With the amount of capital driving today’s energy companies,Statoil Energy recently announced it is searching for a partner tobolster its resource base. A spokesman for the Virginia-basedenergy marketer said the process is moving quickly and the companyhopes to have found a partner by the end of the year.
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Arthur Andersen launched the KnowledgeSpace Energy Community, arevised and enhanced premium community developed for the energyindustry. By supplementing oil and gas content with information andresources specifically for the utility industry, the EnergyCommunity replaces the Oil & Gas Community in KnowledgeSpace,Arthur Andersen’s gateway to online business information, tools andresources.
A newly released Gas Research Institute study examining theshift in perceptions of the U.S. gas resource base, titled”Changing Perceptions Of Remaining U.S. Conventional GasResources,” discusses how the move — from the shortage mentalityof the 1970s to today’s view that gas is abundantly available –has resulted from an interplay of factors. Factors discussedinclude increased exploration success rates in frontier plays,improved gas well recoveries and continued reserve appreciationactivity in existing fields. GRI, with Energy and EnvironmentalAnalysis Inc. of Arlington, VA, developed the study.
In a new analysis of power demand growth, Colorado-basedResource Data International (RDI) projects slightly over 186,000 MWof primarily gas-fired electric generating capacity will have to beadded by 2010 nationwide to meet burgeoning demand and to replaceretiring nuclear and non-nuclear capacity. The cost approaches $90billion.
In a new analysis of power demand growth, Colorado-basedResource Data International (RDI) projects slightly over 186,000 MWof primarily gas-fired electric generating capacity will have to beadded by 2010 nationwide to meet burgeoning demand and to replaceretiring nuclear and non-nuclear capacity. The cost approaches$90-billion.
Union Pacific Resource has reiterated its intention to examine apossible sale of its gas gathering and processing business orselected non-core assets as part of a “deleveraging” programfollowing its recent $3.5 billion purchase (including assumption ofdebt) of Norcen Energy. At the time of the Norcen deal, UPR said itintended to sell $500-$700 million in assets to cut its debt toequity ratio, which ballooned to 73% following the Norcen deal fromabout 40%. But the company has valued its midstream assets, whichare located in Texas, Louisiana, Wyoming and Colorado, at about $2billion. The assets produced about $150 million in pretax operatingincome in 1997. The company has 25 operating plants and relatedpipeline facilities. A UPR spokesman said the company is justbeginning to evaluate its options but noted the market formidstream assets has been hot. UPR’s announcement follows similarplans announced recently by Aquila Gas Pipeline and EquitableResources. “These assets have been selling at a much higher cashflow multiple than E&P assets.”