Calling it a fresh look, the federal Bureau of Land Management (BLM) announced a new multi-state environmental impact review on oil shale and tar sand plans in Colorado, Utah and Wyoming. This could eventually impact the allocation of shale and tar sands resources.
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BLM to Look at Shale Plans in Three Western States
Calling it a fresh look, the federal Bureau of Land Management (BLM) announced Wednesday a new multi-state environmental impact review on oil shale and tar sand plans in Colorado, Utah and Wyoming. This could eventually impact the allocation of shale and tar sands resources.
BLM Announces Multi-State Environmental Impact Review on Oil Shale
Calling it a fresh look, the federal Bureau of Land Management (BLM) announced Wednesday a new multi-state environmental impact review on oil shale and tar sand plans in Colorado, Utah and Wyoming. This could eventually impact the allocation of shale and tar sands resources.
Industry Briefs
Indigo-Energy Inc., a junior explorer that focuses on prospects located in the Upper Devonian sand formations of Kentucky, Pennsylvania and West Virginia, plans to spend $686.4 million to develop about 135,000 acres in the Illinois Basin, an emerging natural gas play that straddles portions of southern Illinois, southwestern Indiana and western Kentucky. The Illinois Basin covers about 60,000 square miles. Indigo, based in Henderson, NV, obtained the funds through a loan agreement with BJ Petro Inc., a Nevada corporation. Indigo also won mineral rights in Greene County, PA, and in Monongalia County, WV.
Concerns Raised About Growing Chinese Energy Investment in Western Canada
Adding to the growing Western paranoia regarding China’s bold energy plays internationally, the northern Alberta, Canada oil sand deposits are now receiving hundreds of millions of dollars for development from the Chinese government, according to a report in Monday’s Los Angeles Times, citing growing concerns in the Bush Administration, which is monitoring the situation closely.
Williams’ Stock Value Bounces Up 88% after Major 2Q Loss Reported
Riding a broad stock market rally fueled by investors looking for bargain-basement deals, Williams Cos. Inc.’s stock shot up nearly 88% to close at around $1.99 a share Monday, in spite of the company’s report earlier in the day of a major net loss for the second quarter due mostly to its floundering energy marketing and trading business, which lost nearly half a billion dollars for the period. The sharp bounce in the company’s stock, which had opened at $1.06 a share, suppressed speculation about possible bankruptcy.
Senate Divided over Renewable Energy Mandate, Derivatives
Republican and Democratic senators Tuesday drew lines in the sand over key amendments to strike a federal mandate for renewable energy from the omnibus energy bill (S. 517), and to regulate trading of over-the-counter (OTC) energy derivatives.
PPL Challenges Montana PSC’s Authority Over Plants
Attempting to draw a clear line in the sand with state regulators, PPL Corp. yesterday openly questioned the Montana Public Service Commission’s authority over the company’s power plants in the state, and PPL said it wouldn’t rule out the possibility of taking legal action in response to a PSC order issued Tuesday.
Anadarko Buys Pinnacle, Boosts Texas Presence
Houston-based Anadarko Petroleum Corp. increased its presence in the East Texas Bossier sand gas play last week, spending $38 million to acquire Pinnacle Gas Treating Inc., which owns and operates a natural gas pipeline and treating plant there. Pinnacle is a subsidiary of Western Gas Resources Inc. based in Denver, and it plans to use the sale to pay down debt.
Anadarko Buys Pinnacle, Boosts Texas Presence
Houston-based Anadarko Petroleum Corp. increased its presence inthe East Texas Bossier sand gas play yesterday, spending $38million to acquire Pinnacle Gas Treating Inc., which owns andoperates a natural gas pipeline and treating plant there. Pinnacleis a subsidiary of Western Gas Resources Inc. based in Denver, andit plans to use the sale to pay down debt.