Forest Oil Corp. of Denver reported a significant gas discoveryat High Island 116 in the Gulf of Mexico. High Island 116 is 54.75%owned and operated by Forest and 45.25% owned by Louis DreyfusNatural Gas Corp. Initial production from the recently drilled B-2well is expected in November. Forest Oil is engaged in theacquisition, exploration, development, production and marketing ofgas and crude oil in North America. Forest’s principal reserves andproducing properties are in the United States in the Gulf ofMexico, Louisiana, Texas and Wyoming and in Canada in Alberta andthe Northwest Territories.
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Dynegy has fired up its first constructed, owned and operatednatural gas-fired peaking plant, the 250 MW Rocky Road Power Plantnear Chicago, in time to serve the summer air conditioning load.Dynegy plans to sell the power generated at the merchant powerplant into the wholesale electricity market. As a peaking plant itwill run on an as-needed basis. The Rocky Road plant is part of thecompany’s previously announced plan to back up its trading unitwith a $5 billion generation expansion program. Dynegy is aiming toown or control more than 70,000 MW of generating capacity by 2003.It has 6,800 gross MW operating or under construction and recentlyannounced plans for two natural gas-fired 500 MW plants, one inHeard County, GA and another in Oldham County, KY.
The Genesis Project, a deep-water oil and natural gas platform, has gone into production in 2,600 feet of water in the Gulf ofMexico. The drilling and production platform, operated by Chevron,is expected to produce approximately 30,000 barrels of oil and morethan 20 MMcf/d during 1999. Production is planned to increase at asteady pace so that in 2000 Genesis will reach its peak productioncapacity of 55,000 barrels of oil and 72 MMcf/d.