Spectra Energy (NYSE:SE) Wednesday proposed the construction of an 85-kilometer natural gas pipeline to connect an exploration area in the northeast area of British Columbia with its existing transportation infrastructure.
The cost of the construction was estimated at $100 million Canadian, with the in-service date scheduled for the third quarter of 2009.
Shares of Spectra, a Calgary-based natural gas company, rose 2.2% to $24.89.
Thursday, December 13, 2007
Wednesday, December 12, 2007
Exxon Building LNG Plant 20 Miles Offshore NY
Exxon Mobil said Tuesday that it would like to build a $1 billion floating terminal for liquefied natural gas about 20 miles off the coast of New Jersey, a move meant to deflect safety and environmental concerns about proximity to populated areas.
The company plans to anchor a boatlike structure in the Atlantic Ocean to process natural gas imported by cargo ships from faraway suppliers in the Middle East, Europe and Africa.
The terminal, if approved, would connect through an underwater pipeline to an existing network that feeds New York and New Jersey, two of the top consumer markets in North America.
Exxon’s project is the latest of several dozen gas terminals that have been proposed in recent years in the United States. Energy specialists say more natural gas supplies will be needed to meet the growth in consumption and to make up for an expected drop in imports from Canada.
In many cases, energy companies have faced stiff opposition in finding sites for large new terminals. This has become one of the thorniest energy issues, especially since the attacks of Sept. 11, 2001, raised security concerns about cargo ships carrying liquefied gas near big cities.
Still, companies are slowly moving forward with their plans. Since 2002, federal and state authorities have approved 18 new liquefied gas terminals around the country, including 4 offshore, though most analysts do not expect all of them to be built.
While most of the projects are planned along the Gulf Coast, the northeastern corner of the country is attracting attention because of its reliance on natural gas and its large populations. Two terminals to be built off Massachusetts gained approval last year. For Exxon, going so far offshore is an effort to duck the vociferous opposition that has dogged projects on both coasts. Its project, called BlueOcean Energy, would be able to supply 1.2 billion cubic feet of natural gas a day, about 2 percent of the nation’s gas consumption — and enough to meet the needs of five million residential customers.
Exxon’s project is the third offshore terminal proposed for the greater New York region in recent years.
One proposal, to build a gas terminal in the middle of Long Island Sound, has aroused concern since its announcement in 2004 because of the impact it might have on fishing and boating; it is strongly opposed by shore communities and politicians.
That opposition could intensify in coming months as the project, which is known as Broadwater and is a joint venture by Royal Dutch Shell and TransCanada, is expected to receive notice about federal and state permits.
Another company, the Atlantic Sea Island Group, plans to build a terminal for liquefied natural gas on an artificial island about 14 miles south of Long Island, a project called Safe Harbor Energy.
The company plans to anchor a boatlike structure in the Atlantic Ocean to process natural gas imported by cargo ships from faraway suppliers in the Middle East, Europe and Africa.
The terminal, if approved, would connect through an underwater pipeline to an existing network that feeds New York and New Jersey, two of the top consumer markets in North America.
Exxon’s project is the latest of several dozen gas terminals that have been proposed in recent years in the United States. Energy specialists say more natural gas supplies will be needed to meet the growth in consumption and to make up for an expected drop in imports from Canada.
In many cases, energy companies have faced stiff opposition in finding sites for large new terminals. This has become one of the thorniest energy issues, especially since the attacks of Sept. 11, 2001, raised security concerns about cargo ships carrying liquefied gas near big cities.
Still, companies are slowly moving forward with their plans. Since 2002, federal and state authorities have approved 18 new liquefied gas terminals around the country, including 4 offshore, though most analysts do not expect all of them to be built.
While most of the projects are planned along the Gulf Coast, the northeastern corner of the country is attracting attention because of its reliance on natural gas and its large populations. Two terminals to be built off Massachusetts gained approval last year. For Exxon, going so far offshore is an effort to duck the vociferous opposition that has dogged projects on both coasts. Its project, called BlueOcean Energy, would be able to supply 1.2 billion cubic feet of natural gas a day, about 2 percent of the nation’s gas consumption — and enough to meet the needs of five million residential customers.
Exxon’s project is the third offshore terminal proposed for the greater New York region in recent years.
One proposal, to build a gas terminal in the middle of Long Island Sound, has aroused concern since its announcement in 2004 because of the impact it might have on fishing and boating; it is strongly opposed by shore communities and politicians.
That opposition could intensify in coming months as the project, which is known as Broadwater and is a joint venture by Royal Dutch Shell and TransCanada, is expected to receive notice about federal and state permits.
Another company, the Atlantic Sea Island Group, plans to build a terminal for liquefied natural gas on an artificial island about 14 miles south of Long Island, a project called Safe Harbor Energy.
Tuesday, December 11, 2007
Angola Natural Gas Project is a Chevron
A natural gas project backed by Chevron Corp., BP plc and Total SA has been approved for construction by the government of the African nation of Angola.
The joint venture, named Angola LNG Ltd., in which Chevron (NYSE: CVX) has a 36.4 percent stake, will collect natural gas from offshore fields in the Atlantic Ocean and process it at a new plant near Soyo, a town on Angola's northern coast, just south of the Congo River.
Most of Angola's oil and gas deposits are offshore from Cabinda, an enclave north of the Congo River which is owned by Angola, though it is divided from the main section of the country by part of the Democratic Republic of the Congo, formerly known as Zaire.
The joint venture, named Angola LNG Ltd., in which Chevron (NYSE: CVX) has a 36.4 percent stake, will collect natural gas from offshore fields in the Atlantic Ocean and process it at a new plant near Soyo, a town on Angola's northern coast, just south of the Congo River.
Most of Angola's oil and gas deposits are offshore from Cabinda, an enclave north of the Congo River which is owned by Angola, though it is divided from the main section of the country by part of the Democratic Republic of the Congo, formerly known as Zaire.
Monday, December 10, 2007
Libya Awards Natural Gas Contracts for 1st Time
Libya on Sunday awarded four potentially lucrative gas exploration contracts to fuel giants Shell, Gazprom, Sonatrach and Polski, the first ever given to foreign firms as relations warm between Tripoli and the West.
The biggest award went to Algerian firm Sonatrach in association with Oil India and Indian Oil, which was given four blocks covering 6,934 square kilometres (2,677 square miles).
Russian giant Gazprom was awarded three exploration blocs with a total area of 3,936 square kilometres in the southern Ghadames basin.
Gazprom beat off competition from Gaz de France, Inpex of Japan, Russian rival Lukoil, Britain's BG and Polski, agreeing to cede 90 percent of its eventual production to Libya's state-owned National Oil Corporation (NOC).
Anglo-Dutch company Shell was handed a two-block contract to explore a 1,790 square kilometre area in the northern Sirte basin and Polish firm Polski was also awarded a two-block area in the southern Murzak basin.
Shell was awarded its exploration rights following a bid of 93 million dollars and 85 percent of its eventual production.
Sonatrach outbid Gaz de France, BG, Polski and Germany's RWE and proposed 87 percent of its production go to the NOC.
A total of 35 companies had been pre-selected to bid for the dozen contracts awarded Sunday to explore 41 gas blocks in the Mediterranean, the Sirte basin in the north-central area of the country, Cyrenaica further east and Murzek and Ghadames in the south.
The blocks cover a total of 72,500 square kilometres (almost 28,000 square miles), an area the size of Scotland.
It was the first time Libya invited tenders for natural gas exploration.
The biggest award went to Algerian firm Sonatrach in association with Oil India and Indian Oil, which was given four blocks covering 6,934 square kilometres (2,677 square miles).
Russian giant Gazprom was awarded three exploration blocs with a total area of 3,936 square kilometres in the southern Ghadames basin.
Gazprom beat off competition from Gaz de France, Inpex of Japan, Russian rival Lukoil, Britain's BG and Polski, agreeing to cede 90 percent of its eventual production to Libya's state-owned National Oil Corporation (NOC).
Anglo-Dutch company Shell was handed a two-block contract to explore a 1,790 square kilometre area in the northern Sirte basin and Polish firm Polski was also awarded a two-block area in the southern Murzak basin.
Shell was awarded its exploration rights following a bid of 93 million dollars and 85 percent of its eventual production.
Sonatrach outbid Gaz de France, BG, Polski and Germany's RWE and proposed 87 percent of its production go to the NOC.
A total of 35 companies had been pre-selected to bid for the dozen contracts awarded Sunday to explore 41 gas blocks in the Mediterranean, the Sirte basin in the north-central area of the country, Cyrenaica further east and Murzek and Ghadames in the south.
The blocks cover a total of 72,500 square kilometres (almost 28,000 square miles), an area the size of Scotland.
It was the first time Libya invited tenders for natural gas exploration.
Sunday, December 9, 2007
Panhandle Natural Gas Production Up
PANHANDLE OIL AND GAS INC. reported total proved reserves at September 30, 2007,
calculated by the Company's petroleum engineering consulting firm, totaled
41.9 bcfe an increase of 22% over year end September 30, 2006 proved reserves
of 34.3 bcfe. Of the 41.9 bcfe of total proved reserves only 15% or 6.4 bcfe
are proved undeveloped reserves.
Production for fiscal 2007 increased 19% to 5,791,407 mcfe as compared to
4,881,976 mcfe for fiscal 2006; however, the Company's average sales price per
mcfe declined $.91 to $6.47 in fiscal 2007. Further, production for the
fourth quarter of 2007 increased 25% to 1,719,986 mcfe as compared to
1,376,926 mcfe for the fourth quarter of 2006. The average sales price in the
2007 quarter decreased $.20 per mcfe to $6.24 as compared to the 2006 quarter.
Fiscal year ended September 30, 2007 net income was $6,343,464, or $.75
per share, as compared to net income for fiscal year 2006 of $10,574,219, or
$1.25 per share. Total revenues for fiscal 2007 were $39,128,911 as compared
to $37,485,680 for fiscal 2006. Cash flow from operations increased 20% for
fiscal 2007 to $28,106,500 as compared to $23,470,145 for fiscal 2006.
Additions to properties and equipment for drilling and equipping wells and
purchasing leasehold totaled $28,112,522 in fiscal 2007 as compared to
$22,624,040 for 2006.
calculated by the Company's petroleum engineering consulting firm, totaled
41.9 bcfe an increase of 22% over year end September 30, 2006 proved reserves
of 34.3 bcfe. Of the 41.9 bcfe of total proved reserves only 15% or 6.4 bcfe
are proved undeveloped reserves.
Production for fiscal 2007 increased 19% to 5,791,407 mcfe as compared to
4,881,976 mcfe for fiscal 2006; however, the Company's average sales price per
mcfe declined $.91 to $6.47 in fiscal 2007. Further, production for the
fourth quarter of 2007 increased 25% to 1,719,986 mcfe as compared to
1,376,926 mcfe for the fourth quarter of 2006. The average sales price in the
2007 quarter decreased $.20 per mcfe to $6.24 as compared to the 2006 quarter.
Fiscal year ended September 30, 2007 net income was $6,343,464, or $.75
per share, as compared to net income for fiscal year 2006 of $10,574,219, or
$1.25 per share. Total revenues for fiscal 2007 were $39,128,911 as compared
to $37,485,680 for fiscal 2006. Cash flow from operations increased 20% for
fiscal 2007 to $28,106,500 as compared to $23,470,145 for fiscal 2006.
Additions to properties and equipment for drilling and equipping wells and
purchasing leasehold totaled $28,112,522 in fiscal 2007 as compared to
$22,624,040 for 2006.
Saturday, December 8, 2007
PetroBras Strikes Natural Gas 34Miles Offshore
Brazil's state-owned oil and gas giant Petrobras on Friday claimed the discovery of an offshore natural gas reserve in the southeastern state of Espirito Santo.
The company said a well in the reserve, 3,378 meters deep in the Camarupim field and 37 km away from the coast, was drilled in the BM-ES-5 area, in which Petrobras holds a 65-percent stake, while the U.S. company El Paso owns the remaining 35 percent.
The company also announced the presence of good quality oil at a depth of 2,461 meters in the same field.
The finding confirms that the Espirito Santo basin has more natural gas than initially estimated, possibly making it one of the top gas providers in the country by 2009, abreast with the Campos Basin in the state of Rio de Janeiro, according to the company.
The company said a well in the reserve, 3,378 meters deep in the Camarupim field and 37 km away from the coast, was drilled in the BM-ES-5 area, in which Petrobras holds a 65-percent stake, while the U.S. company El Paso owns the remaining 35 percent.
The company also announced the presence of good quality oil at a depth of 2,461 meters in the same field.
The finding confirms that the Espirito Santo basin has more natural gas than initially estimated, possibly making it one of the top gas providers in the country by 2009, abreast with the Campos Basin in the state of Rio de Janeiro, according to the company.
Friday, December 7, 2007
Myanmar Natural Gas Tender Won by China
China won the rights to natural gas from the biggest field in Myanmar, beating India in the race for resources among the two-fastest growing major economies.
Daewoo International, the operator of the field, picked a Chinese company as the preferred bidder to extract the gas, Daewoo International said in a regulatory filing, without naming the possible buyer. State-owned Indian companies own 30 percent of the field, which holds as much as 7.7 trillion cubic feet, or 218 billion cubic meters, of gas.
Gas commands a premium for fuel-hungry Asian nations as crude oil prices hover near $100 a barrel. India and China are competing for oil and gas to supply the two most populous nations in the world.
Daewoo International is the operator of the A-1 and A-3 offshore blocks, in which it has a 60 percent stake. Korea Gas owns 10 percent of the areas, GAIL India holds 10 percent and Oil & Natural Gas owns 20 percent.
"Gas from the field has to be sold and if Daewoo has chosen China, in principle, I see nothing wrong with it," the chairman of Oil & Natural Gas, R.S. Sharma, said. "GAIL was dealing with the bit relating to getting the gas to India."
Daewoo International, the operator of the field, picked a Chinese company as the preferred bidder to extract the gas, Daewoo International said in a regulatory filing, without naming the possible buyer. State-owned Indian companies own 30 percent of the field, which holds as much as 7.7 trillion cubic feet, or 218 billion cubic meters, of gas.
Gas commands a premium for fuel-hungry Asian nations as crude oil prices hover near $100 a barrel. India and China are competing for oil and gas to supply the two most populous nations in the world.
Daewoo International is the operator of the A-1 and A-3 offshore blocks, in which it has a 60 percent stake. Korea Gas owns 10 percent of the areas, GAIL India holds 10 percent and Oil & Natural Gas owns 20 percent.
"Gas from the field has to be sold and if Daewoo has chosen China, in principle, I see nothing wrong with it," the chairman of Oil & Natural Gas, R.S. Sharma, said. "GAIL was dealing with the bit relating to getting the gas to India."
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