Acquiring

W&T Offshore Inc. said Thursday it is acquiring stakes in six offshore producing fields in the Gulf of Mexico (GOM) from Shell Offshore Inc. for an estimated $450 million in cash and $50 million in debt.

While it recently beefed up its California holdings by acquiring several natural gas-fired generation plants, Princeton, NJ-based NRG Energy Inc.’s long-term strategic plan in the West is centered on robust renewable development that will increase the value of baseload gas-fired power as a balancing agent, CEO David Crane said at the recent Bank of America Merrill Lynch Investment Conference in San Francisco.

While it recently beefed up its California holdings by acquiring several natural gas-fired generation plants, Princeton, NJ-based NRG Energy Inc.’s long-term strategic plan in the West is centered on robust renewable development that will increase the value of baseload gas-fired power as a balancing agent, CEO David Crane said as part of his remarks earlier in September at the Bank of America/Merrill Lynch Investment Conference in San Francisco.

Russia’s Gazprom continued to build its presence in North America last week, acquiring Gulf Coast liquefied natural gas (LNG) regasification capacity. Now it plans to further establish its Atlantic Basin presence.

Miller Petroleum Inc., which explores for natural gas and oil in Alaska and Tennessee, has significantly upped its net reserves and acreage after acquiring the Alaska assets of bankrupt Pacific Energy Resources.

Miller Petroleum Inc., which explores for natural gas and oil in Alaska and Tennessee, has significantly upped its net reserves and acreage after acquiring the Alaska assets of bankrupt Pacific Energy Resources.

Wild Goose Storage LLC has completed an 11 Bcf expansion of its facility in Northern California. Since acquiring Wild Goose three years ago, Alberta-based Niska Gas Storage US LLC has increased its capacity to 29 Bcf, and it is in the process of expanding the facility’s injection and withdrawal capabilities, pushing injection from 250 to 450 MMcf/d and the withdrawal capability from 450 to 700 MMcf/d. Niska said the increases will be completed this winter. Longer term, the company has applied to the California Public Utilities Commission to expand Wild Goose’s overall capacity to 50 Bcf, with injection and withdrawal rates at 650 MMcf/d and 1.2 Bcf/d, respectively.

StatoilHydro has added to its sizable stake in the Gulf of Mexico (GOM) by acquiring a 40% interest from BHP Billiton Ltd. in 50 offshore blocks. The offshore acreage acquired by the Norwegian-based producer is located in the northeastern corner of the deepwater GOM in the under-explored DeSoto Canyon. DeSoto Canyon is located east of the Independence Hub, which serves several natural gas producers in the region, including Statoil (see NGI, Dec. 25, 2006). Statoil, among other things, owns a quarter stake in Walker Ridge Block 758, located in the promising Lower Tertiary of the deepwater GOM. In 2006 Statoil, Chevron Corp. and Devon Energy Corp. completed the deepest extended drill stem test in history at the prospect on Jack No. 2 well (see NGI, Sept. 11, 2006). In the March Central GOM Lease Sale 208, U.S.-based subsidiary Statoil Gulf of Mexico LLC was high bidder at $14.29 million for Keathley Canyon Block 698, which is located in water depths more than 2,000 feet (see NGI, March 23).

Toronto-based Universal Energy Group (UEG) has decided on a total package, acquiring troubled Commerce Energy Inc., the operating subsidiary of Commerce Energy Group (CEG), for approximately US$26 million, UEG said. The deal replaces a partial acquisition the companies had originally negotiated, and ends the uncertainty that had been swirling just days before (see Daily GPI, Dec. 11).