NiSource suffered two significant setbacks last week in itsbattle for a $5.7 billion hostile takeover of Columbia EnergyGroup, but the company vowed to continue its pursuit of Columbia.
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Forest Oil Corp. of Denver reported a significant gas discoveryat High Island 116 in the Gulf of Mexico. High Island 116 is 54.75%owned and operated by Forest and 45.25% owned by Louis DreyfusNatural Gas Corp. Initial production from the recently drilled B-2well is expected in November. Forest Oil is engaged in theacquisition, exploration, development, production and marketing ofgas and crude oil in North America. Forest’s principal reserves andproducing properties are in the United States in the Gulf ofMexico, Louisiana, Texas and Wyoming and in Canada in Alberta andthe Northwest Territories.
Citing significant market-area demand, Florida Gas Transmissionissued an Overage Alert Day notice Friday for the system east ofStation 12 (Santa Rosa County in the Florida Panhandle). A decisionon whether to extend the OFO was not due until Saturday morning.
Florida Gas Transmission, citing significant market-area demand,issued an Overage Alert Day notice Tuesday for the system east ofStation 12 (Santa Rosa County in the Florida Panhandle). The noticehas a 6% tolerance for daily negative imbalances. FGT willre-evaluate conditions this morning before deciding whether toextend the OFO through today’s gas day.
Citing significant market area demand, Florida Gas Transmissionissued an Overage Alert Day notice (6% tolerance for daily negativeimbalances) Monday for the system east of Station 12 (Santa RosaCounty, FL). The pipeline will re-evaluate conditions this morningbefore deciding whether to extend the notice.
Northern Border Partners of Houston can thank its recentlycompleted expansion for significant gains in net income andthroughput on Northern Border Pipeline in the second quarter. Thecompany posted a 26% increase in second quarter net income to $20.6million. That compares to $16.4 million for the same period in1998. The increase is primarily attributable to the completion inDecember of Northern Border’s Chicago Project, which increasescapacity by more than 40% and plays a key role in gastransportation to the upper Midwest.
Citing “significant demand” in its market area, Florida GasTransmission issued an Overage Alert Day notice Wednesday. Thenotice carried a 2% tolerance for negative daily imbalances. FGTsaid it was unable to accommodate any market-area increases east ofStation 12 (Santa Rosa County, FL). System conditions will bere-evaluated at 7 a.m. CDT today to determine whether the noticeshould be extended.
New to the scene as of three months ago, privately held CanadianMidstream Services Ltd. (CMSL) made its first acquisition when itacquired a significant interest in sour natural gas processingfacilities in west central Alberta from Poco Petroleum. Formed inCalgary by four former executives of Pan East Petroleum, which wasbought by Poco in December, CMSL aims to capitalize on assetacquisition opportunities.
A major environmental group in New England foresees a “fairlyimmediate” need for expansion of two new pipelines in the regionand for “significant” additional pipe capacity to satisfy thenatural gas demands of power plants that are planned for that area.