Produced

As the fight over a demand for Canadians-first restrictions against exports of natural gas produced offshore Nova Scotia went to the final stage of oral hearings, a report in Washington highlighted the value of an open border to the industry. Canadian exporters cornered a record 87% of the gas market in New England during 2001, said a review of the trade by the U.S. Department of Energy (DOE).

Eastern Canadians are not only being denied access to most natural gas produced offshore of Nova Scotia, they also are being made to pay a premium for the limited supplies they can divert from exports to New England, the National Energy Board (NEB) has been told. The complaint was made by New Brunswick’s assistant deputy energy minister, Donald Barnett. It forms part of the provincial government’s case for an exception to be made from free trade in gas with the U.S. in order to hold back supplies traveling on Maritimes & Northeast through eastern Canada. Hearings have been called for July 15 in Fredericton, NB.

Eastern Canadians are not only being denied access to most natural gas produced offshore of Nova Scotia, they also are being made to pay a premium for the limited supplies they can divert from exports to New England, the National Energy Board (NEB) has been told. The complaint was made by New Brunswick’s assistant deputy energy minister, Donald Barnett. It forms part of the provincial government’s case for an exception to be made from free trade in gas with the U.S. in order to hold back supplies traveling on Maritimes & Northeast through eastern Canada. Hearings have been called for July 15 in Fredericton, NB.

The state of Alaska is conducting an open season for offers to purchase up to 70% of its royalty share of gas to be produced from the North Slope, in preparation for an open season on space in a proposed new pipeline to ship gas south to Canada and the Lower 48. The state expects a pipeline open season will occur in 2002, although not in the first quarter.

The state of Alaska is conducting an open season for offers to purchase up to 70% of its royalty share of gas to be produced from the North Slope, in preparation for an open season on space in a proposed new pipeline to ship gas south to Canada and the Lower 48. The state expects a pipeline open season will occur in 2002, although not in the first quarter.

In a move usually reserved for the late stages of acquisitions — and unheard of less than a month after an initial agreement — Dynegy Corp. is in advanced discussions with Enron Corp. to renegotiate its merger offer of Nov. 9 to acquire the Houston-based rival. According to sources, Dynegy wants to reduce the all-stock transaction price by more than 40%, which would put its share price at about $6. Enron closed at $4.11 on Tuesday, 10 cents above its Monday close.

While ONEOK’s energy marketing and trading and production units prospered in the second quarter, gathering and processing suffered as a result of lower processing spreads, cutting net income to $23.6 million or 20 cents per diluted share, compared to $27.2 million or 23 cents per diluted share for the same period a year ago.

Williams kicked off its open season yesterday for shippersinterested in annual firm transportation service produced by theTransco’s Trenton-Woodbury Loop expansion project. the project isexpected to be in service as early as fourth quarter 2002. The openseason will run until 5 p.m. (CST) on Feb. 28.

A solid blast of cold, wintry weather and a technically bullishfutures screen produced tremendous price increases and enormousprice ranges nationwide last week. On Friday, there was little onthe horizon to change the current market picture other than thenormal weekend decline in demand.