Sets

For the fifth quarter in a row, the Royal Dutch/Shell group announced record earnings 23% higher than those of a year earlier. Outgoing Chairman Mark Moody-Stuart said higher gas prices, better refining margins and increased liquefied natural gas volumes all contributed to the growth. Net income also set a record.

For the fifth quarter in a row, the Royal Dutch/Shell group announced record earnings 23% higher than those of a year earlier. Outgoing Chairman Mark Moody-Stuart said higher gas prices, better refining margins and increased liquefied natural gas volumes all contributed to the growth. Net income also set a record.

Energy Secretary Spencer Abraham has created an energy emergency task force within the Department of Energy (DOE) that will work in cooperation with the Federal Emergency Management Administration (FEMA) to deal with blackouts and other energy emergencies this summer in California and elsewhere in the nation.

FERC last week took the first step towards developing a broadregional transmission organization (RTO) in the southeasternsection of the nation.

FERC last week took the first step towards developing a broadregional transmission organization (RTO) in the southeasternsection of the nation.

Canadian Superior Energy Inc. plans a major East Coast drillinginitiative offshore Nova Scotia on the company’s Marquis Prospectby September. The prospect is located about 12.5 miles northwest ofSable Island, and is analogous to PanCanadian Petroleum Ltd.’srecent 2 Tcf Abenaki Reef discovery there.

Allegations that large capacity-holders on El Paso Natural Gashave deliberately withheld pipeline capacity from the market todrive up gas prices in California, and that the pipeline wasinvolved in a “conspiracy” in 1996 to block new interstate pipecapacity from entering the state are unfounded, said a companyspokeswoman.

Allegations that large capacity-holders on El Paso Natural Gashave deliberately withheld pipeline capacity from the market todrive up gas prices in California, and that the pipeline wasinvolved in a “conspiracy” in 1996 to block new interstate pipecapacity from entering the state are unfounded, said a companyspokeswoman.

To capitalize on the growing liquefied natural gas market,Houston-based El Paso Energy Corp. said it would spend $1.5 billionover the next five years to build six LNG terminals for NorthAmerican markets. The six proposed projects include three in theUnited States, two in Mexico and one in the Bahamas, with fiveserving the U.S. marketplace.