Revised

The Energy Information Administration (EIA), in its short-term energy outlook for April, revised its projection for the average spot price of natural gas this year upwards by 4% to approximately $5.40/Mcf from the $5.19 that it had projected last month.

The Energy Information Administration (EIA), in its Short-Term Energy Outlook for April, revised its projection for the average spot price of natural gas this year upwards by 4% to $5.40/Mcf from the $5.19 that it had projected last month.

BP plc revised downward its proved oil and gas reserves at the end of 2003 by 445 million boe, or 2.5%, according to information in its annual report, released earlier this month. The disclosure follows the controversy over the 20% negative revision by Royal Dutch/Shell Group in January and El Paso Corp.’s 41% cut, which was announced last month.

Don’t hold your breath waiting for a revised plan from EnCana Corp. on its stalled Deep Panuke natural gas project offshore Nova Scotia. After notifying provincial authorities in December it would submit a new plan in six months, EnCana now estimates it could take up to a year as it works on ways to make the offshore discovery economical. Panuke originally was estimated to hold 1 Tcf of gas and was expected to produce 400 MMcf/d.

Don’t hold your breath waiting for a revised plan from EnCana Corp. on its stalled Deep Panuke natural gas project offshore Nova Scotia. After notifying provincial authorities in December it would submit a new plan in six months, EnCana now estimates it could take up to a year as it works on ways to make the offshore discovery economical. Panuke originally was estimated to hold 1 Tcf of gas and was expected to produce 400 MMcf/d.

Dominion Resources Inc. on Monday revised its 2003 net income downward by 14 cents a share because of a $44 million charge for the impaired value of its CNG International pipeline assets in Australia that are up for sale.

The fallout continues from El Paso Corp.’s announcement to revise downward its oil and gas reserves by 41%, with at least three class action lawsuits filed by the end of the week. El Paso announced the changes late Tuesday, and investor confidence has eroded since (see Daily GPI, Feb. 19).

EnCana last week withdrew its estimated C$1 billion regulatory plan to develop the Scotian offshore Deep Panuke project, and said it will instead submit a new plan within six months after drilling two successful exploration wells at the natural gas play.

EnCana on Wednesday withdrew its regulatory plan to develop the Scotian offshore Deep Panuke project, and said it will instead submit a new plan within six months after drilling two successful exploration wells at the natural gas play.