Deep

EnCana Corp.’s revamped Deep Panuke natural gas project, which would be located about 250 kilometers offshore Halifax, received formal approval Tuesday by Nova Scotia and Canadian regulators even though the company has not yet decided whether to proceed.

A record number of oil and natural gas drilling rigs currently are working in the ultra-deep waters of the Gulf of Mexico, according to the Interior Department’s Minerals Management Service (MMS).

A record number of oil and natural gas drilling rigs currently are working in the ultra-deep waters of the Gulf of Mexico, according to the Interior Department’s Minerals Management Service (MMS).

Following a topsy-turvy week of trade that featured a deep freeze in the Midwest and East and a mammoth 259 Bcf storage withdrawal report for the week ended Feb. 9, March natural gas futures on Friday explored higher price levels. The prompt month put in a high of $7.620 before settling at $7.503, up 21.1 cents on the day but 32.4 cents lower than the previous Friday’s close.

February natural gas futures hit the ground running Monday following a weekend forecast for some extended cold throughout the eastern half of the United States. After gapping higher to open Monday’s trading well above psychological resistance at $7, the prompt month put in a high of $7.340 before settling at $7.319, up 43.3 cents from Friday’s close.

Filling U.S. natural gas storage to maximum working gas design capacity would be a lot like eating 19 slices of deep-dish pizza; although it’s theoretically possible, it’s probably not something you would want to even try.

Filling U.S. natural gas storage to maximum working gas design capacity would be a lot like eating 19 slices of deep-dish pizza; although it’s theoretically possible, it’s probably not something you would want to even try.

California Gov. Arnold Schwarzenegger last week urged Congress not to “weaken federal protections against offshore oil drilling” in the ongoing consideration of the Deep Ocean Energy Resources Act. Schwarzenegger sent letters to Senate members on the House passage of the bill, along with a copy to Rep. Richard Pombo (R-CA), a chief proponent of the measure.

Key Democratic lawmakers, including Minority Leader Harry Reid of Nevada and Sen. Jeff Bingaman of New Mexico, expressed deep dissatisfaction with the Senate Budget Committee’s approval Thursday of a provision authorizing drilling in the Arctic National Wildlife Refuge (ANWR) as part of the budget package for fiscal year 2007.