Official

The Alberta Energy Resources Conservation Board made it official last week, confirming independent reports that the province, the mainstay of Canadian natural gas, has passed a historic turning point, with aging fields past their prime entering a long-range decline. At the same time the province moved to shut in some gas production to protect its oil potential.

The Alberta Energy Resources Conservation Board made it official last week, confirming independent reports that the province, the mainstay of Canadian natural gas, has passed a historic turning point, with aging fields past their prime entering a long-range decline. At the same time the province moved to shut in some gas production to protect its oil potential.

Although the official start of summer is still more than two weeks away, the amusement park season officially opened at Nymex Wednesday. In a roller coaster-like session, the July contract twice soared and descended as fund and local trader technical buying met with equal parts producer selling.

Presidential hopeful Sen Joseph Lieberman (D-CT) last week called on the Interior Department inspector general to conduct a broad review of potential conflicts of interest between Deputy Secretary J. Steven Griles and oil and natural gas companies.

Sen Joseph Lieberman (D-CN) on Monday called on the Interior Department inspector general to conduct a broad review of potential conflicts of interest between Deputy Secretary J. Steven Griles and oil and natural gas companies.

Mexico’s state oil monopoly Petroleos Mexicanos (Pemex), which will select its first 10 multiple-service contracts following bidding in November for natural gas projects onshore and offshore, expects the companies that participate to obtain internal rates of return as high as 15%, according to an executive with the Mexican oil and gas company.

Mexico’s state oil monopoly Petroleos Mexicanos (Pemex), which will select its first 10 multiple-service contracts following bidding in November for natural gas projects onshore and offshore, expects the companies that participate to obtain internal rates of return as high as 15%, according to an executive with the Mexican oil and gas company.

Confirming rumors that began circulating late last week, Northwest Natural Gas Co. and Enron Corp. struck a deal to sell Enron’s electric utility subsidiary 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.

Prior to Friday (the official first day of winter), the weekend market had looked like a toss-up, with forecasts of colder Christmas weather throughout the East and into the Southwest arrayed against the demand slump from extended business closures. Chalk one up for the bulls as the upcoming cold temperatures weighed a little more heavily on traders’ minds Friday, prompting them to send most points higher by small amounts.