Information

Gas wins big in the Energy Information Administration’s latestInternational Energy Outlook. The forecast calls for worldwide gasconsumption to increase 104% by 2020 from 1997 levels. Natural gasremains the fastest growing component of primary world energyconsumption.

In the latest of a string of bullish reports for the gasindustry, the Energy Information Administration’s (EIA)recently-published Short-Term Energy Outlook projected prices inthe coming months to be 25% to 30% higher than last winter. It alsosaid that demand, which the EIA said rose by less than 1% in 1999compared to 1998, is poised to grow 4.6% in 2000. The demand jump,which puts the consumption level at 22.4 Tcf, represents anincrease of 1 Tcf over 1999’s consumption levels.

In the latest of a string of bullish reports for the gasindustry, the Energy Information Administration’s (EIA) Short-TermEnergy Outlook projected prices in the coming months to be 25% to30% higher than last winter. It also said that demand, which theEIA said rose by less than 1% in 1999 compared to 1998, is poisedto grow 4.6% in 2000. The demand jump, which puts the consumptionlevel at 22.4 Tcf, represents an increase of 1 Tcf over 1999’sconsumption levels.

The Energy Information Administration dropped a pre-holidaydowner into U.S. festivities last Wednesday, reporting 1998 U.S.crude oil and natural gas reserve additions chased lower pricesdeep into the minus column.

The Energy Information Administration dropped a pre-holidaydowner into U.S. festivities last Wednesday, reporting 1998 U.S.crude oil and natural gas reserve additions chased lower pricesdeep into the minus column.

Burlington Resources Inc. this week filed updated pro forma financial information with the Securities and Exchange Commission (SEC) regarding its pending acquisition of Poco Petroleums Ltd. to include third quarter results of combined operations. Shareholders of Calgary-based Poco yesterday approved the C$2.6-billion takeover that would create North America’s fourth-largest gas producer.

Burlington Resources Inc. this week filed updated pro formafinancial information with the Securities and Exchange Commission(SEC) regarding its pending acquisition of Poco Petroleums Ltd. toinclude third quarter results of combined operations. Shareholdersof Calgary-based Poco yesterday approved the C$2.6-billion takeoverthat would create North America’s fourth-largest gas producer.

Columbia Gas opened a data room this week to provide informationto anyone interested in buying its Derrick’s Creek storage field inKanawha County, WV. The field has about 6.2 Bcf of total storagespace, 20 gas storage wells and 13 miles of related pipelinefacilities. In 1996, Columbia announced plans to sell the field,which is not part of its core transportation and storageoperations. Interested parties should contact Columbia at (304)357-2282. Access to the data room will be available until Dec. 3.

NiSource said it filed the necessary information under theHart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976 with theFederal Trade Commission and Department of Justice regarding itstender offer for all of Columbia Energy Group’s common shares. CEOGary Neale said it “sends a serious message to Columbia that we arecommitted to completing this transaction and that we are confidentin our ability to secure the necessary regulatory approvals. Wehave said throughout that we believe the regulatory approvalprocess can be completed within six to nine months if we worktogether. HSR clearance is an important first step, and one thatconfirms our commitment to move forward on all fronts of thistransaction.” NiSource is offering $68/share for Columbia stock.Columbia’s board has said the company is not for sale and isfighting the hostile takeover attempt (See Daily GPI July 16, July15, June 25, June 11 and June 8).