Success

XTO Energy’s operations chief said Wednesday that the key to his company’s U.S.-based natural gas production success is not keyed toward exploring for new properties, but instead concentrated on acquiring and exploiting assets that other producers don’t want.

XTO Energy’s operations chief said Wednesday that the key to his company’s U.S.-based natural gas production success is not keyed toward exploring for new properties,but instead concentrated on acquiring and exploiting assets that other producers don’t want.

On the backs of strong drilling results and operational efficiency, Canadian Natural Resources Ltd. posted record annual net earnings of C$1.4 billion, or C$10.48 per share, compared with C$0.6 billion, or C$4.46 per share in 2002.

On the backs of strong drilling results and operational efficiency, Canadian Natural Resources Ltd. posted record annual net earnings of C$1.4 billion, or C$10.48 per share, compared with C$0.6 billion, or C$4.46 per share in 2002.

The New England gas industry Thursday had its fingers crossed that its apparent success maintaining deliveries during the sub-zero temperatures so far this week would last through the bitter cold on Friday morning.

EnCana Corp. has apparently scored success with a new natural gas well test in its suspended Deep Panuke project offshore Nova Scotia and could drill a second shallow-water well by the end of October, according to the company’s senior vice president for the East Coast. However, El Paso Corp., which two years ago proposed a gas pipe from Nova Scotia into the U.S. Northeast, said it would delay its project until more discoveries are made.

EnCana Corp. has apparently scored success with a new natural gas well test in its suspended Deep Panuke project offshore Nova Scotia and could drill a second shallow-water well by the end of October, according to the company’s senior vice president for the East Coast. However, El Paso Corp., which two years ago proposed a gas pipe from Nova Scotia into the U.S. Northeast, said it would delay its project until more discoveries are made.

KCS Energy said drilling and workover success at Elm Grove field in northern Louisiana increased production to more than 20 MMcf/d. “We have now brought five new drill wells on line and recompleted eight existing wells,” said COO William N. Hahne. “As a result, operated field production rates have risen from an average of 6.1 MMcf/d in 2002 to over 20 MMcf/d currently. We anticipate keeping two rigs active as we drill 15 additional wells in the field during 2003 and will pursue further drilling in subsequent years.” The latest three wells completed in the field targeted the lower Cotton Valley interval and the Cotton Valley Davis zone. Work has begun to commingle the tested zones in each of these wells and will be completed in the near future. The Company also anticipates additional workovers in the field. El Paso Corp. closed the sale of various Midcontinent and northern Louisiana midstream assets to Regency Gas Services LLC, an investment of Charlesbank Capital Partners, for $119 million. The sale supports El Paso’s plan to exit non-core businesses and strengthen and simplifying its balance sheet while maximizing liquidity.

Chevron Texaco is having one of its best years for exploration, and is well on its way toward creating a global natural gas business, according to CEO Dave O’Reilly.