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Willie Sutton robbed banks because that's where the money was. Today, he'd probably major in petroleum engineering -- at least if he could hack the curriculum -- because that's where the money is now.
Officials at AGL Resources and Georgia utility subsidiary Atlanta Gas Light were stunned last week by a 3-2 vote at the Georgia Public Service Commission (GPSC) to freeze the utility company's residential rates. AGL said the decision will cut its annual utility revenues by about $25 million.
Enterprise Products Partners LP subsidiary Petal Gas Storage LLC has applied to the Federal Energy Regulatory Commission to further expand its gas storage facility in Petal, MS. The project would include construction of two underground salt caverns, creating 10 Bcf of working capacity, which could be completed and in service as early as the second quarter of 2010.
Even with the "unlimited" money available to spend by oil and natural gas producers in the last five years, only gas has gained volume-wise on a global basis, which indicates gas, mostly in the form of liquefied natural gas (LNG) and gas-to-liquids products, will continue to take a bigger share of the market, a John S. Herold energy researcher said Friday.
StatoilHydro's board of directors has given the green light for its first project in the deepwater Gulf of Mexico (GOM), Caesar Tonga Project, which is to be operated by Anadarko Petroleum Corp.