Grew

Chesapeake Energy Corp. reported Monday its year-end 2006 proved reserves grew 20% to 9 Tcfe, up from 7.5 Tcfe in 2005. The Oklahoma City-based independent, which will release its results on Feb. 22, said it replaced 348% of production last year, which included 237% organically through drilling and 111% through acquisitions.

Denver-based Bill Barrett Corp. grew production 32% to 52.1 Bcfe in 2006, the company said. And 4Q2006 production was 14.2 Bcfe, 15% more than 4Q2005 and 13% more than 3Q2006.

Houston-based W&T Offshore Inc. grew third-quarter production by 50% over the year-ago period and 32% sequentially from the second quarter. Year-to-date production is at an all-time high and projected to increase more than 50% next year. And seven of seven Gulf of Mexico (GOM) exploration wells were declared successes in the third quarter.

Houston-based W&T Offshore Inc. grew third-quarter production by 50% over the year-ago period and 32% sequentially from the second quarter. Year-to-date production is at an all-time high and projected to increase more than 50% next year. And seven of seven Gulf of Mexico (GOM) exploration wells were declared successes in the third quarter.

The scrutiny of BP plc’s business practices grew in late August when federal investigators announced they are looking into whether the oil major manipulated crude oil and unleaded gasoline markets in 2002, 2003 and 2004. BP already is facing allegations by the Commodity Futures Trading Commission (CFTC) that it manipulated the U.S. propane market in 2004 (see NGI, July 3).

According to the American Gas Association (AGA), the country’s gas reserves grew by about 4 Tcf last year to 197 Tcf, hitting levels not seen since 1984. The AGA estimate is based on results reported by 30 large reserves holders, which represent about half of U.S. reserves.

Speculation grew this week in Montana regarding potential merger/acquisition partners for the state’s largest utility owner, South Dakota-based NorthWestern Energy Corp. But a NorthWestern spokesperson Wednesday said its board has not set any timetable for deciding on competing offers, and would not speculate on new entrants in addition to the previously announced interest by Black Hills Corp. and a public sector coalition of Montana cities named Montana Public Power.

International trade in natural gas grew at a brisk pace in 2004, when Canadian pipeline exports rebounded and tanker landings of offshore supplies surged at a rate described as “explosive” to serve strong demand for imports in the United States, according to the U.S. Energy Department’s (DOE) annual review of gas trade trends.

International trade in natural gas grew at a brisk pace in 2004, when Canadian pipeline exports rebounded and tanker landings of offshore supplies surged at a rate described as “explosive” to serve strong demand for imports in the United States.