Discovered

Over three years after the company discovered that some of its marketers had engaged in round-trip or “wash” energy trades (see Daily GPI, May 13, 2002), CMS Energy on Friday said it has reached an agreement to settle a related shareholder derivative lawsuit.

A gas quality problem has been discovered at the Southern Star-Ford receipt point in Ford County, KS, NGPL said. Effective Thursday until further notice, NGPL will not schedule transportation from the point.

Houston-based Spinnaker Exploration Co. said Tuesday it has discovered natural gas in the Gulf of Mexico (GOM) about 100 miles southeast of Venice, LA. The field, in Mississippi Canyon Block 961, is situated 12 miles west-southwest of the future platform site of the Independence Hub project, and Spinnaker expects to ramp up production in 2007 when the hub is completed.

Affected by news late Thursday of damaged and missing rigs and platforms discovered in the Gulf of Mexico (see related story), natural gas futures on Friday morning headed toward, and then through the all-important psychological $5 resistance level. October futures hit a high on the day of $5.27 as of 1:16 p.m. (EDT), a 55.1 cent premium over Thursday’s settle.

Marathon Oil Co. and partner EnCana Corp. announced Tuesday they have discovered a new wildcat natural gas well (Annapolis G-24) in deep waters about 215 miles south of Halifax offshore Nova Scotia. The well encountered about 100 feet of net gas pay over several zones that have the potential to flow, they said. It will be temporarily abandoned to allow for re-entry at a later time.

AGL Resources, the Department of Energy and Conversion Gas Imports LP say they have discovered a new method of regasifying liquefied natural gas (LNG) that will speed up the delivery process and improve cost efficiencies at a time when the number of proposed LNG import terminals in the United States has grown to more than 30.

Unocal Corp. last week said it had discovered natural gas at its Alaskan Happy Valley prospect on the Kenai Peninsula. First production is expected by the fourth quarter of 2004, with average production of 20-25 MMcf/d in 2005.

Unocal Corp. has discovered natural gas at its Alaskan Happy Valley prospect on the Kenai Peninsula. First production is expected by the fourth quarter of 2004, with average production of 20-25 MMcf/d in 2005.

Texas Eastern said Tuesday afternoon it would complete repairs by Wednesday on a leak discovered in late February (see Daily GPI, Feb. 24) in the Mississippi River crossing of the M-1 24-inch line east of the Oran (MO) Compressor Station. The pipeline will begin accepting nominations for Thursday’s gas day for flow through Oran.