Revisions

FERC Thursday approved several revised standards for business practices of interstate natural gas pipelines, which Commissioner Phillip Moeller acknowledged that while “maybe not glamorous are still essential to a safe and efficient pipeline operation.”

FERC Thursday approved several revised standards for business practices of interstate natural gas pipelines, which Commissioner Phillip Moeller acknowledged that while “maybe not glamorous are still essential to a safe and efficient pipeline operation.”

California Gov. Arnold Schwarzenegger tried to beat back criticism early in June surrounding his proposal in last month’s fiscal revisions aimed at reversing the state’s worsening budget crisis by securing an additional $100 million of annual revenues for the state from the limited opening of drilling offshore Santa Barbara. Schwarzenegger’s proposal was tied to the dismantling of four existing offshore platforms in the area.

California Gov. Arnold Schwarzenegger tried to beat back criticism Monday of a proposal he made in last month’s fiscal revisions aimed at reversing the state’s worsening budget crisis by securing an additional $100 million of annual revenues from the limited opening of drilling offshore Santa Barbara. Schwarzenegger’s proposal was tied to the dismantling of four existing offshore platforms in the area.

The Alberta government scaled back its controversial royalty rate plan for natural gas and oil producers, citing job losses and lower energy prices, but the revisions may be too late for producers that already have set exploration budgets for 2009, some to the benefit of neighboring provinces.

Even with an unprecedented heat storm and resource-consuming revisions to its long-awaited market redesign, the California Independent System Operator (CAISO) lowered its operating costs substantially for a fifth consecutive year in 2006, according to the grid operator’s annual report. Moderating natural gas prices were cited as one of the drivers.

A half-decade of litigation over reserves revisions, allegations of wash trading and charges of market manipulation against El Paso Corp. drew closer to closure Tuesday when a federal judge in Houston gave preliminary approval to a proposed settlement and set a final hearing date in the class action suit against the company.

A half-decade of litigation over reserves revisions, allegations of wash trading and charges of market manipulation against El Paso Corp. drew closer to closure Tuesday when a federal judge in Houston gave preliminary approval to a proposed settlement and set a final hearing date in the class action suit against the company.

Nymex Holdings Inc. said this week that its board of directors has approved revisions to the definitive agreement by which General Atlantic LLC will take a 10% equity stake in Nymex Holdings, the parent company of the New York Mercantile Exchange. Under the revised terms of the transaction, General Atlantic will invest $160 million for the 10% equity position in Nymex, which represents an increase of $25 million over the originally signed deal. The initial deal valued Nymex’s equity at $1.35 billion post-investment, but the revised terms put the value at $1.6 billion post-investment.