Reserve

Citing remarks earlier in the week by Federal Reserve Chairman Alan Greenspan, a California regulator Thursday issued a warning that his state cannot expect to remain aloof from a possible “perfect storm” in a coming winter that would see supply shortages and severe price spikes in wholesale natural gas supplies. He urged more demand-side management and taking more advantage of several unique new supply opportunities, including more Rocky Mountain supplies, for which he suggested the state make “a long-term” commitment.

Citing remarks earlier in the week by Federal Reserve Chairman Alan Greenspan, a California regulator Thursday issued a warning that his state cannot expect to remain aloof from a possible “perfect storm” in a coming winter that would see supply shortages and severe price spikes in wholesale natural gas supplies. He urged more demand-side management and taking more advantage of several unique new supply opportunities, including more Rocky Mountain supplies, for which he suggested the state make “a long-term” commitment.

Anadarko Petroleum Corp. has made a large natural gas discovery in the Saddle Hills area of Alberta, expanding the proven and probable reserves from the multi-zone play to 130 Bcf from the previous estimates of 90 Bcf. Before Anadarko began to step up its activity in Saddle Hills late in 2001, the play held an estimated 6 Bcf of proven reserves.

Anadarko Petroleum Corp. has made a large natural gas discovery in the Saddle Hills area of Alberta, expanding the proven and probable reserves from the multi-zone play to 130 Bcf from the previous estimates of 90 Bcf. Before Anadarko began to step up its activity in Saddle Hills late in 2001, the play held an estimated 6 Bcf of proven reserves.

Anadarko Petroleum Corp. enhanced its North American portfolio with an agreement to acquire Howell Corp. for $265 million cash, including debt of about $65 million. Howell, based in Houston, holds oil and gas reserves in Wyoming.

Anadarko Petroleum Corp. enhanced its North American portfolio with an agreement to acquire Howell Corp. for $265 million cash, including debt of about $65 million. Howell, based in Houston, holds oil and gas reserves in Wyoming.

Producers have stronger bottom lines than other sectors of the oil and gas industry, but high natural gas prices reflect falling U.S. production and the “hard time” exploration and production companies have to replace reserves of comparable or better quality at a competitive cost, said Moody’s Investors Service analysts. Moody’s analysts last week gave a “stable” rating to the entire sector, with the exception of oil refiners and wholesale marketing, which both carry a “negative” outlook.

Producers have stronger bottom lines than other sectors of the oil and gas industry, but high natural gas prices reflect falling U.S. production and the “hard time” exploration and production companies have to replace reserves of comparable or better quality at a competitive cost, said Moody’s Investors Service analysts. Moody’s analysts on Wednesday gave a “stable” rating to the entire sector, with the exception of oil refiners and wholesale marketing, which both carry a “negative” outlook.

When a portion of Mexico’s gas-rich Burgos Basin opens to foreign investment as expected later this year, the progress of investment and development will be a critical test case for both foreign industry and the Mexican government, according to the authors of a new research report by Cambridge Energy Research Associates (CERA).