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PN a 022705.Qxd page EnCana takes the advantage A7 until LNG, Arctic gas arrive Vol. 10, No. 9 • www.PetroleumNews.com North America’s source for oil and gas news Week of February 27, 2005 • $1.50 INTERIOR ALASKA Inside: North of 60 Mining News Signs of Russian oil Geologic connections with Siberia suggest that William Seward may have acquired more of Russia than he realized when he purchased Alaska By ALAN BAILEY Petroleum News Staff Writer ocks that contain bitumen or exude petroliferous odors will grab the attention of most oil explor- R ers. So perhaps it’s surprising that so few people seem to know about petroliferous rocks in Paleozoic strata near the Holitna Lowlands in Interior Alaska. Even fewer may realize that these rocks prob- ably came from Russia. Geologist Robert Blodgett, who has worked in Alaska since 1975 and has participated in industry and state field investigations around the Lowlands, described occurrences of dead oil in Ordovician rocks in the area. see RUSSIAN OIL pageA11 GULF OF MEXICO Companies team up on ‘ultra-deep’ Gulf wildcat TransCanada opts for peace Cadillac prospect said to hold several The Cadillac prospect is massive, covering DECADES OF ANIMOSITY between TransCanada, by far hundred billion cubic feet of gas eight to 10 blocks on the shelf, and could the largest carrier of Canadian natural gas, and producers show hold “several hundred billion cubic feet” their first signs of a course correction. Sour from TransCanada’s beginnings half a century ago, the By RAY TYSON of natural gas reserves. relationships turned downright nasty in the mid-1990s when Petroleum News Houston Correspondent passed the 17,000 foot level headed to touch down at producers linked up to finance the 25,000 feet, generally considered to be the depth at Alliance pipeline from northern British ix companies have pooled their resources to drill which deep becomes ultra-deep on the continental Columbia to Chicago. a rare and no doubt expensive “ultra-deep” shelf. Since then the two sides have butted S exploration well in the relatively shallow waters Noble would not speculate as to how long it might heads over pipeline tolls in an annual rit- of the Gulf of Mexico’s continental shelf, accord- take to complete the well, but did say Cadillac is con- ual that more closely resembled the ani- ing to Noble Energy, a 20 percent partner in the ven- sidered to be a “high risk, high reward” play. mal world than a sophisticated business. ture on Viosca Knoll Block 251. The so-called Cadillac wildcat is said to have While its pipeline rival Enbridge see WILDCAT page A12 signed rate of return agreements with producers before seeking the approval of UNITED STATES regulators, TransCanada stuck with costly showdowns before the National Energy Board — until this month. Nuclear making comeback For the first time since 2001, TransCanada signed a negotiat- ed settlement with shippers and other interested parties for tolls Some ‘Greens’ jump on bandwagon for controversial power source; uranium stockpiled on its Canadian mainline gas system — a deal that is expected to gain quick ratification by the federal regulator, which will By ROSE RAGSDALE see INSIDER page A12 Petroleum News Contributing Writer uclear energy is making a comeback and bringing its source mineral, uranium, with it. BREAKING NEWS N This turnaround is evident and gaining steam in scientific and political circles. But A5 Strike while iron is hot: NWT minister says if Alaska gas nowhere is the proliferation of pro-nuclear power pipeline gets ahead of the Mackenzie line ‘we’re in trouble’ forces raising more eyebrows than in the environ- mental community. “The revival of nuclear energy in the United B2 Kerr-McGee’s stock rockets: Former raider Icahn to buy States and all over the world is already happening up to $1B in stock; independent considers sale of chemicals division right now,” said William Magwood, director of the U.S. Department of Energy’s Office of Nuclear ers. But a fast forward to 2005 shows a renewed Energy, Science and Technology. push to build new reactors in the United States, Unocal on the move in Alaska: Applies for more gas B6 Magwood said nuclear power, as recently as college students rushing to enroll in nuclear engi- storage at Swanson; new projects under way; pipelines could be replaced 1998, was a dead issue among national policy mak- see NUCLEAR page A10 A2 ON DEADLINE PETROLEUM NEWS • WEEK OF FEBRUARY 27, 2005 G EAST COAST CANADA Pipeline hunting for shippers, fending off credit agency Maritimes & Northeast Pipeline on Moody’s credit watch at same time it invites shippers to tell it how much space they might want on an expanded line to New England By GARY PARK But its optimism was broadsided Feb. million in bonds issued by Maritimes & Petroleum News Calgary Correspondent 18 when Moody’s Investors Services of Northeast to finance the C$1 billion New York advised investors that the com- pipeline six years ago. uffeted with warnings that its credit pany had been put on a credit watch “The magnitude of the Sable field rating may be downgraded, because of slumping reserves in Nova decline within such a relatively short B Maritimes & Northeast Pipeline is Scotia’s Sable gas field, the sole source of period of time reduces the magnitude of hoping to expand its pipeline from supply for Maritimes & Northeast. the margin against possible reserve deple- offshore Nova Scotia to New England by Moody’s said the review reflects its tion prior to the 2019 maturity date of the capitalizing on new liquefied natural gas concern about several years of significant bonds,” Moody’s said. terminals in Atlantic Canada. downward revisions in Sable reserve esti- A spokesman for Maritimes & Maritimes & Northeast launched a mates, which the agency said are now Northeast said it is normal for a credit binding open season Feb. 15 that it close to only 50 percent of the calculated agency to conduct such a review, but con- believes could more than triple its current 3.7 trillion cubic feet when the pipeline ceded that a lower credit rating would capacity of 650 million cubic feet per day started operations in 1999. make borrowing money for any future by 2007 or 2008. The downgrade could affect C$260 expansions more expensive. He said Maritimes & Northeast is “among the highest-rated pipeline com- SINGAPORE panies in terms of credit in North America” and does not expect Moody’s review will have any material impact on Crude oil holds above $51 a barrel business. Oil prices held above $51 a barrel Feb. 23, retaining most of the previous day’s Maritimes & Northeast owners are surge as traders fretted about the impact of a weaker U.S. dollar on energy markets. In Duke Energy 77.53 percent, Emera 12.92 electronic trade on the New York Mercantile Exchange, or Nymex, oil for delivery in percent and ExxonMobil Canada 9.55 April was down just 3 cents at US$51.39. Crude prices were up US$2.41 on Feb. 22. percent. “The primary factor is the weak dollar,” said Victor Shum, an analyst in Singapore ExxonMobil holds 50.8 percent of the for energy market consultants Purvin & Gertz. Sable field, in partnership with Shell A weaker U.S. dollar generally triggers a rise in crude prices because oil is priced in Canada 31.3 percent, Imperial Oil 9 per- that currency, making it relatively cheaper when bought in yen, won or other curren- cent, Pengrowth 8.4 percent and cies. Mosbacher Operating 0.5 percent. Lingering concerns about a possible supply cut in March from the OPEC produc- Shell has been the most aggressive in ers’cartel, combined with speculative trading by hedge funds, helped drive crude prices slashing its share of Sable reserves over higher Feb. 22, market watchers said. recent years, taking three bites out of the OPEC’s 11 member states gather in Iran on March 16, and Adnan Shihab Eldin, the resource, while, a year ago, Pengrowth cartel’s acting secretary-general, has said the group may cut an additional 1 million bar- chopped the projected “economic” oper- rels a day. ating life of Sable in half to 10 years. OPEC collectively produces more than a third of the world’s crude, and its decisions on raising or lowering output quotas can have a significant impact on prices. Sable struggling to keep output up Oil is now 50 percent more expensive than a year ago due to robust global demand, Despite the additions of new fields in limited spare production capacity and possible disruptions to output, especially in the last year, Sable has struggled to keep insurgency-ridden Iraq and strike-hit Nigeria. its output above 400 million cubic feet Traders have also cited concerns over winter weather in the Northern Hemisphere per day. and the amount of U.S. energy stockpiles, especially of heating oil, as factors con- Moody’s agreed that if Maritimes & tributing to higher prices. Northeast is successful in landing con- —THE ASSOCIATED PRESS tracts to transport gas from the LNG proj- ects and other sources that “might lessen concerns” about Sable, “although it could also lead to changes in the credit quality of the shippers. (But) this plan has not yet advanced to a stage at which there is a clear credit impact.” Maritimes & Northeast has given potential shippers in Canada and the United States until March 31 to submit detailed requests for service on the 850- mile pipeline, which it believes could be accommodated through additional com- pression and looping. It needs to submit regulatory applica- tions before year’s end to achieve an in- service date of 2007 or 2008 to deliver new supplies to eastern Canada and the northeastern United States.
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