Throwing

Last December U.S. gas markets were throwing a party, but the international guests failed to arrive. The January Nymex natural gas futures contract set an all-time record for a prompt-month settle at $15.378, but still it wasn’t enough to entice liquefied natural gas (LNG) cargoes to the Gulf of Mexico.

Last December U.S. gas markets were throwing a party, but the international guests failed to arrive. The January Nymex natural gas futures contract set an all-time record for a prompt-month settle at $15.378, but still it wasn’t enough to entice liquefied natural gas (LNG) cargoes to the Gulf of Mexico.

Production companies worldwide have been throwing money at reserve replacement efforts with few results over the past few years, according to a new study by Norwalk, CT-based consulting firm John S. Herold, Inc. Profits were down 21% last year, yet capital expenditures were up 14%. Herold said worldwide oil and gas reserve replacement costs soared by 36% in 2001, but producers should find some relief this year and possibly in 2003 because of higher oil and gas prices.

Throwing in the towel on its natural gas choice pilot program after five years of service, Wisconsin Gas Co. (WGC) notified a total of 3,485 customers who were participating in the program that beginning Oct. 31 they would once again have to purchase their gas supply from their utility, WGC.

Throwing in the towel on its natural gas choice pilot program after five years of service, Wisconsin Gas Co. (WGC) notified a total of 3,485 customers who were participating in the program that beginning Oct. 31 they would once again have to purchase their gas supply from their utility, WGC.

Throwing its hat in the ring with a number of U.S. energy giants such as El Paso Corp. and Chevron, San Diego-based Sempra Energy is pursuing a proposal for an on- or offshore liquefied natural gas (LNG) receiving terminal along the Pacific coast of northern Baja somewhere in a 70-mile strip south of the U.S. border. The proposed project would be financed by a consortium that would include Mexican interests, as well as Sempra. A formal announcement about the project is expected to come later in the month, according to Sempra officials.

PacifiCorp is throwing in the towel in its pursuit of Britain’sThe Energy Group (TEG) with the announcement it will not increaseits revised offer for the company. Energy Group Thursday recommended shareholders accept the 4.45 billion pounds ($7.4billion), 840 pence/share, cash offer made by Texas Utilities forthe company. “The Texas Utilities Offer represents excellent valuefor our shareholders and we recommend that they accept,” said DerekBonham, Energy Group chairman.