Spectra Energy Corp. has completed its $540 million acquisition of the Bobcat Gas Storage assets and development project from Haddington Energy Partners III LP and GE Energy Financial Services. The company said it expects to invest $400-450 million to fully develop the facility by the end of 2015, bringing working capacity to 46 Bcf. The Bobcat assets interconnect with five interstate pipelines, including Spectra Energy's Texas Eastern Transmission. The deal was announced in July (see Daily GPI, July 19).
The Michigan Department of Natural Resources and Environment (DNRE) is planning to auction mineral leases on about 450,000 acres Oct. 26-28. Included are privately owned properties for which Michigan owns the minerals rights. Properties must be nominated to be included in an auction and, in most cases, are nominated by natural gas and oil companies, according to DNRE's forest management division. In May the state sold a record $178 million in mineral leases, which was nearly the sum of lease sales from the previous 80 years (see Daily GPI, May 10). The auction followed the ramp-up of an exploratory well in Missaukee County, which tapped the Collingwood Shale with an initial production rate of 2.5 MMcf/d.
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