Calling the increase in natural gas demand “phenomenal” both nowand for the foreseeable future, Simmons & Co. InternationalVice President David Pursell predicted it is “unlikely” thatproducers will see gas prices return anywhere near to $2 for atleast three to five years. He said $2 prices were “in the rear viewmirror” for gas producers.
Increase
Articles from Increase
Coral Helps Terra Improve Procurement
Coral Energy entered into an energy alliance with TerraIndustries Inc., an international chemicals company, to increasethe energy efficiency of Terra’s Blytheville, AR, chemical facilityusing Coral Site Advantage, Coral’s proprietary measurement,benchmarking and energy modeling program. Terms of the arrangementwere not released. The program will begin with a comprehensiveanalysis of energy requirements throughout the chemical complex.This information will be used in the development of a modelingprogram to establish a benchmark for optimal energy usage. “Energyis the major cost component at each of our manufacturingcomplexes,” said Mike Bennett, executive vice president for Terra.”The first step in that process is determining our precise energyneeds, which is a strength of the Coral Energy program. We expectto quickly achieve savings by becoming a more efficient energyuser.” Once the modeling system is in place, Coral will work withTerra to develop a multi-year energy savings plan, initiallyfocusing on energy utilized within existing plant processes. Coralwill receive compensation for its Coral Site Advantage servicesbased upon a portion of Terra’s measured energy savings.
Coral Inks Energy Management Deal with Terra
Coral Energy has entered into an energy alliance with TerraIndustries Inc., an international chemicals company, to increasethe energy efficiency of Terra’s Blytheville, AR, chemical facilityusing Coral Site Advantage, Coral’s proprietary measurement,benchmarking and energy modeling program. Terms of the arrangementwere not released.
Petal Gas Gets Nod to Expand Storage Capacity
The Federal Energy Regulatory Commission last week awarded PetalGas Storage L.L.C. a certificate to increase the total gas storagecapacity of its two caverns in Mississippi by 5.4 Bcf and workinggas capacity by 4.8 Bcf.
Petal Gas Gets Nod to Expand Storage Capacity
The Federal Energy Regulatory Commission has awarded Petal GasStorage LLC a certificate to increase the gas total storagecapacity of its two caverns in Mississippi by 5.4 Bcf and workinggas capacity by 4.8 Bcf.
Burlington Reveals 1999 Reserves and Charges
Marking a significant increase from 1998, Burlington Resourcesestimated its replacement of reserves at 140% of total productionat a cost of 72 cents/Mcfe, the company said yesterday. Theseresults compare to 123% of replaced production at $1.10/Mcfe in1998. The bullish production news was dampened somewhat by theannouncement of a $225 million fourth quarter charge because ofperformance-related downward adjustments to some Gulf of MexicoShelf and Permian Basin assets.
PanCanadian Spending $1.2B Next Year
Calgary-based PanCanadian Petroleum Ltd. announced a $1.2billion capital spending program for 2000, an increase over 1999.The company plans to spend $940 million primarily in theexploration and development of PanCanadian’s western Canadaproperties, with a significant portion devoted to growing gasassets, including off Nova Scotia, in the Gulf of Mexico andoverseas.
ANR, Leviathan Form Deepwater Holdings
In an effort to increase their access to deep-water gas, TheCoastal Corp. announced last week that subsidiaries of ANR Pipelineentered in a series of agreements under which they collectivelyhave become joint owners in a new holding company, DeepwaterHoldings L.L.C. The financial terms were not disclosed.
Apache Buying Shell Canada Assets
Apache Corp. will increase its oil reserves five-fold with a deal to acquire producing properties and other assets in Alberta, British Columbia and Saskatchewan, Canada with proved reserves of 87.5 MMBoe from Shell Canada Limited for $524 million. The deal follows one made earlier this year with Shell for Gulf of Mexico assets that more than doubled Apache’s gas and oil production.
Outsourcing Growing in Pipes & Wires
Outsourcing of pipes and wires energy delivery lines of businessin North America will increase significantly over the next fouryears, according to a study conducted by META Group’s EnergyInformation Strategies (EIS).