Holds

The Minerals Management Service (MMS) will hold its final public meeting Friday in New Orleans on the potential formation of a new offshore gas and oil pipeline regulatory authority that would be structured to ensure non-discriminatory open access to gas and oil gathering and transportation in the Outer Continental Shelf area of the Gulf of Mexico.

In terms of physical natural gas sales in North America, BP plc appears to have no equals, once again topping NGI’s fourth quarter and year-end 2003 survey. BP reported gas sales of 22.3 Bcf/d in the final quarter of last year, up substantially from 18.1 Bcf/d reported a year earlier. The London-based major also showed a 29% gain year-over-year, reporting 20.2 Bcf/d in sales during 2003, compared with 15.6 Bcf/d in 2002.

In terms of physical natural gas sales in North America, BP plc appears to have no equals, once again topping NGI’s fourth quarter and year-end 2003 survey. BP reported gas sales of 22.3 Bcf/d in the final quarter of last year, up substantially from 18.1 Bcf/d reported a year earlier. The London-based major also showed a 29% gain year-over-year, reporting 20.2 Bcf/d in sales during 2003, compared with 15.6 Bcf/d in 2002.

Chicago Mayor Richard M. Daley has joined other state officials in seeking additional details regarding the Peoples Gas-Enron relationship, particularly the use of the Chicago utility’s stored gas in winter 2000/2001 by an unregulated partnership, called Enovate LLC, that was set up by Enron and Peoples Energy, the utility’s parent company.

An agreement between Trunkline LNG parent Southern Union and BG Group, which holds all of the capacity at Trunkline’s Lake Charles LNG terminal in Louisiana, paves the way for the terminal to be expanded to a peak sendout capacity of 2.1 Bcf/d by 2006. The deal also eliminates BG’s plan to build its own 1.2 Bcf/d Lake Charles Express pipeline system.

An agreement between Trunkline LNG parent Southern Union and BG Group, which holds all of the capacity at Trunkline’s Lake Charles LNG terminal in Louisiana, and has paved the way for the terminal to be expanded to a peak sendout capacity of 2.1 Bcf/d by 2006. The deal also eliminates BG’s plan to build its own 1.2 Bcf/d Lake Charles Express pipeline system.

Last year was one of the best ever for energy industry fundamentals, and investors’ growing recognition of commodity price sustainability supports the theory that 2004 will be even better, with natural gas prices forecast of $5.50/Mcf, according to Raymond James analysts.

Last year was one of the best ever for energy industry fundamentals, and investors’ growing recognition of commodity price sustainability supports the theory that 2004 will be even better, with natural gas prices forecast of $5.50/Mcf, according to Raymond James analysts.

While raising a possibility that the dormant Deep Panuke project will be revived offshore of Nova Scotia, Canada’s top natural gas producer has made it plain its priorities are out West and on safer bets.