Houston-based Nuevo Energy Co. has accepted the resignation of Doug Foshee as chairman, president and CEO. Foshee intends to pursue other interests. With Foshee’s resignation, the board of directors appointed Isaac Arnold, an outside Nuevo director since 1990, as chairman. The board also announced that Phillip Gobe, currently Nuevo’s COO, has been appointed interim president and CEO. Nuevo has initiated a search for a new president and CEO, and Gobe will be considered as part of the search. “Phillip Gobe and the rest of Nuevo’s senior management team have the full support of our board of directors,” said Arnold.
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Sapient Energy Entertains Sale Inquiries
In an effort to pursue options to optimize its business,Tulsa-based Sapient Energy Corp. reported it has retained Randall& Dewey, Inc. to provide transaction advisory services, whichinclude the hosting of the independent oil and gas company’s dataroom opening.
BP, Chevron, Burlington To Pursue Canadian Gas
Just two weeks after unveiling plans to build a pipeline to transport Alaskan North Slope gas to the Lower 48, BP has teamed up with Chevron Corp. and Burlington Resources Inc. to produce gas in the Canadian Arctic. Although no timetable was released, the companies said last week they will spend “considerable resources” to build a production base in the Mackenzie Delta.
BP, Chevron, Burlington to Pursue Canadian Gas
Just two weeks after unveiling plans to build a pipeline totransport Alaskan North Slope gas to the Lower 48, BP has teamed upwith Chevron Corp. and Burlington Resources Inc. to produce gas inthe Canadian Arctic. Although no timetable was released, thecompanies said this week they will spend “considerable resources”to build a production base in the Mackenzie Delta.
Trans Energy Forms Acquisition Subsidiary
West Virginia-based Trans Energy Inc. is creating a wholly-ownedsubsidiary, Trans Energy Acquisition, to aggressively pursueacquisitions and mergers within the oil and natural gas sector,appointing industry veteran Gary Lawyer to the executiveacquisition committee.
Trans Energy Forms Acquisition Subsidiary
West Virginia-based Trans Energy Inc. is creating awholly-owned subsidiary, Trans Energy Acquisition, to aggressivelypursue acquisitions and mergers within the oil and natural gassector, appointing industry veteran Gary Lawyer to the executiveacquisition committee.
FERC Plan Highlights Fast Certificate Process
FERC intends to pursue several strategies over the next fiveyears to facilitate gas pipeline development and “get gas whereit’s needed most,” the Commission said in a draft strategic planfor fiscal years 2000-2005. One of its most important objectives isto “foster a regulatory environment that facilitates theresponsible development of transportation capacity to meetpotential increase in market demand for natural gas to 25 Tcf in2005 and 30 Tcf in 2010,” the draft stated.
FERC Plan Highlights Fast Certificate Process
FERC intends to pursue several strategies over the next fiveyears to facilitate gas pipeline development and “get gas whereit’s needed most,” the Commission said in a draft strategic planfor fiscal years 2000-2005. One of its most important objectives isto “foster a regulatory environment that facilitates theresponsible development of transportation capacity to meetpotential increase in market demand for natural gas to 25 Tcf in2005 and 30 Tcf in 2010,” the draft stated.
Avista Makes E-Commerce Alliance
Avista Advantage and Strategic Energy LLC (SEL) made an allianceto pursue new business. SEL acquires the right to supply energycommodity services to Avista Advantage customers, and AvistaAdvantage acquires the right to provide SEL customers with its billconsolidation and energy management services.
Lobsters v. Gas & Oil on Georges Bank
International gas producers are sailing into a political stormas they pursue their next drilling target off the East Coast, theCanadian half of Georges Bank between Nova Scotia and New England.Three wholly-owned arms of senior U.S. gas suppliers — TexacoCanada, Chevron Canada and Amoco Canada — are out to persuadeCanadian federal and provincial authorities to let a moratorium onresource exploration on Georges expire.