Whose

A third nonutility underground natural gas storage field in the state was approved Thursday by the California Public Utilities Commission, whose lead regulator on the case said the quick action on the proposal will allow the state to have an extra 1 Bcf of gas in storage before the next winter heating season begins in November.

Avista Corp.’s board of directors will ask company shareholders to approve a change to Avista’s corporate structure, resulting in the formation of a holding company whose name is yet to be finalized. The holding company would be the parent of Avista Utilities and all other Avista subsidiaries, Avista said last week.

The Sable Offshore Energy Project (SOEP), whose operators in 1998 boasted possible production rates as high as 500 MMcf/d (see Daily GPI, Feb. 13, 1998), is now in “terminal” decline, and the sixth and final field in the project, which was scheduled to ramp up in 2007, may be written off, according to a study by a Dalhousie University engineering professor.

Sempra Energy on Monday announced it reached a definitive agreement to sell an indirect subsidiary whose principle assets are two natural gas storage facilities, Bluewater Gas Storage and Pine Prairie Energy Center, for approximately $250 million to a joint venture of Plains All American Pipeline LP and Vulcan Capital.

Stephen A. Furbacher, longtime executive vice president of Dynegy Inc.’s Midstream natural gas business, has been promoted to president and chief operating officer. Furbacher, 57, whose Midstream unit has been sold to Targa Resources, had announced earlier this month that he would retire after 30 years at Dynegy (see Power Market Today, Aug. 3). Furbacher agreed to defer his retirement after Alec G. Dreyer, power generation executive vice president, announced earlier this week he was resigning to pursue other interests. Furbacher will add Dreyer’s power generation responsibilities to his midstream operations oversight. He will continue to report directly to Bruce A. Williamson, Dynegy’s chairman and CEO.

Forest Oil Corp. announced last Monday it has agreed to acquire a private company whose primary asset is an operated average working interest of 83% in the Buffalo Wallow Field and approximately 33,300 gross acres primarily in Hemphill and Wheeler Counties, TX, including estimated proved reserves of 120 Bcfe with estimated production of 25-30 MMcfe/d.

Forest Oil Corp. announced Monday it has agreed to acquire a private company whose primary asset is an operated average working interest of 83% in the Buffalo Wallow Field and approximately 33,300 gross acres primarily in Hemphill and Wheeler Counties, TX, including estimated proved reserves of 120 Bcfe with estimated production of 25-30 MMcfe/d.

Houston-based independent Southwestern Energy Co., whose natural gas exploration and production focus is in Texas and the Midcontinent, said Monday that total oil and natural gas reserves jumped 28% in 2004 to 645.5 Bcfe from 503.1 in 2003. Proved developed reserves accounted for 83% of the total.

Loews Corp., a holding company whose far reaching businesses engage in everything from cigarette sales to hotel operations, will pay Entergy-Koch LP $1.136 billion for Gulf South Pipeline. Subsidiary Texas Gas Transmission LLC (TGT) will take over operations of the 8,000-mile natural gas pipeline, which transports 2 Bcf/d and provides a total working gas storage capacity of 68.5 Bcf.