Entered

For the first time in July Pacific Gas & Electric entered aweekend without having a high-inventory OFO in place. One that hadbeen declared for Friday (see Daily GPI, July 23) was not extended.However, Southern California Gas did implement an OFO-likeOvernominations Day for Saturday.

Looking to spread its presence in the Gulf of Mexico, OceanEnergy Inc. (OEI) entered into a drilling agreement with DukeEnergy Hydrocarbons, LLC to jointly develop 13 OEI drillingprospects in the outer continental shelf. The Duke subsidiaryagreed to participate with up to 50% non-operating working interestin the program. The two companies anticipate drilling costs willexceed $40 million for the rest of 1999.

AES Corp., a world-wide power generation company, announced that it has entered into a definitive agreement to acquire New Energy Ventures Inc. (NEV), an energy service firm for large commercial and industrial buyers, in a transaction valued at approximately $90 million.

AES Corp., a world-wide power generation company, announced thatit has entered into a definitive agreement to acquire New EnergyVentures Inc. (NEV), an energy service firm for large commercialand industrial buyers, in a transaction valued at approximately $90million.

The cash market entered one of its leveling-off phases Thursdaywith flat prices prevailing at a majority of points. A little earlystrength on the futures screen helped buoy physical gas at first,but toward the end of the morning cash numbers were following thescreen lower “step for step,” a Gulf Coast producer said. Onceagain there was essentially nothing to influence trading beside thescreen, she added, dismissing the AGA storage report Wednesdayafternoon as a non-event.

Enbridge Inc., a Calgary-based energy transportation anddistribution company, entered the midstream business last week withthe purchase of a 35% share in AltaGas Inc., a Calgary-basedmidstream gas company, for $160 million. The deal is expected toclose in September.

Enbridge Inc., a Calgary-based energy transportation anddistribution company, entered the midstream business yesterday withthe purchase of a 35% share in AltaGas Inc., a Calgary-basedmidstream gas company, for $160 million. The deal is expected toclose in September.

El Paso Field Services entered the energy project financingarena with last week’s purchase of En Cap Investment Co. for $52million in cash and stock. Robert Phillips, El Paso Field Services’president, said all regulatory issues have been settled and thedeal will be accretive to El Paso’s earnings beginning April 1.

El Paso Field Services entered the energy project financingarena with Wednesday’s purchase of En Cap Investment Co. for $52million in cash and stock. Robert Phillips, El Paso Field Services’president, said all regulatory issues have been settled and thedeal will be accretive to El Paso’s earnings beginning April 1.