Opportunities

Canadian Natural Resources Ltd.’s biggest opportunities to build its solid natural gas reserves won’t come from overseas acquisitions, but rather from prospects in its own backyard: northwestern Alberta and northeastern British Columbia, the president of the company said Wednesday. John Langille, speaking at the Peters & Co. Energy Conference in Toronto, said overseas assets will contribute to new oil reserves, but Canada continues to provide the best gas potential both near- and long-term.

Canadian Natural Resources Ltd.’s biggest opportunities to build its solid natural gas reserves won’t come from overseas acquisitions, but rather from prospects in its own backyard: northwestern Alberta and northeastern British Columbia, the president of the company said Wednesday. John Langille, speaking at the Peters & Co. Energy Conference in Toronto, said overseas assets will contribute to new oil reserves, but Canada continues to provide the best gas potential both near- and long-term.

Despite the 35% reduction in domestic drilling activity, drilling service costs have fallen only 15-20% so far because of consolidation in the industry. Today’s drilling and oil field service prices are 20-200% higher than during the same rig utilization in the last industry downturn, analysts at Raymond James & Associates said in an equity research note.

Despite the 35% reduction in domestic drilling activity, drilling service costs have fallen only 15-20% so far because of consolidation in the industry. Today’s drilling and oil field service prices are 20-200% higher than during the same rig utilization in the last industry downturn, analysts at Raymond James & Associates said in an equity research note.

The Energy Information Administration (EIA) will discuss its plans for a new weekly natural gas storage survey as part of the GasMart/Power 2002 program exploring the wholesale gas and power markets. It will be held March 18-20 in Reno, NV, and hosted by Intelligence Press Inc.

The Energy Information Administration (EIA) will discuss its plans for a new weekly natural gas storage survey as part of the GasMart/Power 2002 program exploring the wholesale gas and power markets. It will be held March 18-20 in Reno, NV, and hosted by Intelligence Press Inc.

Enron Corp’s top two in its ailing broadband division have left the company to pursue other opportunities — Ken Rice, 43, the Broadband Services chairman, and Kevin Hannon, 41, the president and COO. They both had been rumored to be leaving since the unit has lost money since its inception. In April, Enron eliminated 250 employees in the broadband division, and earlier this year, a major deal with Blockbuster Inc. fell through. The broadband unit is now moving into the wholesale services division. The broadband executive team loss follows the departure last month Enron CEO Jeffrey Skilling (see Daily GPI, Aug. 15). Chairman Kenneth Lay resumed the CEO post following Skilling’s resignation, and announced the promotions of Greg Whalley, 39, to president and COO and Mark Frevert, 46, to vice chairman (see Daily GPI, Aug. 29). Whalley and Frevert will serve with Lay in the Office of the Chairman at Enron, which is responsible for strategic planning at the Houston-based company.

Continuing his nonstop photo opportunities to flip the switches on new electric generation sources, Gov. Gray Davis Monday opened the 90 MW Larkspur Energy Project, built by InterGen and billed as the largest natural gas-fired power plant to come on-line in San Diego in more than 40 years. InterGen also signed an 11-year contract with the state for the plant’s output.

Record-breaking fourth quarter and year-end earnings havecreated more opportunities for U.S. independents this year, whichnow are flush with cash to ramp up North American exploration andproduction projects and many U.S.-based independents now areboosting capital spending in their E&P units to boost energyreserves, especially natural gas.