By OGJ editors
HOUSTON, Nov. 1 -- Dominion plans to pursue the sale of most of its oil and natural gas assets to concentrate more on its electric generation and distribution business and its transmission, storage, and retail business, said the utility based in Richmond, Va.
Dominion plans to keep its Appalachian basin properties, which account for 17% of its proved reserves and 8% of its average daily production as of Sept. 30. About 76% of the reserves are developed, and about 76% of the reserves are gas.
A formal sales process is scheduled to begin in February 2007 after completion of the 2006 reserve audit. Closing is expected by mid-2007, Dominion said. The E&P assets are managed by Dominion Exploration & Production Inc., Houston.
Excluding the Appalachian basin, Dominion has proved reserves of 5.5 tcf equivalent of gas spread across the deepwater Gulf of Mexico, West Texas, the Midcontinent and Rockies, and the Western Canadian Sedimentary Basin.
