Leviathan Gas Pipeline Partners subsidiary Flextrend DevelopmentCo. bought a 100% working interest in the Sunday Silence field fromTatham Offshore Development, a wholly-owned subsidiary of DeepTechInternational, which was recently acquired by El Paso Energy. Thefield is contained within four blocks in the Ewing Bank area of theGulf of Mexico in about 1,500 feet of water. Flextrend has begundrilling of a new delineation well, the third to be drilled in thefield. Sunday Silence was discovered in July 1994, and its firstdelineation well was flow tested in September 1994 at a sustainedproduction rate of 8,700 barrels/d of oil and 5.4 MMcf/d of gas.Sunday Silence has received a royalty abatement from the MineralsManagement Service for its first 52.5 million Boe. ElÿPaso Energy,general partner of Leviathan, said the company plans to sell aportion of the field to a development partner as it is not thecompany’s custom to hold a large shares in single E&P ventures.
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FERC’s Capacity Auctions: Going…Going….
FERC is sending out mixed signals about its position onauctions. The Commission staff, on the one hand, has been workingsteadily since July towards developing an “efficient andcost-effective” auction structure for the market, yet last week ittold critics that the auction concept might not be the best routeto go. In fact, staff threw down the gauntlet challenging the gasindustry to come up with a better way to sell pipeline capacity inthe short-term market.
October 26, 1998
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