Barrett Resources Corp. announced a purchase and sale agreementto acquire additional working interests in Piceance Basin gasproperties in western Colorado and all the outstanding interest inthe related gas gathering system for $72 million last week.Although the company said multiple sellers were involved, it wouldnot divulge who those sellers were. Closing on the propertypurchases is expected to occur on Dec. 16. Acquisition of thegathering system is subject to regulatory approval, which isexpected in January 2000.
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Barrett Closes In on Piceance Basin Domination
Barrett Resources Corp. announced a purchase and sale agreementto acquire additional working interests in Piceance Basin gasproperties in western Colorado and all the outstanding interest inthe related gas gathering system for $72 million. Although thecompany said multiple sellers were involved, it would not divulgewho those sellers were. Closing on the property purchases isexpected to occur on Dec. 16. Acquisition of the gathering systemis subject to regulatory approval, which is expected in January2000.
TransCanada President Sees More Belt Tightening
Expect additional staff reductions, office closures andregulated rate changes in the near future at TransCanada PipeLines,Gary Mihaichuk, president of transmission, said in an interviewwith NGI last week.
TransCanada President Sees More Belt Tightening
Expect additional staff reductions, office closures andregulated rate changes in the near future at TransCanada PipeLines,Gary Mihaichuk, president of transmission, said in an interviewwith NGI this week.
PG&E Seeks Additional Summer Power from IPPs
Pacific Gas and Electric Co. and California’s independent powerproducers with qualifying facility (QF) contracts have cut a dealto free up excess power from the merchant generators to help handledemand spikes anticipated during this summer’s heat waves. TheCalifornia Independent Energy Producers (IEP) expect to have anadvice letter filing with state regulators by the end or April tofree up as much as 1,000 MW of power in the summer. Thin ancillaryservices supplies last summer caused record price spikes.
EOG Income Slashed by Weak Prices
Enron Oil & Gas Co. (EOG) 1998 net income was less than halfwhat it was in 1997, which could be considered additional evidencethe company really is considering an “unsolicited offer” to buy thecompany.
TransColorado Prepares for Second Phase
TransColorado Gas Transmission Co. said it would start fillingadditional portions of the TransColorado Pipeline in New Mexico andwestern Colorado today with gas as it prepares to commence Phase 2operations in February.
Tejas, Enterprise Eye Expanding NGL Lines
Depressed gas liquids prices don’t affect the need foradditional liquids transportation capacity in the Gulf of Mexicoregion in the view of two companies that last week joined to expandLouisiana pipeline facilities.
Westcoast Buys Unocal’s 9% Stake in Alliance
Westcoast Energy announced plans to buy an additional 9.1% shareof the now-approved Alliance Pipeline Project from Unocal Corp.,which indicated its interest in selling the share earlier this yearas part of a corporate restructuring. The purchase will increaseWestcoast’s total interest in the project to 23.6% from 14.5%.Westcoast’s total equity in the project is now about $500 million.The sale is scheduled to close by the end of December, subject tothe completion of formal agreements.
Briefs
Williams completed its Cherokee expansion project, increasingcapacity on the Transcontinental Gas Pipe Line (Transco) system by87 MMDth/d to provide additional firm transportation capacity toserve markets in Georgia. The $68 million project consisted ofadding looping and compression.