Surpasses

The United States had 1,898 Tcf of natural gas in the ground at the end of last year, according to the Potential Gas Committee’s (PGC) latest biennial assessment released Wednesday. The estimate surpasses the previous record-high assessment by 61 Tcf, thanks mainly to shale gas plays in the Gulf Coast region, the Midcontinent and Rocky Mountains, PGC said.

The New York Mercantile Exchange Inc. (Nymex) said Monday that a seat on the Nymex Division of the exchange sold for a record $3,775,000, the most ever for a seat on any futures exchange. Nymex said the seat, which surpasses the $3.1 million record sale set on October 27 (see Daily GPI, Oct. 24), is also the highest currently traded on any exchange — futures or equity — in the world. Ownership of a seat on the Nymex Division also represents a share of common stock in Nymex Holdings Inc. “It is gratifying to see the value of our seats continue to grow,” said James E. Newsome, president of Nymex. “This recent seat sale is a reflection of the confidence the energy and financial communities have in the exchange’s risk management tools.”

Continuing its march toward realizing its $3.4 billion asset divestment plan for 2003, El Paso Corp. on Thursday sold various Mid-Continent and northern Louisiana midstream assets to Regency Gas Services LLC, an affiliate of Charlesbank Capital Partners LLC. Subject to closing conditions, El Paso valued the transaction at $120 million. The deal is expected to close by the end of the second quarter 2003.

Continuing its march towards realizing its $3.4 billion asset divestment plan for 2003, El Paso Corp. on Thursday sold various Mid-Continent and Northern Louisiana midstream assets to Regency Gas Services LLC, an affiliate of Charlesbank Capital Partners LLC. Subject to closing conditions, El Paso valued the transaction at $120 million. The deal is expected to close by the end of the second quarter 2003.

Though additional wells need to be drilled before the total proved reserves are accurately measured, Murphy Oil Co. announced Thursday that its Front Runner South prospect in Green Canyon Block 339 offshore Louisiana has exceeded expectations. The reserve estimate is expected to be more than the pre-drill projection of 40-60 MMboe.

Exxon worldwide additions to proved oil and gas reserves totaled1.1 billion oil-equivalent barrels in 1998, replacing 106% ofproduction. “This year’s strong performance is the fifth year in arow that we’ve exceeded 100% replacement,” said Chairman LeeRaymond. “Over the last 10 years, we’ve added nearly 11 billionoil-equivalent barrels to proved reserves, more than replacingreserves produced. Long-term reserves portfolio management anddevelopment is a key area of emphasis in our business.”