Gulf Canada Resources said it closed on a 50-50 partnershipagreement with KeySpan Energy for the operation of its natural gasmidstream business in western Canada. Cash consideration paid byKeySpan was $290 million (US$189 million) to Gulf plus a $100million (US$65 million) loan to the partnership. The cash willoffset significant charges Gulf took during the third quarterprimarily related to crude oil asset write-downs.
CNG’s exploration and production subsidiary, CNG Producing Co.,announced the three-platform, eight-well complex being built in theMain Pass area of the Gulf of Mexico will handle an initialdeliverability of 240 MMcf of gas and 20,000 barrels of condensateonce fully operational. The company also announced that natural gasstarted flowing at the two-deck, four-pile “Nemo” platform, locatedat Main Pass 279. CNG owns 100% interest in platform. Nautilus, thethree-deck, four-pile drilling and production platform located atMain Pass 281, is expected to be in production around the end ofJanuary. CNG owns 68.5% of Nautilus, which is the predominantplatform in the complex.
Con Edison Solutions, the energy services and supply subsidiaryof Consolidated Edison, Inc., unveiled a suite of services intendedto help business compete by managing energy resources called theTERM program. The suite is composed of services that helpbusinesses manage energy casts and improve energy environment byevaluating energy needs, usage patterns, infrastructure, andequipment on a site-specific basis. TERM services fall into fourcategories: Energy Management & Information Solutions, BusinessEnvironment Solutions, Energy Reliability Solutions, and EnergyAssessment Solutions.
Houston Industries Wholesale Energy Group signed a 10-yearcontract to supply up to 50 Bcf of gas to LGS Natural Gas, anaffiliate of Louisiana Gas Service Co., the largest distributor inthe state. The contract could bring in over $100 million. The gaswill be delivered by Houston Industries interstate pipeline, NoramGas Transmission, to a connection with LGS in West Monroe, LA.
FERC gave the go-ahead for Transwestern Pipeline to sell about118 miles of small- diameter lateral pipelines to KN Interstate GasTransmission (KNI) at an estimated book value of $9.6 million.Thefacilities include the Lipscomb Mocane, Delhi Feldman/Leedy andFeldman laterals, which are located on the eastern end ofTranswestern’s system in Oklahoma and Texas. The laterals are nolonger an integral part of Transwestern’s system, the pipeline toldFERC. KNI estimated that the facilities, which are alreadyinterconnected with its Buffalo Wallow system, will provide thecapability to receive and deliver 65 MMcf/d of gas on a firm basisfrom producers and shippers in the Anadarko region.
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