Favor

Devon Energy Corp.’s decision to sell all of its Gulf of Mexico (GOM) and overseas assets may have come as a surprise to many, but most energy analysts are in favor of the plan, calling it a “bold move” that proves the company’s belief in the future of natural gas.

Although states and the U.S. government want to reduce greenhouse gas (GHG) emissions, federal subsidies to energy “highly” favor sources that have high GHG emissions levels, according to research released last Friday by the Environmental Law Institute (ELI) and the Woodrow Wilson International Center for Scholars.

Although states and the U.S. government want to reduce greenhouse gas (GHG) emissions, federal subsidies to energy “highly” favor sources that have high GHG emissions levels, according to research released Friday by the Environmental Law Institute (ELI) and the Woodrow Wilson International Center for Scholars.

Canadian Superior Energy Inc. shareholders voted to approve the acquisition of Challenger Energy Corp. and voted in favor of a new board of directors, which now includes Kerry R. Brittain, Marvin M. Chronister, James Funk, William Roach, Gregory G. Turnbull and Richard Watkins. All other annual meeting resolutions also were approved by shareholders, the Calgary-based producer said. Canadian Superior, which restructured after filing for bankruptcy in April, said in June it would acquire Challenger in a friendly transaction worth an estimated C$78 million, including debt (see Daily GPI, June 22). The combined company would produce an estimated 3,050 boe/d, 85% weighted to natural gas. Besides undeveloped assets in Alberta and British Columbia, the company would hold diversified assets in Trinidad and Tobago and North Africa.

The U.S. Department of Commerce has ruled in favor of New York state’s objection to the proposal by Broadwater Energy LLC to build a liquefied natural gas (LNG) receiving terminal in the middle of Long Island Sound, saying its adverse coastal impacts outweigh the national interest in an increased energy supply.

The U.S. Department of Commerce has ruled in favor of New York state’s objection to the proposal by Broadwater Energy LLC to build a liquefied natural gas (LNG) receiving terminal in the middle of Long Island Sound, saying its adverse coastal impacts outweigh the national interest in an increased energy supply.

Dismissing the dominant weakness in natural gas futures late last week in favor of a prevalent chill entering the eastern half of the United States this week, natural gas cash points on Monday were higher across the board, with more than a few dollar-plus gains seen in the Northeast, Midcontinent, Rockies and West.

The Virginia Supreme Court has unanimously ruled in favor of Houston-based GeoMet in its ongoing natural gas pipeline dispute with a CNX Gas Corp. affiliate. The dispute is centered on a 32-acre coalbed methane (CBM) play in Buchanan County, VA.

Texas should repeal portions of its Public Utility Regulatory Act (PURA) that favor gas-fired plants and take other actions to promote a more diverse generation mix, and the state should resist efforts to reregulate the retail energy market, according to the Governor’s Competitiveness Council (GCC).