Raise

Quebec will be the first Canadian province to tax energy producers on carbon and expects to raise C$200 million ($189 million) per year to help fund efforts to reduce greenhouse gas (GHG) emissions and meet targets set by the Kyoto Protocol, which Canada ratified in December 2002.

FERC has granted a request of Puget Sound Energy Inc., operator of the Jackson Prairie Storage project, to build facilities to recycle natural gas to an authorized storage zone (Zone 2) at its Washington state storage facility from another zone in the formation to which gas has migrated.

Duncan Energy Partners LP, a master limited partnership (MLP) created by a subsidiary of Houston-based Enterprise Products Partners LP, is planning to raise up to $313.95 million for an initial public offering (IPO) that would spin off from Enterprise in early 2007. Duncan initially will gain a 66% equity ownership in several Enterprise subsidiaries, including its Mont Belvieu, TX, storage facilities.

New York Mercantile Exchange owner Nymex Holdings Inc. said late last month that it expects to raise $288-312 million through the offering of six million shares of the company’s stock at its upcoming initial public offering (IPO).

New York Mercantile Exchange owner Nymex Holdings Inc. said late last month that it expects to raise $288-312 million through the offering of six million shares of the company’s stock at its upcoming initial public offering (IPO).

A software glitch led Oneok to reduce its 2005 net income by $8.1 million (8 cents/share) and its energy services operating income by $13.2 million and raise its 1Q2006 earnings by similar amounts.

While offshore LNG projects in the Northeast may raise other environmental concerns, the issues surrounding the open rack vaporization (ORV) process, which consumes hundreds of millions of gallons of water daily to warm super cooled LNG back into a gaseous state, won’t be among them, project sponsors say. Both the Neptune project, sponsored by Suez Energy, and the Northeast Gateway project sponsored by Excelerate, will use a closed loop process.

“Explosive” growth by the infant of the Canadian natural gas industry, coalbed methane, will raise total production this year — and again in 2006 and ’07 — by more than making up for declines in conventional supplies, the National Energy Board predicted Monday. The limiting factors are the size of the drilling fleet and experienced people to operate the rigs.

Independent producers lambasted the Bureau of Land Management’s (BLM) plan to raise drilling fees and impose new permitting charges, saying it would increase consumer gas costs.