Major rebounds at El Paso-San Juan and the Southern California border were joined by only the Permian Basin/Waha market and a couple of Rockies points in realizing price increases Monday. Other points ranged from flat to as much as a dime lower, but most of the losses were modest at around a nickel or less.
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Chesapeake Adds 68 Bcfe of Proved Reserves, Locks in Hedges on Production
Chesapeake Energy Corp. added another 68 Bcfe proved oil and gas reserves and 39 Bcfe of probable and possible reserves in the Midcontinent, Permian Basin and Texas Gulf Coast regions Tuesday through four purchases totaling $100 million.
Keystone Begins Open Season for 2 Bcf Available Capacity
Unocal Keystone Gas Storage LLC has begun a non-binding open season through Nov. 7 for 2 Bcf of available capacity at its Keystone gas storage facility located in the Permian Basin.
Keystone Begins Open Season for 2 Bcf Available Capacity
Unocal Keystone Gas Storage LLC has begun a non-binding open season through Nov. 7 for 2 Bcf of available capacity at its Keystone gas storage facility located in the Permian Basin.
Keystone’s Storage Services Given FERC Approval to Move Interstate in ’03
Unocal Keystone Gas Storage LLC, located in the Permian Basin supply area near the Waha Hub, was granted a conditional blanket certificate by FERC on Wednesday to offer firm and interruptible natural gas storage services interstate by Jan. 1, 2003, and also was given approval to offer market-based rates for interstate storage services. The certificate, noted FERC, will benefit customers by offering more storage and system-balancing options [CP02-317-000].
Weather Is Key to Eastern Softness, Western Strength
Virtually all eastern points, along with the Permian Basin/Waha market, yielded to weak weather fundamentals and expectations of another large advance in storage injections by dropping about a dime or slightly more Tuesday. However, a spreading West Coast heat wave kept Rockies/San Juan/Pacific Northwest numbers and those related to the Northern California market strongly on the rise.
Transportation Notes
Northern Natural Gas declared a force majeure after discoveringa leak in its 20-inch Plymouth to Mitchell line in the PermianBasin area of West Texas. Teams isolated the leak, NNG saidWednesday, and the approximate downtime was expected to be twodays. Flow was scheduled to zero at the Shell Tippett, Burlington,Marathon Yates and Southern Union receipt points.
Costilla Files for Chapter 11
Costilla Energy Inc., a Texas-based producer with assets inSouth Texas and the Permian Basin, reported last week it has filedfor Chapter 11 with the U.S. Bankruptcy Court in Midland, TX. Thecompany said despite this setback, its oil and gas operations willcontinue without interruption. The company did not return phonecalls by press time.