Shot

“A tremendous ramp up of natural gas prices” over the past five years has been a shot of adrenaline for the fledgling hydrogen industry and those high prices are not going away, boding well for the further development of steps toward a hydrogen-based economy, according to Jon Slangerup, CEO of Ontario, Canada-based Stuart Energy, a provider of electrolysis-based hydrogen systems worldwide.

Twenty-four major energy companies operating in the U.S. reported “significantly higher” overall corporate net income for the fourth quarter of 2003 and for the entire year compared to 2002, due mostly to higher oil and natural gas prices, according to a new report from the Energy Information Administration (EIA).

Twenty-four major energy companies operating in the U.S. reported “significantly higher” overall corporate net income for the fourth quarter of 2003 and for the entire year compared to 2002, due mostly to higher oil and natural gas prices, according to a new report from the Energy Information Administration (EIA).

Although its fossil fuel production shot up, earnings for the fourth quarter were down at Rapid City, SD-based Black Hills Corp., on lower-than-expected electric and telecommunications utility results and poor returns from some short-term investments.

Firing the latest shot in what has been a long and heated argument, U.S. Energy Corp. and Crested Corp., doing business as USECC, reported Tuesday that in October it filed a cross-appeal of the judgment entered by the U.S. District Court of Colorado on Aug. 1, which ordered RWE Nukem, Inc. and its subsidiary, Cycle Resource Investment Corp., to pay USECC $20,044,183.

The Minerals Management Service said oil and gas exploration in Alaska “got a shot in the arm” last week with three companies bidding on 34 tracts of land in the Beaufort Sea. The Beaufort Sea Oil and Gas Lease Sale 186, the area’s eighth federal lease sale, drew bids totaling $10 million, with high bids totaling $8.9 million, covering about 181 thousand acres offshore of Alaska’s Arctic Coast. The highest bid received was for $2.15 million submitted by ConocoPhillips for blocks 6465A, 6458C and 6457B in the Sandpiper prospect area. EnCana Oil and Gas was the most active company by bidding on 24 blocks, including 19 tracts north of Smith Bay. MMS offered 1,792 whole and partial blocks encompassing about 9.4 million acres. The sale area extends from about three to 60 nautical miles offshore in water depths generally ranging from about 25 to 3,000 feet. Water depth in the majority of the sale area is less than 200 feet. The area extends from the Canadian border in the east to Barrow on the west. There are 37 active leases on the Beaufort Sea currently. Leasees have drilled 30 exploratory wells in the federal portion of the Beaufort Sea.

The Minerals Management Service said oil and gas exploration in Alaska “got a shot in the arm” this week with three companies bidding on 34 tracts of land in the Beaufort Sea. The Beaufort Sea Oil and Gas Lease Sale 186, the area’s eighth federal lease sale, drew bids totaling $10 million, with high bids totaling $8.9 million, covering about 181 thousand acres offshore of Alaska’s Arctic Coast. The highest bid received was for $2.15 million submitted by ConocoPhillips for blocks 6465A, 6458C and 6457B in the Sandpiper prospect area. EnCana Oil and Gas was the most active company by bidding on 24 blocks, including 19 tracts north of Smith Bay. MMS offered 1,792 whole and partial blocks encompassing about 9.4 million acres. The sale area extends from about three to 60 nautical miles offshore in water depths generally ranging from about 25 to 3,000 feet. Water depth in the majority of the sale area is less than 200 feet. The area extends from the Canadian border in the east to Barrow on the west. There are 37 active leases on the Beaufort Sea currently. Lesees have drilled 30 exploratory wells in the federal portion of the Beaufort Sea.

An amendment sponsored by Sen. Dianne Feinstein (D-CA) to regulate the trading of over-the-counter (OTC) energy derivatives was shot down last Wednesday, marking the second defeat for the controversial proposal.

An amendment sponsored by Sen. Dianne Feinstein (D-CA) to regulate the trading of over-the-counter energy derivatives was shot down Wednesday, marking the second defeat for the controversial proposal.