March Newsreel: Boomerang Tube Funds Texas Plant; Oil & Gas Execs Predict More 2010 Employment and more

Wood feels the survey responses confirm other dialogue with industry leaders that “the upstream industry experienced increased cash flow during the second half of 2009 and more favorable interest in their domestic capital intensive projects requiring highly trained and experienced personnel. Continued stabilization and improvement of the key drivers should result in 2010 as a strong beginning of hopefully another extended recovery for the industry and the U.S. pursuit of less dependence on foreign resources.”
 
Industry issues and opportunities from this year’s survey include:

• Uncertain natural gas and crude oil prices repeat for a second year as the top concerns in the industry today.
• Respondents still believe that incentives for increased U.S. drilling are the number one way for U.S. consumers to reduce energy prices.
• While most respondents view alternative fuels as a long-term solution, respondents indicated that clean coal is the most likely to be effective in the short term.
• Area of most opportunity: Successful exploitation of existing prospects, followed by mergers and acquisitions, and operating efficiencies.
• While 35% believe the United States is a global leader in the industry, 80% believe it lags by its dependence on foreign sources of energy.

Dresser Selected For Project In Athabasca Oil Sands
Dresser Masoneilan® was named the steam-conditioning and turbine bypass system supplier for an unconventional oil mining and extraction project in the Athabasca Oil Sands in Alberta. The project is expected to begin producing 100,000 bopd in 2012. It has the potential to produce up to 345,000 bopd with future expansions. Dresser Masoneilan will provide steam pressure-reducing valves, desuperheaters and associated equipment required for the project’s steam conditioning and turbine bypass systems. The company will supply operational service and support for the life of the mines.

AGA Releases FERC Manual For Natural Gas Utilities
The American Gas Association (AGA), through its sponsoring members, has released The AGA FERC Manual—A Guide for Local Distribution Companies, written by lawyers at Dewey & LeBoeuf LLP.

Since the enactment of the Energy Policy Act of 2005, in which Congress gave FERC powerful enforcement authority, users of pipeline services in general, and local distribution companies in particular, have been the focus of substantial attention from FERC’s Office of Enforcement.

In response, the AGA and its sponsoring members have developed this complete guide to FERC’s regulation of natural gas in order to highlight the areas that most affect their interests and create their greatest jeopardy, while also offering suggestions about structuring compliance plans, conducting internal investigations and responding to a FERC investigation.

The manual is accompanied by a set of DVDs containing lectures on each of the major topics for viewing by company employees. On March 31 AGA and Dewey & LeBoeuf will co-host the AGA FERC Manual Users’ Forum at AGA’s headquarters in Washington, DC. The manual and DVDs will be available for
sale to the general public following the forum.