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Date: Mon, 26 Nov 2001 09:06:36 -0800 (PST)
From: rebrooks@earthlink.net
To: rebrooks@rbac.com
Subject: GPCM News: 11/26/01: AGA Storage Report: Arctic Drilling Affected
 by Lower Natural Gas Prices
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From http://www.enerfax.com :
 
AGA Natural Gas Storage Report
 
           Week                                     Prev      
          Ending     Prev                   Prev    Year    
| Region |11/16/01 | Week | Diff | % Full | Year | % Full| 
| Prod   |  863    |  850 |  13  |  91%   |  664 |  70%  |      
| East   | 1783    | 1783 |   0  |  98%   | 1643 |  92%  |  
| West   |  476    |  474 |   2  |  94%   |  341 |  68%  |   
       
| Total  |3122    | 3107 |  15  |  95%   | 2648 |  81%  |  
 
From http://www.enerfaxgold.com :
 
Arctic Drilling Affected by Lower Natural Gas Prices
 
     The drilling industry ready for an active winter season on the 
tundraof Canada's far north, but low natural gas prices and a weak 
economyhave lowered expectations of a boom time. Most companies such 
asPetro-Canada and Paramount Resources  are pressing ahead with 
explorationin the rugged Northwest Territories. Due to marshy 
conditionsfor the rest of the year, wells are drilled in winter when 
theground freezes. Petro-Canada plans to drill three 9,840-footdeep 
wellsin the Mackenzie Delta and Paramountintends to drill two wells 
farthersouth, near FortLiard, below the Arctic Circle. The region 
couldhold trillions of cubic feet of natural gas. In recent 
federallysupervised land sales, producers committed to spending 
C$650 million on exploration over the next few years just in the 
Mackenzie Delta. But some wells in theYukon and the Northwest 
Territories' central MackenzieValleyhave been canceled or delayed 
byCanadian Natural Resources. But the troubled economy and the drop 
inprices from $10 per MMBtu last January are having an impact. Akita
Drilling is keeping two new rigs in Albertathis winter and delaying 
themove of the C$18 million units to the Mackenzie Delta until later 
in2002. Imperial Oil, Shell Canada and Conoco are studying building 
aC$3 billion pipeline to transport about a Bcf per day of Arctic
volumesto southern Canadaand the US. 
 
Bob Brooks
GPCM Natural Gas Market Forecasting System
http://gpcm.rbac.com
 
 