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. Pioneer Natural Resources Co., Mitchell Energy& Development Corp. and Devon Energy Corp. set new earnings andproduction records in 2000, and are turning their attention andmoney to boost production.
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Bossier Play Boss for Anadarko
Building on the success it has enjoyed so far in its Bossiernatural gas play in East Texas, Anadarko Petroleum Corp. plans tospend nearly a third more in the region this year, almost $535million total, to expand its development program and increase itsexploration prospects.
NERC Encourages Higher Compliance Rate
Regional Reliability Councils and their members are about 90%compliant, but work still needs to be done to bring standards upand encourage non-members to join, according to the latest reportfrom the North American Electricity Reliability Council. NERC haspublished its findings for the second of four phases of its Year2000 Compliance Program, created to ensure adherence to NERC andregional standards.
EEX Dumps 100 Shallower Gulf Prospects
In a planned move to dump its mature shelf properties andconcentrate on new exploration opportunities, EEX Corp. is sellingits interests in nearly 100 offshore lease blocks in the shallowerwaters of the Gulf of Mexico to an undisclosed buyer for $60million. The properties contain estimated proved reserves of 58Bcfe, of which 33% are proved producing, as of Oct. 1.
E&P Programs Gifted with Big Bonuses for 2001
‘Tis the season to spend money, and many of North America’s large and small producers are doing just that, dropping bonuses into the envelopes of newly expanded exploration and development programs for the coming year. In recent days, both U.S. and Canadian producers have announced visions of increased energy production next year, with most of the promise in domestic natural gas development.
Alliant Invests $10 Million in Venture Fund
Alliant Energy Resources Inc. has dropped a $10 millioninvestment into Nth Power Technologies Fund II, LP, a venturecapital fund that invests in emerging opportunities fromrestructuring in the energy industry both domestically andinternationally.
Transwestern Expansion In Service
Construction is complete, and Transwestern Pipeline Co. hasincreased its available capacity to California by 15%, a moveproviding expansion shippers with opportunities to move incrementalvolumes from the San Juan and Permian Basins to the Californiaborder. The $12 million project was approved by FERC in mid-January(see NGI, Jan. 17, 2000).
Transwestern Pipeline Expansion In Service
Construction is complete, and Transwestern Pipeline Co. hasincreased its available capacity to California by 15%, a moveproviding expansion shippers with opportunities to move incrementalvolumes from the San Juan and Permian Basins to the Californiaborder. The $12 million project was approved by FERC in mid-January(see Daily GPI, Jan. 13, 2000).
UtiliCorp Leverages Regulated Assets
“Opportunities in the regulated utility business have never beenbetter,” according to UtiliCorp United Chairman Richard C. Green,Jr.
UtiliCorp Leveraging Regulated Assets
“Opportunities in the regulated utility business have never beenbetter,” according to UtiliCorp United Chairman Richard C. Green,Jr.