The U.S. Department of the Interior’s Minerals Management Service announced Tuesday it had received 422 bids from 51 companies on 346 tracts offered in the Western Gulf of Mexico Lease Sale 196. In the two new ultra-deepwater categories of royalty relief established, 26 bids were received in water depths from 1,600 to 2,000 meters and 60 bids were received in water depths greater than 2,000 meters. These new categories were established as a provision of the 2005 Energy Policy Act that was signed into law on August 8, 2005. Lease Sale 196 will take place today, August 17, 2005, at 9 a.m. in New Orleans. The sale will be webcast through the Offshore Oil Scouts Association at www.oosa.com.

The U.S. Coast Guard issued a notice in Tuesday’s Federal Register that it is preparing a Letter of Recommendation regarding the suitability of Long Island Sound for liquefied natural gas (LNG) marine traffic. This letter will address the marine safety and security aspects associated with the Broadwater LNG facility, proposed for construction about nine miles from the New York shore and 11 miles from the Connecticut shore by Shell Oil and TransCanada Corp. The Coast Guard is soliciting written comments and related material, and will join FERC at four public meetings in September in New York and Connecticut, seeking comments on the maritime safety and security aspects of the proposed LNG facility. All comments must be filed by Oct. 7. Comments can be faxed to (202) 493-2251. For additional information contact LT Andrea Logman at (203) 468-4429 or alogman@sectorlis.uscg.mil. Broadwater LNG will be designed with onboard LNG storage capacity for up to 350,000 cubic meters. It will have regasification facilities and will be connected with the existing subsea Iroquois Gas Transmission System pipeline via a 25-mile underwater connecting pipeline. The terminal would receive two-three vessels per week, each with a capacity to carry 135,000 cubic meters of LNG.

Chevron Corp. affirmed the final results of the Unocal Corp. shareholder vote on the merger between the two companies, which overwhelming granted approval. The company also released the final tabulation of how Unocal shareholders will be compensated. Unocal shareholders who opted to receive cash for their shares will receive $29.76 and 0.59 Chevron shares for each Unocal share they hold. Those who chose stock only will receive 1.03 Chevron shares for each Unocal share they hold. Under the preliminary results disclosed last week, those who chose to receive all cash for their Unocal shares were to get $30.13 in cash and 0.58 Chevron shares for each Unocal share they held.

Enterprise GP Holdings LP, the owner of the general partner of Enterprise Products Partners LP, one of the nation’s largest master limited partnerships and a major player in the midstream natural gas business, announced plans for an initial public offering of 12 million units representing limited partner interests. Underwriters will be granted a 30-day option to purchase up to an estimated 1.5 million additional units. Citigroup Global Markets Inc. and Lehman Brothers Inc. will act as joint book-running and lead managers. In addition, Goldman, Sachs & Co., Morgan Stanley, UBS Securities, Wachovia Capital Markets, A.G. Edwards, Raymond James, RBC Capital, Sanders Morris Harris and Natexis Bleichroeder will act as co-managers for the offering. Enterprise Products Partners has an enterprise value of more than $14 billion and transports natural gas, gas liquids and crude oil through 32,500 miles of onshore and offshore pipelines.

Loews Corp.‘s wholly owned subsidiary Boardwalk Pipeline Partners LP has filed a registration statement on Form S-1 with the Securities and Exchange Commission for a proposed underwritten initial public offering of 15 million of its common units, plus an option to purchase up to an additional 2.25 million common units. All of the units will be sold by Boardwalk Pipeline Partners LP, which was formed to become the parent of Boardwalk Pipelines LLC. Boardwalk Pipelines is engaged, through its subsidiaries — Texas Gas Transmission LLC and Gulf South Pipeline Co. LP — in the interstate transportation, gathering and storage of natural gas. Application will be made to list the common units under the symbol “BWP.” As currently filed, the common units offered to the public will represent approximately 15% of the outstanding equity of Boardwalk Pipeline Partners. Loews will indirectly own the remaining equity interests. Citigroup Global Markets Inc. and Lehman Brothers Inc. will act as joint book-running managers and representatives of the underwriters. This offering will be made only by means of a prospectus, which may be obtained Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, NY 11220, Attention: Prospectus Department; (718) 765-6732; or Lehman Brothers Inc., c/o ADP Financial Services, Prospectus Fulfillment, 1155 Long Island Ave., Edgewood, NY 11717; (631) 254-7106.

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