April natural gas futures rallied 19.1 cents Wednesday to finish at $7.083 as some end-users decided the $6.900 level was a prime place to cash in their chips and buy gas. While the prompt month settled higher for the first time in six regular sessions and above $7 for the first time in three, some market experts weren’t ready to bring their bull costumes out of the closet just yet, even with the expectations that a significant storage withdrawal would be revealed Thursday.
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Scientists Clear Industry of Blame for Gas in Water Wells
A two-year investigation has identified the prime suspect behind environmental horror stories that threaten to stunt the growth of infant coalbed methane production in Canada — and the culprit is not the industry. The report squashes a major source of public opposition to developing the province’s estimated 500 Tcf endowment of coalbed methane, in seams the right thickness and depth to be considered candidates for development.
Scientists Clear Industry of Blame for Gas in Water Wells
A two-year investigation has identified the prime suspect behind environmental horror stories that threaten to stunt the growth of infant coalbed methane production in Canada — and the culprit is not the industry. The report squashes a major source of public opposition to developing the province’s estimated 500 Tcf endowment of coalbed methane, in seams the right thickness and depth to be considered candidates for development.
Alberta Dispute to Block ‘Sour’ Gas Development Heats Up
A new battle is developing in a marathon industry campaign to maintain access to a prime Alberta drilling target — “sour” natural gas, steeped in hazardous hydrogen-sulphide, which accounts for nearly one-third of the main Canadian producing province’s reserves.
Moody’s Says Raised Unocal Bid Won’t Impact Chevron’s Ratings
Chevron Corp.’s sweetened bid for Unocal Corp. won’t affect Chevron’s credit ratings (Aa2 senior long-term, Prime-1 commercial paper), Moody’s Investors Service said Thursday. Chevron increased the cash portion of its offer for Unocal on Wednesday to $7.5 billion from $4.4 billion, valuing the total transaction at $17.8 billion, including a reduced amount of net debt to be assumed (see Daily GPI, July 21). Unocal’s board has recommended that its shareholders approve the proposed merger in a special meeting scheduled for Aug. 10.
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Ernest Fage has been named the new Minister of Energy for the province of Nova Scotia, following a complete cabinet re-shuffle by Prime Minister John Hamm. Fage had been the Minister of Natural Resources and the Minister of Agriculture and Fisheries. His family owns Fage Farms Ltd. in Hastings and Nappa, Canada, which produces milk, beef and grains for export. He was first elected to the Nova Scotia legislature in a 1997 by-election, then was re-elected in 1998 and 1999. Fage replaces Gordon Balser, who has become Minister of Agriculture and Fisheries, with responsibility over the Public Service Commission. Fage had co-chaired a working group with Balser last year, which created Nova Scotia’s energy strategy. One of the recommendations had been the creation of the Department of Energy, which Balser first took over in June 2002. Fage will be the second person to hold the title with Balser’s move.
Rocky Mountain Energy Increases Coalbed Methane Position
Continuing its strategy of snatching up prime oil and gas producing assets since the company went public earlier this year, Houston-based Rocky Mountain Energy Corp. (RMEC) said it has purchased the Trinidad Coalbed Methane Project for $150,000 or $9.13 per acre.
Rocky Mountain Energy Increases Coalbed Methane Position
Continuing its strategy of snatching up prime oil and gas producing assets since the company went public earlier this year, Houston-based Rocky Mountain Energy Corp. (RMEC) said Tuesday that it has purchased the Trinidad Coalbed Methane Project for $150,000 or $9.13 per acre.
Security Expert: Energy Industry Prime Target for Terrorism
Due to the current interdependency of the U.S. economy, an attack at a key point along a pipeline could actually disrupt communications, information technology and power, as well as the petroleum and natural gas supplies that run through the pipes, according to Bobby R. Gillham, manager of global security for Conoco Inc. Environmental concerns over the past 20 years have forced interstate pipelines to not only carry natural gas and liquid petroleum products, but also fiber optic cable for communications, and power lines, which are run in the same rights of way, he said.
Security Expert: Energy Industry Prime Target for Terrorism
Due to the current interdependency of the U.S. economy, an attack at a key point along a pipeline could actually disrupt communications, information technology and power as well as the petroleum and natural gas supplies that run through the pipes, according to Bobby R. Gillham, manager of global security for Conoco Inc. Environmental concerns over the past 20 years have forced interstate pipelines to not only carry natural gas and liquid petroleum products, but also fiber optic cable for communications, and power lines are run in the same rights of way, he said.