Emerging

With a plan to concentrate its exploration and development efforts on the emerging Cotton Valley trend of East Texas and northwestern Louisiana, Houston-based Goodrich Petroleum Corp. agreed Tuesday to sell nearly all of its South Louisiana assets to an undisclosed buyer for $100 million.

The settlement between the Minerals Management Service (MMS) and the state of Louisiana that puts a hold on future lease sales off the state’s coast is part of an emerging trend in which states are gaining greater leverage and are renegotiating the terms of oil and natural gas production with the federal government, said a top energy analyst Thursday.

Devon Energy Corp. last week increased its stake to 50% in the deepwater Cascade discovery of the emerging lower Tertiary trend of the Gulf of Mexico. Cascade was discovered by Devon and partners BHP Billiton and Petrobras America Inc. in mid-2002 (see NGI, June 10, 2002).

Devon Energy Corp. has increased its stake to 50% in the deepwater Cascade discovery of the emerging lower Tertiary trend of the Gulf of Mexico. Cascade was discovered by Devon and partners BHP Billiton and Petrobras America Inc. in mid-2002 (see Daily GPI, June 4, 2002).

The emerging next generation of Alberta oilsands projects has provided an early example of how new technology will make oilsands a contributor to natural gas supplies rather than just a drain. About 22 Bcf/year of gas will eventually be put back on the market as a result of an agreement between fertilizer manufacturer Agrium Inc. and the 100,000 bbl/d Northern Lights oilsands project.

The emerging next generation of Alberta oilsands projects has provide an early example of how new technology will make oilsands a contributor to natural gas supplies rather than just a drain. About 22 Bcf/year of gas will eventually be put back on the market as a result of an agreement between fertilizer manufacturer Agrium Inc. and the 100,000 bbl/d Northern Lights oilsands project.

The domestic crude oil and natural gas industry has invested $98 billion in the past six years on emerging energy technologies in the North American market, significantly outpacing investments made by other industries and the federal government in the energy area, according to a recently issued report.

Oil sands are emerging as Alberta’s celebrity product, but the province still owes much of a developing economic boom — and the capital to finance the new star — to its long-standing status as Canada’s chief natural gas-producing jurisdiction.

El Paso Marketing LP (EPM) said Monday it will sell most of its remaining wholesale power trading portfolio to emerging domestic energy player Morgan Stanley Capital Group Inc. for $442 million. The assets, which have been a huge financial drain on parent company El Paso Corp., include all power positions other than the Cordova tolling arrangement and some positions in the PJM power pool.