Stepping

Showing that it is stepping up production in the light of a tight natural gas supply market, Magnum Hunter said it upped its gas production from an average of 73,424 Mcf/d during the fourth quarter of 2001 to 130,655 Mcf/d for the fourth quarter ended Dec. 31, 2002, partly due to a major acquisition.

In a refreshing twist last week, El Paso Natural Gas contract demand (CD) shippers began stepping up to the plate to offer to turn back their unused capacity in an attempt to ease the way for FERC’s planned conversion of full requirements (FR) service to CD service on the pipeline.

The prospect of the first significant voluntary production shut-ins in years is looming for the gas industry in about another month or so, according to an informal sampling of opinions among the trading community (“voluntary” means unrelated to a hurricane, pipeline maintenance or force majeure event). While a majority of sources fully expect to see such shut-ins beginning within a few weeks, it’s not a foregone conclusion, said a few dissenters.

Stepping up the campaign for power price caps in advance of FERC’s meeting on the issue today, (1 p.m. at the Commission offices), S. David Freeman, senior energy advisor to the California governor, told a press briefing last week in Washington, DC, of the state’s “desperate need for FERC to bring prices down to just and reasonable rates.” The Commissioners should exercise their legal independence from the White House, he added.

Stepping up the campaign for power price caps in advance of FERC’s meeting on the issue next Monday (June 18, 1 p.m. at the Commission offices), S. David Freeman, senior energy advisor to the California governor, told a press briefing in Washington, DC, of the state’s “desperate need for FERC to bring prices down to just and reasonable rates.” The Commissioners should exercise their legal independence from the White House, he added.

Illustrating the tremendous demand growth that has nearlycrippled California’s energy market, Kern River Gas Transmissionannounced a plan yesterday to more than double the amount of gas ittransports to the state from Rocky Mountain region supply basins.

FERC Chairman James J. Hoecker announced Wednesday during theCommission’s regular meeting that he will be stepping down on Jan.18, leaving only three seats filled on the five-member panel.

The northern frontier on the eastern side of the continent isstepping up work on adding new supplies to the North Americannatural-gas market, along with promoters of a development andpipeline revival in Alaska and the Northwest Territories.

The northern frontier on the eastern side of the continent isstepping up work on adding new supplies to the North Americannatural-gas market, along with promoters of a development andpipeline revival in Alaska and the Northwest Territories.