Colorado unveiled a proposed new set of guidelines for oil and natural gas production in the state in a series of stakeholder meetings last Tuesday in Denver, drawing questions and concerns from the industry. The proposal won’t be posted on the Colorado Oil & Gas Conservation Commission’s (O&G commission) website until Dec. 14 to allow some initial feedback from stakeholders to be included. The deadline for finalizing the new rules is July 1 next year.
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Colorado Unveils O/G Production Reforms, Draws Mixed Reactions
Colorado unveiled a proposed new set of guidelines for oil and natural gas production in the state in a series of stakeholder meetings Tuesday in Denver, drawing questions and concerns from the industry. The proposal won’t be posted on the Colorado Oil & Gas Conservation Commission’s (O&G Commission) website until Dec. 14 to allow some initial feedback from stakeholders to be included. The deadline for finalizing the new rules is July 1 next year.
Industry Brief
The Long Beach, CA, municipal gas utility’s 30-year, $900 million natural gas pre-pay supply contract with Merrill Lynch Commodities Inc. closes Thursday, drawing an “AA-” rating for its city finance authority, which marketed two series of revenue bonds to support the deal. Up to 90% of the muni’s long-term supply needs will be satisfied under this deal, the city said. Chris Garner, general manager of the Long Beach Utility Department, received authorization from the city council in August to proceed with the pre-pay deal (see Daily GPI, Aug. 27). With more than 400,000 residents about 25 miles southeast of Los Angeles, the port city has an annual natural gas load of 12 Bcf. Supplies in the pre-pay deal could come from wherever Merrill Lynch can get them and guarantee they can get into the Southern California Gas Co. transmission system, to which Long Beach’s distribution system is connected, Garner said.
IEA: Tight Oil Market to Pressure Even Tighter Gas Market
Drawing on current futures curves and the investment threshold for upstream projects, the International Energy Agency (IEA) said last week that the oil market looks extremely tight over the next five years, but it also coincides with the prospects of even tighter natural gas markets.
IEA: Tight Oil Market Coincides with Even Tighter Gas Market
Drawing on current futures curves and the investment threshold for upstream projects, the International Energy Agency (IEA) reported that not only does oil look extremely tight over the next five years, but it coincides with the prospects of even tighter natural gas markets.
El Paso to Create MLP for Some Gas Assets by Year’s End
El Paso Corp. is drawing up plans to create a master limited partnership (MLP) to initially hold about $500 million worth of its domestic natural gas pipeline franchise. The MLP, expected to roll out by the end of this year, would not only enhance the value and financial flexibility of its bread-and-butter franchise, but likely would boost El Paso’s opportunities to compete for future greenfield pipe projects.
El Paso to Move Some Pipe Assets into MLP by Year’s End
El Paso Corp. is drawing up plans to create a master limited partnership (MLP) to initially hold about $500 million worth of its domestic natural gas pipeline franchise. The MLP, expected to roll out by the end of this year, would not only enhance the value and financial flexibility of its bread-and-butter franchise, but likely would boost El Paso’s opportunities to compete for future greenfield pipe projects.
Sempra to Sell Two Eastern Start-Up Gas Utilities — NC, Maine
Drawing a close to an earlier chapter in the utility holding company’s almost decade-long history, San Diego-based Sempra Energy last week confirmed it has found a buyer, Great Falls, MT-based Energy West Inc., for its two small, start-up natural gas distribution utilities in the East — in Bangor, Maine, and North Carolina. Collectively, the two utilities have slightly more than 1,000 customers.
Sempra to Sell Two Eastern Start-Up Gas Utilities — NC, Maine
Drawing a close to an earlier chapter in the utility holding company’s almost decade-long history, San Diego-based Sempra Energy Monday confirmed it has found a buyer, Great Falls, MT-based Energy West Inc., for its two small, start-up natural gas distribution utilities in the East — in Bangor, Maine, and North Carolina. Collectively, the two utilities have slightly more than 1,000 customers.
Futures Inch Higher Ahead of Cold Snap
Trading within a range from $6.370 to $6.640 on Tuesday, November natural gas futures went on to settle slightly higher than Monday’s session, drawing further attention to concerns about the futures’ premium to the cash market, especially as major eastern markets prepare for the season’s first real burst of colder temperatures later this week. The contract ended up settling 3.7 cents higher Tuesday at $6.466.