Ship

EnCana Corp.’s application to build a 176 kilometer underwater natural gas pipeline off the coast of Nova Scotia to ship up to 300 MMcf/d from its dormant Deep Panuke project got a thumb’s up from Canada’s National Energy Board (NEB).

EnCana Corp.’s application to build a 176 kilometer underwater natural gas pipeline off the coast of Nova Scotia to ship up to 300 MMcf/d from its dormant Deep Panuke project got a thumb’s up from Canada’s National Energy Board (NEB).

FERC Thursday approved Kinder Morgan Louisiana Pipeline LLC’s application to build a 135-mile, mostly 42-inch diameter pipeline that would ship regasified liquefied natural gas (LNG) from Cheniere LNG’s 2.6 Bcf Sabine Pass import terminal, which is under construction in Cameron Parish, LA, to multiple natural gas pipelines.

Houston-based Copano Energy LLC. expanded its commodity risk management portfolio through the purchase of Houston Ship Channel Index natural gas call spread options to hedge a portion of its net operational short position in gas when operating in a processing mode at its Houston Central Processing Plant.

Policymakers and regulators are coming up with half-measures to improve conditions in the natural gas market, while in the meantime the “ship is going down,” said an executive with Dow Chemical last Monday.

What remains of national independent power plant operator Calpine Corp.’s sinking ship was battered on both coasts Monday, prompting a California-based business columnist familiar with the once-high-flying Silicon Valley-based company to write its business epitaph. Calpine had no immediate reaction to the latest turn of events in the company’s continuing financial struggles; a spokesperson reiterated that no bankruptcy filing had been made yet by the company.

Policy makers and regulators are providing natural gas consumers with life boats and life jackets, but then they quickly add, “‘By the way, this ship is going down,” said an executive with Dow Chemical Monday.

El Paso Corp. proposed Tuesday to build the Continental Connector, a new system with more than 1,000 miles of up to 42-inch pipe to ship 1-2 Bcf/d of Rockies gas East by connecting six of its pipelines in the west, Colorado Interstate, WIC and Cheyenne Plains, with points on ANR Pipeline, Tennessee Gas Pipeline, and Southern Natural Gas. El Paso said the project could be placed in service as early as November 2008.

Following Thursday’s wild down day, June natural gas futures used Friday to steady the ship by trading within a fairly narrow 11.5-cent range. However, the prompt month was able to maintain most of its work lower, reaching only a $6.55 high on the day.