Triangle Petroleum Corp. said it plans to spend $165-195 million on capital expenditures (capex) during its 2016 fiscal year, which ends on Jan. 31, 2016. The capex budget, a 71% year-over-year reduction, includes $150-165 million for its operated drilling program and up to $10 million for non-operated drilling. RockPile Energy Services, Triangle's oilfield services subsidiary, would receive $15-20 million. Triangle said it plans to run a two-rig operated drilling program on average through the year, will delay all operated well completions until May or later, and anticipates having 20-24 wells awaiting completion by May 1. Triangle estimates its production for FY 2016 will be 11,000-13,000 boe/d, and range from 4.0 to 4.7 million boe.
Marathon Pipe Line LLC, a subsidiary of Marathon Petroleum Corp.'s(MPC)MPLX LP, is holding a binding open season for its Cornerstone Pipeline, which will carry condensate from the Utica Shale to MPC's Canton, OH, refinery (see Shale Daily, Dec. 5, 2013). The open season will conclude at Noon EST on March 13. The 50-mile pipeline would originate in Harrison County, OH, and share connections to various condensate stabilization, fractionator, cryogenic and storage facilities. Documents and further details related to the open season are available at www.marathonpipeline.com/cornerstone_open_season.
Ohio-based utility companyFirstEnergy Corp. said it is investing $35 million for new electric transmission projects to support Marcellus Shale development in western Pennsylvania. The projects include upgrading an existing transmission line as well as building or expanding two electric substations to accommodate natural gas processing plants and compressor stations in the area. FirstEnergy said such facilities account for about 370 MW of projected load growth in the area. The work is part of a $250 million investment plan for the company's service area (see Shale Daily, Jan. 5).