An amendment to Pennsylvania budget enacted by the legislature to separate regulations for unconventional and conventional operators could delay a package of regulatory updates for several months, said Department of Environmental Protection (DEP) Secretary Chris Abruzzo. DEP has been working since 2011 to update Chapter 78 of the state code (see Shale Daily, Aug. 29, 2013). Abruzzo told the DEP’s Citizens Advisory Committee there would be no major changes to the proposed rules, but the format would be different. The regulations may be implemented in 2016 as scheduled (see Shale Daily, May 13), but it may take more time to separate them.
Wyoming has a new website (https://energy.wyo.gov/) outlining Gov. Matt Mead‘s energy strategy. State agencies are working to pursue Mead’s direction to “strike a balance” between energy resource development and protection of the environment. The website provides an overview of the energy strategy and the progress to date on each of the state’s 47 initiatives (see Daily GPI, May 14, 2013).
Houston-based Swift Energy Co. and PT Saka Energi Indonesia have closed on an agreement to develop 8,300 acres of Fasken area Eagle Ford Shale properties owned by Swift in Webb County, TX. Swift sold a 36% full interest in the properties to Saka for $175 million cash, with $125 million (subject to adjustments) paid at closing and $50 million to be paid over time to carry a portion of Swift’s field development costs. Swift’s net proceeds will be used initially to reduce debt and ultimately to fund accelerated development of its Eagle Ford properties. “This arrangement marks the beginning of a strategic partnership to grow production in the Eagle Ford dry gas window of South Texas,” said Swift CEO Terry Swift. Saka is the upstream oil and gas subsidiary of PT Perusahaan Gas Negara (Persero) Tbk (PGN), Indonesia’s largest natural gas transportation and distribution company.
Exterran Partners LP is buying some Fayetteville Shale-based natural gas compression units from a Chesapeake Energy Corp. subsidiary for $135 million. The purchase from MidCon Compression LLC includes 162 compression units with 110,000 hp that primarily serve BHP Billiton Petroleum Ltd.properties in Arkansas. A five-year contract with BHP would be assigned to Exterran at closing. Exterran Holdings services customers in about 30 countries; Exterran Holdings Inc. owns an equity interest. For Chesapeake, the transaction continues an ongoing plan to sell noncore assets.
Talisman Energy Inc. and Statoil ASA have apparently abandoned a plan to sell their Eagle Ford Shale joint venture after failing to secure an acceptable bid for the asset, Bloomberg reported, citing unnamed sources. A little more than a year ago press reports said Talisman was shopping its Eagle Ford Acreage and hoping to raise up to $2 billion from a sale (see Shale Daily, June 20, 2013). The company would not comment.
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