About 10 Tcf of gas stranded offshore Venezuela could be headed to the U.S. East Coast via liquefied natural gas (LNG) tanker starting in 2007, according to a new partnership formed by Venezuelan state-owned oil company Petroleos de Venezuela (PDVSA), Royal Dutch/Shell Group and Mitsubishi Corp. The companies signed an agreement to spend $2.5 billion on a new LNG project on the Paria peninsula. Construction is scheduled to begin in 2005 and be completed two years later.
2007
Articles from 2007
Industry Briefs
Magnum Hunter Resources Inc. has repurchased $10.5 million principal amount of its 10% senior notes due in 2007 in a private transaction, reducing the principal on the notes to $129.5 million from $140 million. The Irving, TX-based company funded the repurchase with its existing commercial bank line of credit, increased by $12.5 million to $125 million recently. With the repurchase, Magnum Hunter said it expected to achieve interest savings of about $500,000 over the next 12 months. Management had pledged to continue its focus to reduce debt and improve the balance sheet, said CEO Gary C. Evans. He said since the beginning of 2000, Magnum Hunter had improved debt-to-equity to 63% from 82%.
July 3, 2001
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