Occidental Petroleum Corp. and EOG Resources Inc. said theyexchanged certain oil and gas assets to enhance each company’sfocus on exploration and production and achieve cost savingsthrough operational synergies. Occidental received producingproperties and exploration acreage in its expanding Californiaasset base, as well as producing properties in the western Gulf ofMexico near existing operations. The exchange increased EOGResources’ gas production and reserves in East Texas, where italready has a significant presence, and will add to its drillingportfolio in the Oklahoma panhandle.
Articles from Focus
Petro-Canada of Calgary completed the largest land acquisitionprogram in its history as part of its focus on Canadian frontiergas and Grand Banks oil production. The company participated inthree land sales and a major farm-in to acquire new explorationacreage in the Mackenzie Delta, located in the NorthwestTerritories; the Flemish Pass Basin, located on the East Coastoffshore Newfoundland; and on the Scotian Shelf, located offshoreNova Scotia. The program adds 2.7 million acres (1.5 million netacres) to Petro-Canada’s land position.
The Wheeler Ridge receipt point in the southern end of the SanJoaquin Valley is viewed as the critical focus in future settlementdiscussions on California’s future natural gas unbundling becauseit is of concern to at least four major gas players in California:Kern River Pipeline, Pacific Gas and Electric, El Paso andOccidental Petroleum, which reportedly has an added 200 MMcf/d ofgas from its Elk Hills properties that it wants to bring on themarket.
BP Amoco is shedding its oil interests in Canada to concentrateon natural gas, with a vow to be the lowest-cost leader in aCanadian producer community tooling up to expand exports to theUnited States.The newly-merged empire’s Canadian arm has put upfor sale assets currently producing 53,300 barrels per day ornearly all of the former Amoco Canada’s oil holdings. The only gasput on the block is about 40 MMcf/d, or 4% of BP Amoco’s Canadiandaily production of about 1 Bcf, which is associated with oilproperties.
While Pennsylvania’s gas deregulation bill for residential andsmall commercial customers has grabbed most of the focus on thestate’s gas industry, the fate of Philadelphia’s embattledmunicipal gas utility, Philadelphia Gas Works (PGW), also will bedecided during the current legislative session. A movement hasarisen in both the state Senate and the House of Representatives toattach an amendment onto the deregulation bill, which would shiftPGW control from the city government-selected Gas Commission to thePennsylvania Public Utilities Commission (PUC).
While Pennsylvania’s gas deregulation bill for residential andsmall commercial customers has grabbed most of the focus from thestate’s gas industry, the fate of Philadelphia’s embattledmunicipal gas utility, Philadelphia Gas Works (PGW), will also bedecided during the current legislative session. A movement hasarisen in both the state Senate and the House of Representatives toattach an amendment onto the deregulation bill which will shift PGWcontrol from the city government-selected Gas Commission to thePennsylvania Public Utilities Commission (PUC).
Conectiv, a Mid-Atlantic electric and gas utility, announcedsweeping changes in its strategic focus earlier this week, but didnot alter its plan for gas operations. Conectiv said the changeswere made due to a clearing regulatory picture in the areas itserves.
After spiking as much as 7 cents higher in the Wednesday eveningAccess session, the new prompt month was the focus of muchconjecture and speculation. Would June continue higher, followingthe example set by May, or fall from its already lofty perch? Formany, it is still too early to tell, but if yesterday’s priceaction was any indication, June will have a difficult time matchingMay’s 50-cent price increase over the past month. After opening at$2.40, the June contract tumbled throughout the session to close at$2.339, a 0.2-cent decline from Wednesday’s close.
FERC has unveiled its long-awaited final rule on expeditedcomplaint procedures, the focus of which is a “very innovative”fast-track process for resolving “highly time-sensitive” industrydisputes within 20 days after a response is filed. This compares toFERC’s target of up to 60 days for most standard complaints. TheCommission voted out the order notationally after its bi-weeklymeeting last Wednesday.
FERC has unveiled its long-awaited final rule on expeditedcomplaint procedures, the focus of which is its fast-track processfor resolving industry disputes within 20 to 60 days after aninitial complaint is filed. The Commission voted out the ordernotationally late Wednesday.