Strategy

Spurred by the success of a refocused strategy unveiled last year, Anadarko Petroleum Corp. on Wednesday added $300 million to its 2005 capital budget to build up its U.S. operations in three major areas: onshore acquisitions and drilling; coalbed methane (CBM) operations in Wyoming; and additional deepwater Gulf of Mexico exploration.

Continuing with its strategy of focusing on unconventional natural gas and oil reserves in North America, Calgary-based EnCana Corp. announced that it has reached an agreement to sell conventional oil and gas assets producing approximately 6,400 boe/d after royalties, (6,750 boe/d before royalties) to StarPoint Energy Trust for approximately US$326 million before adjustments.

Backing off earlier proposals for an all in one strategy, Gov. Arnold Schwarzenegger’s administration announced Monday that the governor will be submitting a modified proposal later this week for creating a state energy department with a Cabinet-level energy secretary. The department will be centered on a revised California Energy Commission (CEC) consolidated with several other energy units — the Electricity Oversight Board and the basically inactive state Consumer Conservation Financing and Power Authority. The California Public Utilities Commission remains outside the fold.

Continuing with its strategy of focusing on unconventional natural gas and oil reserves in North America, Calgary-based EnCana Corp. announced Monday that it has reached an agreement to sell conventional oil and gas assets producing approximately 6,400 Boe/d after royalties, (6,750 Boe/d before royalties) to StarPoint Energy Trust for approximately US$326 million before adjustments.

At a strategy review in London Wednesday, Shell outlined its plans for the coming years, announcing it would extend its liquefied natural gas (LNG) leadership position and divest of $10-12 billion in assets between now and 2006. To succeed in reestablishing its leading position, the number three oil major plans to spend $45 billion through 2006, nearly all of it on upstream activities.

At a strategy review in London Wednesday, Shell outlined its plans for the coming years, announcing it would extend its liquefied natural gas (LNG) leadership position and divest of $10-12 billion in assets between now and 2006. To succeed in reestablishing its leading position, the number three oil major plans to spend $45 billion through 2006, nearly all of it on upstream activities.

As part of its plan to divest assets that don’t fit its long-term strategy to focus on utility operations, American Electric Power (AEP) will sell its Jefferson Island Storage and Hub LLC to AGL Resources Inc. for $94.3 million.

As part of its plan to divest assets that don’t fit its long-term strategy to focus on utility operations, American Electric Power (AEP) will sell its Jefferson Island Storage and Hub LLC to AGL Resources Inc. for $94.3 million.

Mexico’s strategy to attract private energy companies appears to be working, especially for the oilfield services market, according to officials meeting last week at the Offshore Technology Conference in Houston.