Feet

As part of its ongoing effort to get back on its feet financially, Williams said Monday that it has signed a definitive agreement to sell its Central natural gas pipeline to Southern Star Central Corp. for total consideration of $555 million. Southern Star is owned by AIG Highstar Capital, LP., a private equity fund sponsored by American International Group, Inc.

El Paso Energy Partners has installed the new Prince Tension Leg Platform (TLP) facility in 1,450 feet of water on Ewing Bank Block 1003. The platform is located about 120 miles south of New Orleans and will gather and process oil and gas production from the Prince Field. It also will serve as a landing spot for future oil and gas developments in the Ewing Bank and Green Canyon areas of the deepwater trend.

El Paso Energy Partners has installed the new Prince Tension Leg Platform (TLP) facility in 1,450 feet of water on Ewing Bank Block 1003. The platform is located about 120 miles south of New Orleans and will gather and process oil and gas production from the Prince Field. It also will serve as a landing spot for future oil and gas developments in the Ewing Bank and Green Canyon areas of the deepwater trend.

With the news that its second quarter net income doubled from the same period last year, Calgary-based PanCanadian Petroleum Ltd. said Tuesday it would boost its capital budget almost 51% through the rest of the year, with 26% targeted toward high impact exploration. The increase, said the company, would allow it to take advantage of “new opportunities and pursue an aggressive plan of delivering further growth.”

Oklahoma Attorney General Drew Edmondson has asked the stateSenate to postpone the July 2002 deadline for deregulatingOklahoma’s electricity market in light of power market problems andhigh prices in deregulated states such as California, New York andMontana.

Oklahoma Attorney General Drew Edmondson has asked the stateSenate to postpone the July 2002 deadline for deregulatingOklahoma’s electricity market in light of power market problems andhigh prices in deregulated states such as California, New York andMontana.

Letting no grass grow under the feet of its newly-created Carolinas empire, Carolina Power and Light (CP&L) got a jump on competitors by shortening both the length and the lead-time of its proposed interstate Palmetto Pipeline project and turning it into an intrastate. The pricetag on the project drops from $175 million to $100 million and it will run 82 miles (instead of 175 miles) along the right-of-way of now-integrated North Carolina Natural Gas to a new power plant being developed by CP&L. It will require no federal or state certification.

Florida Gas Transmission postponed until further notice thereplacement of 120 feet of 36-inch pipe under High 331 betweenStations 12 and 13 in the Florida Panhandle, and also canceled theassociated Overage Alert Day east of Station 12. The project had beenscheduled for Thanksgiving Day (see Daily GPI, Nov. 16). FGT still planned to take Station14 down to tie in additional facilities but delayed the start date byone day to Saturday (Nov. 27). That outage is expected to lastthrough Dec. 1 and limits market area deliveries to about 1.3Bcf/d. However, FGT removed the Overage Alert Day notice that waspreviously posted for the work.

Despite advances in drilling technology that tripled the waterdepth record for gas and oil production to 5,376 feet in 1997,near-term gas production may suffer because of low 1998 gas pricesdue in part to the crude oil price collapse.