natural gas prices

The Lower Tertiary Trend in the deepwater Gulf of Mexico has yielded another discovery in Keathley Canyon (KC), the Guadalupe well, which was drilled in almost 4,000 feet of water to a depth of 30,173 feet. The prospect, in KC Block 10, is about 180 miles off the Louisiana coast. The initial well encountered “significant” oil pay in the Wilcox Sands, according to 42.5% stakeholder and operator Chevron Corp. Co-owners are BP Exploration & Production Inc. (42.5%) and Venari Resources LLC (15%). Drilling began in June. More tests are being conducted, with additional appraisal wells planned to determine the extent of the resource.

Chevron Corp.has launched the $20 million Appalachia Partnership Initiative to address education and workforce development in 27 counties across southwest Pennsylvania, northern West Virginia and eastern Ohio. Chevron partnered with the Allegheny Conference on Community Development, the Benedum Foundation and Rand Corp. to begin a long-term regional commitment to improve science, technology, engineering and math education and further develop a skilled workforce for the region.

Futures prices may have taken a hit from an uninspired weekly Energy Information Administration (EIA) storage report Thursday, while physical market trading for Friday delivery took no prisoners and left only a handful of points in the plus column.

Pacific Gas and Electric Co. has introduced the Electromagnetic Acoustic Transducer (EMAT), a pipeline inspection robot, to upgrade maintenance and safety checks on a natural gas pipeline system in South San Francisco. The robot uses ultrasonic waves within the pipe to automatically detect weld defects. The new technology does not require excavation to test the inside of the pipe. The robot travels inside the pipeline to inspect the girth welds.

Patrick Pouyanne has been elected CEO and president of Total SA following the death of chairman and CEO Christophe de Margerie (see Daily GPI,Oct. 21). Pouyanne was president of the refining and chemicals unit. Former chairman and CEO Thierry Desmarest, who since his retirement has been honorary chairman, will assume the chairmanship until the end of 2015. Pouyanne joined Total in 1997 after working for several years for the French government. “The exceptional human and professional qualities that Christophe de Margerie exhibited during his time at Total were largely responsible for the success of the group,” the board stated.

Alaska has awarded two Beaufort Sea leases that had been pending since 2011 based on the state’s belief that it — and not the federal government — controls 3,000 acres of tidal and submerged lands along the Beaufort coastline.

Subsea demand is strong and getting stronger, with a backlog for orders at the highest level in more than four years for Houston’s FMC Technologies Inc., the company reported Wednesday.

The head of PJM Interconnection, the regional transmission organization (RTO) responsible for moving electricity over most of the Mid-Atlantic and parts of the Midwest, said natural gas is on pace to surpass coal as its primary source fuel by May 2015.

Next-day prices for physical gas traded Wednesday moved little as hefty losses in New England were largely balanced by gains in the Mid-Atlantic, Marcellus, and Gulf. Great Lakes and Rockies prices were mostly mixed, but California locations were higher.