Conoco Canada said Wednesday it will join with operator ChevronTexaco Canada and Petro-Canada, and take a 20% stake in a well being drilled off the coast of Nova Scotia, a region where Conoco plans to spend more time and money into the future. ChevronTexaco Canada is drilling the Newburn H-23 well off the Atlantic Coast, and Conoco will earn a 20% interest in the EL2359 block through participation in the well, which is expected to be completed in early September. The well is currently being drilled at a water depth of 3,115 feet (950 meters). As operator, ChevronTexaco’s interest in the well after drilling will be 37%, with the remaining 43% percent held by Petro-Canada. Terms of the transaction were not released. “This is a further step in Conoco’s strategy of increasing our investments in long life projects in Canada and particularly off the Atlantic Coast,” said Conoco Canada’s President Henry Sykes. “We already have an interest in substantial acreage offshore Newfoundland in the Laurentian Basin, and the EL2359 block will give us an entry into the Scotian Shelf, an area of significant exploration interest.”
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Helmerich & Payne’s O&G Division to Join With Key Production Co.
Denver-based Key Production Co. Inc. and Helmerich & Payne, Inc. (H&P) announced Monday they have entered into definitive agreements to spin off and merge Helmerich & Payne’s oil and gas division with Key to form a new company, Cimarex Energy Co.
Arctic Plan to Join Alaska, Mackenzie Pipes Called a ‘Distraction’
The goal won praise but the means failed to draw support when Arctic Resources Co. unveiled the most detailed version yet of its proposal for combined transportation of natural gas from Alaska and Canada’s Northwest Territories. Territorial Premier Stephen Kakfwi described the Arctic plan as mostly a distraction.
Arctic Plan to Join Alaska, Mackenzie Pipes Called a ‘Distraction’
The goal won praise but the means failed to draw support when Arctic Resources Co. unveiled the most detailed version yet of its proposal for combined transportation of natural gas from Alaska and Canada’s Northwest Territories. Territorial Premier Stephen Kakfwi described the Arctic plan as mostly a distraction.
Joint FERC-EIA Effort Eyed to Broaden Access to Market Data
FERC Commissioner Nora Brownell suggested last Thursday that FERC join forces with the Energy Information Administration (EIA) to determine what other data could be made available to the natural gas market on a regular basis to provide more transparency on prices.
Joint FERC-EIA Effort Eyed to Broaden Access to Market Data
FERC Commissioner Nora Brownell suggested Thursday that FERC join forces with the Energy Information Administration (EIA) to determine what other data could be made available to the natural gas market on a regular basis to provide more transparency on prices.
Western Prices Join Rest of Market With Solid Gains
A relatively bullish storage report (65 Bcf), rising futures prices, continued moderate heating demand and the shutdown of another unit at the Palo Verde nuclear station in Arizona all contributed to solid price increases across the board yesterday.
Northwest Natural, Portland General Join to Serve Oregon
Oregon’s largest natural gas utility and electric power utility have come together with the announcement Monday that Northwest Natural Gas will buy Portland General Electric (PGE) for $1.875 billion. Under terms of the transaction, expected to close by the fourth quarter of 2002, Natural will pay $1.55 billion in cash, give up $200 billion in preferred stock, $50 million in Natural common stock, and assume Enron’s $75 million balance in customer benefits obligations, stipulated in its 1996 PGE purchase. Natural also will assume almost $1.1 billion in PGE debt and preferred stock.
Enron Taps Wholesale Execs To Help Lay With Strategy
Enron Corp. promoted two of the Houston company’s wholesale services veterans last week to join CEO Kenneth L. Lay in the Office of the Chairman, which sets company strategy. Greg Whalley, 39, and Mark Frevert, 46, moved to the top floor last Tuesday. Whalley, who assumes the president and COO spot, had been president and COO of Enron Wholesale Services, while Frevert, now vice chairman, had been chairman and CEO of that division. Enron Wholesale accounted for the bulk of the company’s second quarter revenue this year. All three, said Lay, will help guide the company.
Enron Taps Wholesale Execs To Help Lay With Strategy
Enron Corp. promoted two of the Houston company’s wholesale services veterans to join CEO Kenneth L. Lay in the Office of the Chairman, which sets company strategy. Greg Whalley, 39, and Mark Frevert, 46, moved to the top floor on Tuesday. Whalley, who assumes the president and COO spot, had been president and COO of Enron Wholesale Services, while Frevert, now vice chairman, had been chairman and CEO of that division. Enron Wholesale accounted for the bulk of the company’s second quarter revenue this year. All three, said Lay, will help guide the company.
