Commission is considering callingon government and industry resources to help make its ownassessment of the future demand outlook for natural gas in theeastern half of the United States and the need for new pipelinecapacity, Chairman James Hoecker said last week.
Briefs
Carolina Power & Light announced it is considering sites inRichmond and Rowan counties, NC, for new natural gas-fired electricgeneration to be operational in 2001 and 2002. CP&L plans tobuild up to seven combustion turbine units totaling about 1,100 MWto be operational by June 2001 and may build additional units to bein service in June 2002. The projects are part of CP&L’spreviously announced generation expansion of about 4,000 MW, or40%, by 2007. Each combustion turbine unit represents a capitalinvestment of about $40 million. Construction is scheduled to beginby the end of 1999. CP&L also is building additional peakinggeneration at two existing plant sites-in Wayne and Buncombecounties-and has broken ground on a 160 MW gas-fired peaking plantin Monroe, GA. Natural gas to fuel a plant in Richmond County wouldcome through North Carolina Natural’s (NCNG) pipeline andTranscontinental Gas. Last November, CP&L announced its plan toacquire NCNG and to make it a wholly owned subsidiary. CP&Lanticipates receiving regulatory approval for the acquisition bymid-1999.
U.S. Gas Prices Plummet 17% in ’98, But Canada Holds Its Ground
The gas market actually did pretty well last year considering itwas the warmest year on record, but it may take an ice age toreduce the surplus storage gas bequeathed to 1999. Spotdelivered-to-pipeline gas prices in the U.S. averaged $2.02/MMBtuin 1998, down 41 cents, or 17%, from 1997. Some points fared betterthan others and the West generally did better than the East. Canadaactually came out ahead.
Gas Prices Plummet 17% in ’98; But Canada Avoids the Drop
The gas market actually did pretty well last year considering itwas the warmest year on record, but it may take an ice age toreduce the surplus storage gas bequeathed to 1999. Spotdelivered-to-pipeline gas prices averaged $2.02/MMBtu in 1998, down41 cents, or 17%, from 1997. Some points faired better than othersand the West generally did better than the East. Canada actuallycame out ahead.