Orderly

The Bureau of Ocean Energy Management, Regulation and Enforcement (BOEM) said in a report sent to Congress Friday that it was nearing the orderly close of the scandal-riddled royalty-in-kind (RIK) program. The program officially ends on Sept. 30 when the remaining contracts expire, the Interior Department agency said.

After more than a year of negotiations, a landmark agreement to protect Utah’s cultural resources while permitting “orderly and environmentally responsible” natural gas development on the West Tavaputs Plateau near Nine Mile Canyon by Bill Barrett Corp. is to be finalized Tuesday (Jan. 5) with a signing ceremony at the state capitol in Salt Lake City, the Bureau of Land Management (BLM) in Utah said.

After more than a year of negotiations, a landmark agreement to protect Utah’s cultural resources while permitting “orderly and environmentally responsible” natural gas development on the West Tavaputs Plateau near Nine Mile Canyon by Bill Barrett Corp. is to be finalized Jan. 5 with a signing ceremony at the state capitol in Salt Lake City, the Bureau of Land Management (BLM) in Utah said Tuesday.

Draper added that with the pull out, there will be “significant reductions” in personnel, but he did not have any specific figures. The downsizing of merchant activity also will reduce AEP’s working capital needs, according to CFO Susan Tomasky. She said specific guidance would soon be ready, but added, “clearly, the working capital needs for 2003 [will be] reduced significantly.”

“Orderly” and “quiet” are not words that typically describe thenatural gas futures market-especially during hectic expiration-daytrading at Nymex. However, yesterday they were fitting descriptionsof a market that was only able to inch higher amid light commercialshort-covering. The June contract closed out its tenure as theprompt month with a 2.6-cent gain to settle at $2.226.

Other than the screen-related drop in prices Wednesday, it’sbeen a pretty slow and uneventful bidweek, a number of GPI sourcesagreed. Things had settled down Thursday and June gas was tradingin about the same area as it had following the futures expiryWednesday, a Midwest-based marketer noted. However, another sourcesaid Southwest and Southern California border prices continued tosoften a bit further Thursday.