McMoRan Exploration Co. remains stymied in efforts to unlock production from the Davy Jones No. 1 well in the Gulf of Mexico’s shallow waters after operations designed to unblock perforations using a propellant stimulation gun had “limited success.” The New Orleans-based producer now plans to reperforate the well on South Marsh Island Block 230 with electric wireline using tubing guns. Davy Jones, which McMoRan operates, is part of an ultra-deep natural gas structure encompassing 20,000 acres on four blocks of the Outer Continental Shelf. In late November McMoRan said it still was struggling to bring the prospective No. 1 well online, which was supposed to be flowing 50 MMcf/d last summer (see Daily GPI, Nov. 28). McMoRan holds a 63.4% working interest with Energy XXI (15.8%); JX Nippon Oil Exploration (Gulf) Ltd. (12%); and Moncrief Offshore LLC (8.8%). In early December Freeport-McMoRan Copper & Gold Inc., whose top executives also run McMoRan, agreed to to buy the company, as well as Plains Exploration & Production Co., for $9 billion (see Daily GPI, Dec. 6).
Stymied
Articles from Stymied
Futures Add Pennies Prior to Storage Report
Natural gas futures bears were stymied for a second straight day Wednesday as April natural gas failed to dredge new territory. After putting in a low of $4.680, the prompt-month contract finished the regular session at $4.757, up 4.9 cents from Tuesday’s close.
Futures Add Pennies Prior to Storage Report
Natural gas futures bears were stymied for a second straight day Wednesday as April natural gas failed to dredge new territory. After putting in a low of $4.680, the prompt-month contract finished the regular session at $4.757, up 4.9 cents from Tuesday’s close.
Holiday Trading Viewed Cautiously; January Drops 11.3 Cents
Analysts see the natural gas market temporarily stymied by the holiday season and end-of-the-year book squaring. Once trading rosters are up to pre-holiday levels, price movements will have more significance, they say. Holidays or not, January futures shed 11.3 cents to $5.669 Monday and February dropped 11.7 cents to $5.712. The expiring January crude oil contract fell 89 cents to $72.47/bbl.
LNG, OCS Holding Up Oil and Gas Title of Senate Energy Bill
Senate negotiations on the oil and gas title of the energy bill are being stymied by two key issues — jurisdiction over the siting of liquefied natural gas (LNG) import terminals and drilling on the federal Outer Continental Shelf (OCS), according to Capitol Hill sources.
LNG, OCS Holding Up Oil and Gas Title of Senate Energy Bill
Senate negotiations on the oil and gas title of the energy bill are being stymied by two key issues — jurisdiction over the siting of liquefied natural gas (LNG) import terminals and drilling on the federal Outer Continental Shelf (OCS), according to Capitol Hill sources.
Alaska Governor Plans Lease Sale Offshore ANWR
His struggle in the U.S. Senate to open the Alaska National Wildlife Refuge (ANWR) to oil and gas drilling was stymied, but Alaska Gov. Frank Murkowski is now making an attempt to open the state waters offshore ANWR to producers.
CA Independent Shows 3rd Quarter Profit, But Prospects Stymied
Although still fighting investor resistance on some of its pet projects, Bakersfield, CA-based Tri-Valley Corp., one of California’s more aggressive independent oil/gas developers, Wednesday reported a profit for the third quarter, along with estimates for a profit for all of 2002.
Sempra Files for Baja LNG Terminal; Bolivian Gas Source Stymied
San Diego-based Sempra Energy earlier this month became the second company to apply to the Mexican federal energy agency for approval to build a $600 million liquefied natural gas (LNG) receiving terminal and related facilities on the Pacific Coast of North Baja, but the enthusiasm for the project may have been dampened somewhat by reports that contracts for its prime source of LNG in Bolivia are still not in place.
Sempra Files for Baja LNG Terminal; Bolivian Gas Source Stymied
San Diego-based Sempra Energy late last week became the second company to apply to the Mexican federal energy agency for approval to build a $600 million liquefied natural gas (LNG) receiving terminal and related facilities on the Pacific Coast of North Baja, but the enthusiasm for the project may have been dampened somewhat by reports that contracts for its prime source of LNG in Bolivia are still not in place.
