Targeted

President George W. Bush on Monday targeted additional funding for energy infrastructure and oversight activities in his $199.4 million budget request for the Federal Energy Regulatory Commission for fiscal 2004.

Brazil’s Petrobras is buying 22 million bbl of oil reserves and 267 Bcf of gas reserves in Argentina from Devon Energy for $90 million. About 75% of the reserves are classified as proved undeveloped. The properties produced 6,100 b/d of oil and 17 MMcf/d of gas net to Devon’s interest during the first six months of 2002. The transaction, which is subject to Argentine regulatory approvals, is expected to close by the end of the year.

Coming off of a fourth quarter in which it achieved its targeted annual production rate growth of 17%, Phillips Petroleum Co. added 433 MMboe, net of sales, to its worldwide proved reserves in 2001, replacing 135% of its 2001 worldwide oil and gas production.

Coming off of a fourth quarter in which it achieved its targeted annual production rate growth of 17%, Phillips Petroleum Co. added 433 MMboe, net of sales, to its worldwide proved reserves in 2001, replacing 135% of its 2001 worldwide oil and gas production.

One of Sempra Energy’s two major utilities, Los Angeles-based Southern California Gas Co., is being targeted for five years of back overtime pay in a “proposed class action lawsuit,” according to a filing last week in state superior court in Los Angeles on behalf of 500 hourly employees that two law firms seek to represent.

One of Sempra Energy’s two major utilities, Los Angeles-based Southern California Gas Co. is being targeted for five years of back overtime pay in a “proposed class action lawsuit,” according to two law firms filing the suit last week in state superior court in Los Angeles on behalf of 500 hourly employees they seek to represent.

With the ultimate energy solution dependent on a historic public bond sale targeted for August, the state of California last week got a preview of how Wall Street might view state offerings with the completion of a $1 billion general obligation bond sale. An official close to the State Treasurer Phil Angelides said the state’s banker was generally pleased with the results and optimistic for the $12.4 billion electricity bond sale in August.

Canadian business and government energy representatives assureda Washington audience last week that the immense Canadian reservesand strong market ties between the U.S. and Canada spell long-termsupply security for U.S. consumers.

A class action complaint was filed in the Supreme Court of NewYork in Nassau County against MarketSpan Corp. and former seniorofficers/directors of Long Island Lighting Company (LILCO). Theclass action was filed on behalf of current shareholders ofMarketSpan who were stockholders of LILCO and/or The Brooklyn UnionGas Co. (BU) or its successor, KeySpan Energy Corp. at the time ofthe merger of LILCO and BU.