TransCanada PipeLines Ltd. and Nicor Inc. yesterday took thefirst formal step towards making the substantially altered VikingVoyageur pipeline project a reality by scheduling an open seasonfor capacity.
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TransCanada, Nicor See Future for Viking Voyageur
TransCanada PipeLines Ltd. and Nicor Inc. said they plan to dustoff their old Viking Voyageur proposal and re-submit it as asubstantially amended pipeline project, one that would be aboutone-seventh the length of the originally proposed project and flownorth instead of south. The revised project would originate at theChicago market hub and deliver to growing gas markets in northernIllinois and southern Wisconsin.
EEX Swapping Permian Properties for GOM
EEX Corp. agreed to trade substantially all of its Permian Basinproperties in West Texas and Eastern New Mexico for the shallowwater properties located off the coast of Texas and Louisiana ofEnergen Resources Corp., the oil and gas subsidiary of EnergenCorp. In addition to the shelf properties, EEX will receive $9million in cash. “This trade is another step in our strategy toexit the onshore business and focus on offshore Gulf of Mexico.These new properties will improve near-term production of naturalgas and will contribute to improving our cost structure by loweringper unit production costs while eliminating overhead costs relatedto onshore properties,” said Tom Hamilton, EEX CEO.
NGC Results Reflect Stronger Marketing
Despite an El Nino winter and lower gas liquids prices, NGCCorp. enjoyed a first quarter substantially better than one yearago. CEO Chuck Watson attributed the improvement to better gas andliquids marketing operations in the U.S. and the U.K.