Deep

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.

Yes Virginia, there still is an energy executive whom you can admire. Chicago-based Morningstar Inc., a worldwide investment research firm, has named Richard D. Kinder, chairman and CEO of Kinder Morgan Energy Partners LP (KMP), as one of four nominees for its CEO of the Year award for 2002. It will announce the winner live on CNBC on Jan. 3 at about 11:20 a.m. (Eastern time).

Marathon Oil Co.’s Camden Hills field in the ultra-deepwater of the Gulf of Mexico has begun producing natural gas at a rate of 50 MMcf/d from the first two fields, and is expected to reach peak production of 100 MMcf/d later this month. The production is flowing from a new world-record water depth of 7,209 feet.

Marathon Oil Co.’s Camden Hills field in the ultra-deepwater of the Gulf of Mexico has begun producing natural gas at a rate of 50 MMcf/d from the first two fields, and is expected to reach peak production of 100 MMcf/d later this month. The production is flowing from a new world-record water depth of 7,209 feet.

Shell Exploration & Production Co. (SEPCo) has announced another deep water discovery in its Mars Basin. The company said last Thursday it has encountered oil and gas at its Deimos prospect located in approximately 3,000 feet of water in Mississippi Canyon Block 806. SEPCo, as operator, has a 72% interest in the prospect; BP has a 28% interest.

Shell Exploration & Production Co. (SEPCo) has announced another deep water discovery in its Mars Basin. The company said Thursday it has encountered oil and gas at its Deimos prospect located in approximately 3,000 feet of water in Mississippi Canyon Block 806. SEPCo, as operator, has a 72% interest in the prospect; BP has a 28% interest.

The arrival of a new parent with deep pockets made an immediate difference to Westcoast Energy’s pipeline system in the western Canadian natural gas drilling hot spot of British Columbia. The ink was barely dry on the final agreement for the US$8 billion purchase of Westcoast by Duke Energy Corp. before the newly-appointed president of the resulting Duke Energy Gas Transmission Canada, Bob Reid, gave the green light for a C$338.4 million (US$215 million) expansion project.

“The breach of trust is deep and wide,” Priory said in a speech to the Economic Club of Detroit. “Business today is suffering from a crisis in confidence. This is no wake up call; it’s a screeching red alert.” Shareholder confidence is at an all-time low, he said.

West Virginia-based Trans Energy Inc., which recently announcedplans to focus on drilling for deep gas in the Appalachian Basin,is working to dispel rumors that it faces bankruptcy after acreditor filed a proceeding against it recently.