Targets

The Interstate Natural Gas Association of America (INGAA) expects to be joined by other trade associations and stakeholders in updating FERC next month on collaborative efforts aimed at developing a consensus on both the technical aspects of gas quality and interchangeability, as well as possible policy solutions, Donald Santa, president of INGAA, said on Wednesday.

A class action lawsuit has been filed against Aquila Inc. on behalf of former employees who were encouraged to invest in the company’s stock in their retirement plans despite the increasing risk of the company’s business profile, the widespread improprieties in the energy market, and the eventual collapse in the value of Aquila’s shares.

With Hurricane Ivan’s initial impact on production already factored into the market, and it being too soon to assess damage to Gulf infrastructure, October natural gas futures resumed their pre-Ivan path lower on Wednesday.

In his fourth State of the Nation address earlier this month, Mexican President Vicente Fox said the state-owned Petroleos Mexicanos (Pemex) will require $8.7 billion a year through 2010 to keep up with the country’s growing natural gas and electricity needs.

Berry Petroleum and an unnamed industry partner have signed a joint exploration and development agreement with the Ute Indian Tribe to explore and develop 125,000 acres of tribal lands in the Uinta Basin in Utah. Berry also has agreed to purchase an interest in 46,000 acres of fee lands adjacent to or near the tribal acreage.

Berry Petroleum and an unnamed industry partner have signed a joint exploration and development agreement with the Ute Indian Tribe to explore and develop 125,000 acres of tribal lands in the Uinta Basin in Utah. Berry also has agreed to purchase an interest in 46,000 acres of fee lands adjacent to or near the tribal acreage.

Western Gas Resources, a Denver, CO-based independent gas producer, agreed last Thursday to pay a civil penalty of $7 million in a settlement with the Commodity Futures Trading Commission (CFTC) to resolve charges of attempted manipulation and reporting of false information by traders on natural gas transactions in the 1999-2002 time period.

Increasing its ownership to 100%, Houston-based Falcon Gas Storage Co. Inc. said that it has acquired the remaining 50% interest in Greyhawk Gas Storage Co. LLC, owned by a subsidiary of Nova Scotia-based Emera Inc. Terms of the transaction were not disclosed.

Increasing its ownership to 100%, Houston-based Falcon Gas Storage Co. Inc. said Wednesday that it has acquired the remaining 50% interest in Greyhawk Gas Storage Co. LLC, owned by a subsidiary of Nova Scotia-based Emera Inc. Terms of the transaction were not disclosed.