Point

At the Midyear Issues Summit in Point Clear, AL, the chairman of the Interstate Oil and Gas Compact Commission (IOGCC) said the group’s 30 member states and seven associate member states will continue to push for federal funding to plug orphaned wells in the states. Commission Chair John Hoeven, governor of North Dakota, said the IOGCC remains committed to environmental protection, and in particular the abandoned wells. “There are believed to be tens of thousands of orphan wells in this country,” said Hoeven. “Many of these wells are very shallow and pose no risk to the environment. However, there are others that are unplugged or inadequately plugged and are a genuine threat to the environment and safety. We have focused on these problem wells and are working with Congress on federal funding for a permanent fix.” The IOGCC also renewed a memorandum of understanding (MOU) with the Environmental Protection Agency (EPA). The MOU was created in 2002 to improve regulatory cooperation among the states and the EPA, to promote protection of the environment in a cost-effective manner, to minimize regulatory duplication between the state and national levels of government and to increase efficiency and communication.

Houston-based Enterprise Products Partners LP is forming a natural gas services and marketing business as the focal point for all of its existing gas supply and marketing activities, which include producer wellhead services, facility fuel procurement, pipeline and storage capacity optimization and market customer delivery arrangements. The new unit will operate as a parallel business to Enterprise’s existing natural gas liquids (NGL) and petrochemical services and marketing business.

Houston-based Enterprise Products Partners LP is forming a gas services and marketing business as the focal point for all of its existing gas supply and marketing activities. Enterprise said Tuesday it plans to roll its producer wellhead services, facility fuel procurement, pipeline and storage capacity optimization and market customer delivery arrangements into the unit, which will operate as a parallel business to its existing natural gas liquids (NGL) and petrochemical services and marketing business.

Unable to sell its partially completed liquefied natural gas (LNG) import terminal in Point Tupper, NS, Anadarko Petroleum Corp. has taken a $111 million write-off and will mothball the Bear Head LNG Corp. project.

The 210-member Silicon Valley Leadership Group Tuesday announced a “Clean and Green” 12-point alternative energy action plan that is designed to address the global warming and dependence on foreign oil. The group will work closely with some of its largest members and with the local utility Pacific Gas and Electric Co. The program is scheduled to be rolled out next month.

A federal district court judge in Maine has dismissed a lawsuit brought by six residents of the Pleasant Point Passamaquoddy Reservation who were seeking to derail the Quoddy Bay LNG facility proposed for development on tribal land. The judge ruled the residents lacked standing and their claims were not ripe for adjudication.

A federal district court judge in Maine has dismissed a lawsuit brought by six residents of the Pleasant Point Passamaquoddy Reservation who were seeking to derail the Quoddy Bay LNG facility proposed for development on tribal land. The judge ruled the residents lacked standing and their claims were not ripe for adjudication.

A few dollar-plus plunges were recorded as prices took massive drops at virtually every point Friday (the thinly quoted Questar was a market aberration in falling less than a nickel). The cash market was beset on all sides by negative influences: warming trends eliminating much of the heating load that had developed earlier in the week; indications that the lack of storage options coupled with high linepack issues could be coming to a head; further prior-day futures weakness; and the drop of industrial load that is typical of a weekend.

ConocoPhillips CEO Jim Mulva said Thursday domestic natural gas prices are lower than the company expected them to be at this point when it announced its $35.6 billion acquisition of Burlington Resources last year (see Daily GPI, Dec. 14, 2005).