There has been a huge increase in exploration and production”overspending” in the U.S. and Canada this year because of enormousgas price increases, and that probably will continue into 2001,said Salomon Smith Barney (SSB) E&P analysts in their 19thannual worldwide E&P spending survey.
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Industry Brief
Calgary’s Petrobank Energy and Resources Ltd. has agreed to sellabout 85% of its entire production — petroleum and natural gasinterests in the Alder Flats and Cynthia areas of Alberta — forC$85 million to an unidentified “large independent oil and gasproducer.” Petrobank said the sale is effective Aug. 1, subject toregulatory and shareholder approvals. Closing is expected in earlyJanuary. Proceeds from the sale will be used to pay down debt andprovide capital for new projects.
Transportation Notes
NGPL said it has not yet completed repairs of a leak discoveredlast week on its offshore High Island Block 71 Lateral. Productionfrom three points (High Island 71, High Island 139 and High Island116) has been scheduled to zero since Friday.
Producers Sue Feds over Destin Dome
Chevron, Conoco and Murphy Exploration & Production claim the federal government has tied into a “proverbial Gordian Knot” their efforts to develop nine leases in the Destin Dome 56 project, 25 miles offshore Pensacola, FL.
Producers Sue Feds over Destin Dome
Chevron, Conoco and Murphy Exploration & Production claimthe federal government has tied into a “proverbial Gordian Knot”their efforts to develop nine leases in the Destin Dome 56 project,25 miles offshore Pensacola, FL. The three producers have filed abreach-of-contract lawsuit against the government, saying a”regulatory Catch 22” between the Commerce Department and theEnvironmental Protection Agency has frozen the review process andprevented the project from ever being approved.
Edison Mission Reorganizes, Lays Off 100
Edison Mission Energy, the global independent power productionsubsidiary of Rosemead, CA-based Edison International, is quietlyretrenching and reorganizing its worldwide presence in a move thathas resulted in 100 workers being laid off.
Edison Mission Reorganizes, Lays Off 100
Edison Mission Energy, the global independent power productionsubsidiary of Rosemead, CA-based Edison International, is quietlyretrenching and reorganizing its worldwide presence in a move thathas resulted in 100 workers being laid off.
FPL To Add 500 MW to Rhode Island
FPL Energy LLC, the independent power production subsidiary ofFPL Group, Inc. said yesterday it expects to have a 500-megawattcombined cycle gas-fired power plant in Johnston, RI, up andrunning by 2002. Rights to build and operate the plant, which willbe located near Providence, were purchased from Reliant EnergyPower Generation, Inc., a subsidiary of Houston-based ReliantEnergy. The purchase price was not disclosed.
Trailblazer Eyes Powder River Supplies
Trailblazer Pipeline is planning an expansion project and apotential extension to serve growing production in the Powder Riverbasin in Wyoming. The pipeline last week started an open season totest the market for both projects.
Industry Brief
Denver’s Tom Brown Inc. paid $16.2 million for an estimated 22Bcf of gas equivalent in reserves, with current net dailyproduction of 8 MMcf of equivalent gas in the Rocky Mountainregion’s Pavillion field. The transaction by the independent energycompany increases its working interest in the Pavillion to 90%, upfrom a previous 50% interest.