Affiliates

In the race to build new takeaway natural gas pipeline infrastructure out of the Rockies, the proposed Pathfinder Pipeline project received a boost Monday as TransCanada Corp., affiliates of Enterprise Products Partners LP and Quicksilver Gas Services LP signed a memorandum of understanding (MOU) under which Enterprise and Quicksilver Gas Services would acquire up to an aggregate 50% ownership in the project and commit to ship a total of 500 MMcf/d for a 10-year term.

Houston-based Isramco Inc. has agreed to acquire varying working interests in producing oil and natural gas properties in Texas, New Mexico and Oklahoma from GFB Acquisition I, LP and GE Financial Services for approximately $102 million. The agreement, which was executed on Feb. 15, is expected to close in March. The transaction includes mainly operated oil and gas properties in approximately 40 fields in East Texas, the Texas Gulf Coast, Permian, Anadarko and San Juan basins. Isramco noted that significant fields in the transaction are the Alabama Ferry Field in East Texas, the Bagley Field in West Texas and New Mexico, and the Esperson Dome Field on the Texas Gulf Coast. Net production from the properties is approximately 600 b/d of oil and 3.5 MMcf/d of gas. Based on a reserve report prepared by a third party consulting firm as of Jan. 1, total net proved developed producing reserves are approximately 2.7 million bbl of oil and 14 Bcf of gas. Isramco, which was founded in 1982 and owns varying working interests in oil and gas wells in Louisiana, Texas, Oklahoma and Wyoming, said it anticipates funding up to 5% of the purchase price from working capital and that it will obtain third-party loans for the rest. In connection with the purchases the company and the Bank of Nova Scotia entered into a commitment letter in which the bank agreed to provide or arrange a secured revolving credit facility. Under the credit facility it is anticipated that the company will be able to initially borrow up to $54 million. GFB Acquisition I, LP is a Midland, TX-based operator of oil and gas properties, formed in a partnership with GE Financial Services to acquire and exploit properties located in onshore oil and natural gas basins in North America.

A group of producers and affiliates has filed a protest at FERC objecting to Southern Natural Gas pipeline’s request to sell pipeline, proposed compression and associated facilities to Magnolia Enterprise Holdings Inc. (MEHI), a subsidiary of Atlanta-based AGL Resources Inc., for an estimated $20.3 million.

As gas production in the Piceance Basin continues to grow, Enterprise Products Partners LP partnership affiliates agreed with Chevron USA Inc. to provide a package of midstream services for Chevron’s natural gas production in the northwest Colorado basin, the companies said last week.

Enterprise Products Partners LP partnership affiliates have agreed with Chevron USA Inc. to provide a package of midstream services for Chevron’s natural gas production in the Piceance Basin of northwest Colorado, the companies said Wednesday.

A group of producers and affiliates has filed a protest at FERC objecting to Southern Natural Gas pipeline’s request to sell pipeline, proposed compression and associated facilities to Magnolia Enterprise Holdings Inc. (MEHI), a subsidiary of Atlanta-based AGL Resources Inc., for an estimated $20.3 million.

FERC Thursday approved the merger of affiliates Cheniere Creole Trail Pipeline and Cheniere Sabine Pass Pipeline into a single line that would serve two liquefied natural gas (LNG) terminals in Cameron, LA.

FERC Friday gave a favorable final environmental nod to El Paso Corp. affiliates Southern LNG Inc., Elba Express Co. and Southern Natural Gas pipeline to double the storage and sendout capacity of Southern LNG’s liquefied natural gas (LNG) import terminal in Georgia and build a new 188-mile, 1.175 Bcf/d gas pipeline to move revaporized LNG to growing Southeast markets.

FERC Friday gave a favorable final environmental nod to El Paso Corp. affiliates Southern LNG Inc., Elba Express Co. and Southern Natural Gas pipeline to double the storage and sendout capacity of Southern LNG’s liquefied natural gas (LNG) import terminal in Georgia and build a new 188-mile, 1.175 Bcf/d gas pipeline to move revaporized LNG to growing Southeast markets.