Spending

After spending more than C$60 million (US$41 million) and threeyears of preliminary work, the sponsors of the upstream portion ofthe Millennium Pipeline Project have decided to put the regulatoryreview process in Canada on indefinite hold.

With between $50 million and $100 million in spending money inits first year of operation, Pacific Venture Capital LLC, a companylaunched last week by PG&E Corp., plans to build and manage aportfolio of capital investments in growing energy andtelecommunications companies.

With between $50 million and $100 million in spending money inits first year of operation, Pacific Venture Capital LLC, a companylaunched yesterday by PG&E Corp., plans to build and manage aportfolio of capital investments in growing energy andtelecommunications companies.

PPL Corp. announced that its development subsidiary will bespending between $400 and $450 million to install five compact,natural gas-fired generation facilities in eastern Pennsylvaniatotaling about 900 MW of generating capacity. The five facilitiesin Lancaster and Montgomery Counties are expected to go on-line bythe summer of 2002.

If El Paso continues on its current path, there may be nopipelines left to buy. After announcing an agreement to merge withCoastal Corp. only a week earlier, the Houston-based energy giantannounced two more major purchases last week.

Although 1998 saw a 25-year low in world oil prices, capitalexpenditures by major U.S. producers totaled $75.1 billion, thesecond highest level since 1974. Expenditures were up 21% from1997, according to data released by the Energy InformationAdministration (EIA) in “Performance Profiles of Major EnergyProducers 1998.”

Although 1998 saw a 25-year low in world oil prices, capitalexpenditures by major U.S. producers totaled $75.1 billion, thesecond highest level since 1974. Expenditures were up 21% from1997, according to data released by the Energy InformationAdministration (EIA) in “Performance Profiles of Major EnergyProducers 1998.”

The industry spent 35% more on offshore drilling in the U.S. andabout 10% more on gas-directed drilling last year than in 1997,according to the 1998 Joint Association Survey on Drilling Costs(JAS) by the American Petroleum Institute.

The industry spent 35% more on offshore drilling in the U.S. andabout 10% more on gas-directed drilling last year than in 1997,according to the 1998 Joint Association Survey on Drilling Costs(JAS) by the American Petroleum Institute.