Citing the critical role that imported liquefied natural gas (LNG) will play in bridging the gap between domestic natural gas supply and demand over the next two decades, major LNG developers called on FERC Friday to exempt import terminals from the agency’s open-access and open-season regulations to encourage an influx of foreign LNG supplies into the United States. Without a more favorable regulatory regime, they warned overseas suppliers will go to the “place of least resistance” — Japan and western Europe, for example.
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Raymond James: E&Ps to Play ‘Serious Catch-Up’ through 2003
There is a “strong” possibility that exploration and production (E&P) companies are timing ramped-up production to hit with the expected higher natural gas prices later this year, according to Raymond James’ Energy’s “Stat of the Week.” Analysts Marshall Adkins and James M. Rollyson had earlier predicted an earlier ramp-up because of the rise in prices over the spring, but a “number of factors” has led to an unexpected stagnation that will lead to “serious catch-up” later this year and throughout 2003.
Raymond James: E&Ps to Play ‘Serious Catch-Up’ through 2003
There is a “strong” possibility that exploration and production (E&P) companies are timing ramped-up production to hit with the expected higher natural gas prices later this year, according to Raymond James’ Energy’s “Stat of the Week.” Analysts Marshall Adkins and James M. Rollyson had earlier predicted an earlier ramp-up because of the rise in prices over the spring, but a “number of factors” has led to an unexpected stagnation that will lead to “serious catch-up” later this year and throughout 2003.
FERC Official: States Play Integral Role in RTO Development
The ability of FERC to successfully form regional transmission organizations (RTOs) throughout the country will in large measure be tied to how much cooperation and support federal regulators receive from their counterparts at the state level, a key FERC staff member told an audience of energy attorneys in Washington, DC, last Thursday.
Anadarko Reports Winter Drilling Success in Canada
Anadarko Petroleum Corp., committed to spending US$270 million on Canadian E&P this year, announced early success Monday in its winter drilling program in northeastern British Columbia and northern Alberta, with three natural gas discoveries and several successful oil field development projects.
Waiting for Weather and Storage, Traders Play it Safe Tuesday
Despite higher early morning over-the-counter and cash market pricing, natural gas futures managed only to check sideways yesterday as traders were content to wait on the sidelines ahead of today’s release of fresh storage and weather information. The February contract closed at $2.281, 0.9 cents above Monday’s close and just about in the middle of its tight, $2.23-32 trading range. By comparison, the gains in the out months were larger, enabling the 12-month strip to post a 2.6-cent gain to finish at $2.585.
TVOG Divvies Up Units in Major CA Gas Prospect
Tri-Valley Oil & Gas Co. (TVOG) said Thursday that it has begun farming out working interest units in its Oil Creek play near Coalinga, CA. TVOG said it has mapped a potential of six separate pay zones to 12,500 feet in the exploratory wildcat prospect, which is north along the trend of the giant Kettleman North Dome Field. The company speculates an unproved potential of up to 125 million barrels of oil and up to 375 Bcf of natural gas from the multiple targets. Project costs are estimated in the range of $3.5 million, including drilling and completing the initial test well.
Pattern of Generally Moderate Declines Stays in Play
With little to no change in fundamental conditions and energy futures continuing to point downward, the cash market saw no reason to vary Wednesday from Tuesday’s precedent of mostly moderate declines. General price movement was more homogenized across regions yesterday, as drops of about a nickel to 20 cents or so characterized the softening for all but a few points.
CA Firm in Talks for $150M E&P with International Firm
While still holding out the carrot of a possible 40-well, 3 Tcf natural gas play in the agricultural fields west of the central California valley town of Delano, Tri-Valley Corp. of Bakersfield announced that it has a letter of intent to sign a deal with an unnamed, privately held international energy company that wants to develop the prospective gas field in conjunction with building a baseload merchant electric generating plant. Tri-Valley called the field its Sunrise Natural Gas Project.
CA Firm in Talks for $150M E&P with International Firm
While still holding out the carrot of a possible 40-well, 3 Tcf natural gas play in the agricultural fields west of the central California valley town of Delano, Tri-Valley Corp. of Bakersfield announced Wednesday that it has a letter of intent to sign a deal with an unnamed, privately held international energy company that wants to develop the prospective gas field in conjunction with building a baseload merchant electric generating plant. Tri-Valley called the field its Sunrise Natural Gas Project.