Over the next decade as the Rocky Mountain is saved byincreasing pipeline transportation, the trend of reserve growth inrecent years will finally pay off in dramatic production increases,Fred Julander, past chairman of the Colorado Oil & Gas Assoc.told the group’s annual meeting.
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Canadian Producers to Acquire Pan-Alberta Gas
Pool marketer Pan-Alberta Gas and a consortium of sevenproducing companies have reached agreement on the terms under whichthe marketing company will be offered for sale to the more than 435Canadian producers in the pool. The announcement of the agreementconfirmed earlier reports that a Canadian coalition was expected towin out over bids from major U.S. marketers.
Committee Votes Out Richardson Nomination
The Senate Energy and Natural Resources Committee has approvedthe nomination of Bill Richardson, currently U.S. ambassador to theUnited Nations, to become the next secretary to the Department ofEnergy (DOE).
Pan Alberta Deal Nearing Completion
The next round of restructuring is about to unfold in Canada’snatural-gas community as a white knight buyer prepares to stepforward for the country’s second-biggest supply aggregator,Pan-Alberta Gas Ltd. In fact, a team of rescuers has emerged.Senior Canadian industry sources say a producer consortium has comeup with a winning bid that will both keep the mammoth dealer inhome-grown hands and heal the worst remaining sore spot in thecommunity.
ICF Kaiser: New Pipelines Will Impact Prices Nationwide
Dramatic spot price changes are expected throughout the U.S.over the next two years following the construction of proposedmajor gas pipeline projects and development of gas reserves tosupport them. A new analysis released yesterday at GasMart Power’98, NGI’s annual energy conference, by ICF Kaiser focuses on howprices and volumes would shift following several likelydevelopments: the construction of Alliance Pipeline along withexpansions of Foothills/Northern Border, construction of the Vectorand Millennium projects to move gas from Chicago to East Coastmarkets, completion of the Sable Island project and associatedMaritimes and Northeast Pipeline moving gas down the East Coast andincreased gas production in the Gulf of Mexico.
More Pipeline Audits on the Way in May
FERC said it plans to begin audits of three additionalinterstate pipelines next month as part of its stepped-up effort tocrack down on abuses involving marketing affiliates. The on-siteaudits of Columbia Gas Transmission, Great Lakes Gas TransmissionL.P. and CNG Transmission are expected to get underway around May18, according to a spokeswoman.
Atypical Shoulder Month Pricing Strikes..Again?
“If you want higher gas prices just wait for the next shouldermonth,” was the phrase bandied about the cash market yesterday ascash prices rose to heights unparalleled since last October andNovember. Last Autumn futures prices peaked at $3.85 beforefree-falling down to settle at $3.266 at the end of October. Now afutures led rally has pulled cash prices with it leaving the marketto wonder how much higher can prices go and will they come down.”That is the $10 million question,” a source quipped.
California Approaches Gas Restructuring
California regulators are expected to begin taking a much closerlook next week at proposals to curb market power in the state’s gasindustry, and their decisions could rapidly accelerate convergenceof the gas and electric industries. Included among the proposals isa plan to force the state’s major utilities to divest gastransmission and storage assets and form an independent gastransmission system operator, replicating part of what was done inthe state’s power industry. California natural gas industryrestructuring proceedings are scheduled to move into overdriveduring four day-long hearings starting April 6 in San Francisco.
Hearings Begin on New Nova By-pass
The next challenge to the troubled Canadian natural gas pipelineestablishment opens May 25, when the National Energy Board hasscheduled the start for hearings on AEC Suffield Gas Pipeline.