The Securities and Exchange Commission (SEC) Monday approved a significant update of its reserves reporting requirements for oil and gas companies, enabling them to report probable and possible reserves along with proved reserves.
Update
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Transportation Notes
In an update on the impact from a recent brush fire that burned through its Aliso Canyon storage field (see Daily GPI, Oct. 16), Southern California Gas (SoCalGas) said that although the fire did not cause damage to Aliso Canyon’s major facilities, it did damage power and communication infrastructure. SoCalGas said it was working to complete the necessary repairs but did not know when the field would be back in service.
WSI Adds Another Intense Hurricane to Tropical Forecast
WSI Corp., which already forecast an active 2008 Atlantic hurricane season, upped the ante slightly in an update of its tropical forecast, calling for 14 named storms and eight hurricanes, including four intense hurricanes (Category 3 or greater) to form between June 1 and Nov. 30.
NatGas Futures Press Upper Range on Crude Strength, Supply Concerns
Supportive crude prices, no update on the Independence Hub repairs and the first year-on-five-year average storage deficit in almost four years continued to push natural gas futures higher in Tuesday’s trade, but not high enough to break out of the recent trading range. After recording the day’s high of $10.280 in morning trade, May natural gas futures put in a low of $10.165 before closing out Tuesday’s regular session at $10.205, up 15.2 cents from Monday’s close.
Transportation Notes
ANR ended Friday the Extreme Condition that had been implemented Wednesday.
Transportation Notes
In a weekend update to shippers with Must-flow OFO obligations south through the Kemmerer (WY) Compressor Station, Northwest said Sunday’s scheduled nominations northbound through Kemmerer were 694,434 Dth, or 29,434 Dth above the operationally available capacity. “The total volumes Northwest can call upon from Realignment shippers continue to decline as Realignment shippers bring on more supply from receipt points north of Kemmerer,” the pipeline said. “As a result, Northwest was less than 5,000 Dth/d away from issuing individual notices to Must-flow shippers.” Northwest said that if primary firm nominations continue to exceed the operationally available capacity and the volumes subject to a Realignment OFO continue to decline, it will issue individual notices to Must-flow shippers to nominate from receipt points north of Kemmerer to delivery points south of Kemmerer.
MMS Seeks to Update Pipeline Regulations
The Interior Department’s Minerals Management Service is seeking to update its regulations involving pipelines and pipeline rights-of-way (ROW) on the federal Outer Continental Shelf (OCS). The regulations were last revised in 1988.
MMS Seeks to Update Pipeline Regulations
The Interior Department’s Minerals Management Service is seeking to update its regulations involving pipelines and pipeline rights-of-way (ROW) on the federal Outer Continental Shelf (OCS). The regulations were last revised in 1988.
Fitch Says Long-Term Gas Prices ‘Reflect Gradual Decline’
In a Wholesale Power Market Update issued last week, Fitch Ratings said that over the next 12 months, natural gas prices will remain volatile, fluctuating between $6 and $10/MMBtu. Longer-term, Fitch expects gas prices to average between $5-6/MMBtu.
Transportation Notes
In a further update about maintenance on Line 4000 that has caused a loss of 700 MMcf/d of receipt capacity at the South Needles (El Paso, Topock), and North Needles (Transwestern and Southern Trails) border points since Sept. 20 (see Daily GPI, Oct. 13), Southern California Gas said Tuesday the line will be isolated from Newberry to Main Line Valve 12 (a total of 36 miles) due to numerous anomalies recently discovered from internal inspection. The line will remain out of service until mid to late December, SoCalGas said.