In a merger that would create a formidable onshore oilfield services company, Superior Energy Services Inc. on Monday agreed to pay $2.7 billion in cash and stock to buy Complete Production Services Inc. — a 62% premium to Complete’s closing share price on Friday.
Approval
Articles from Approval
Congress Said to Have ‘Lowest Legislative Productivity’ in Years
The current Congress is a do-nothing legislative body, while the Department of Energy (DOE) has stepped up its approval of applications to export liquefied natural gas (LNG) in response to the rapid development of shale natural gas in the United States, federal energy officials said Monday.
Transportation Notes
Following approval by the Pipeline and Hazardous Materials Safety Administration, Bison Pipeline was restored to maximum allowable operating pressure of 1,440 psig along with having a force majeure declaration lifted at noon Saturday. “Gas had already been bought for the weekend, so we didn’t go up immediately” on pressure, said spokesman David Dodson. “It is looking like nominations for gas day Tuesday will be about 360-370 MMcf, which is what we were flowing before the July 20 incident” (see Daily GPI, July 25). Bison has a total design capacity of 477 MMcf/d.
AltaGas to Begin Work on C$235M Gas Facility
AltaGas Ltd. said Wednesday it was given final regulatory approval for a C$235 million natural gas processing facility and gathering system in the Alberta portion of the Montney Shale.
Industry Brief
A hybrid natural gas and solar power generation project has been recommended for approval by the California Energy Commission. The proposed decision by a two-commissioner review committee found no significant environmental impacts from the City of Palmdale’s proposal to transform a 377-acre industrial site in the northern end of Los Angeles County for a 570 MW gas-fired combined cycle plant with adjacent solar thermal collectors providing 10% of the facility’s peak power output. Assuming the full CEC approves the three-year-old proposal, the city then needs to find a developer and a long-term contract for the plant’s output before construction can start. It is slated to begin commercial operations in summer 2013.
Environmental Coalition Challenges Shell’s GOM Plan
Four environmental groups are challenging the federal government’s approval of new deepwater drilling in the Gulf of Mexico (GOM), specifically targeting exploration now under way by a Royal Dutch Shell plc subsidiary.
Progress Energy Sells Montney Stake to Malaysia’s Petronas
Calgary-based Progress Energy Resources Corp.’s chief executive said Thursday the company has found a “critical” partner to help market its natural gas in the Montney Shale of British Columbia after securing Malaysia’s national oil company Petronas (Petroliam Nasional Berhad) in a joint venture (JV) valued at about C$1.07 billion.
California OKs Power Transmission Role for Citizens Energy
Nonprofit gas marketer Citizens Energy Corp. on Thursday gained California Public Utilities Commission (CPUC) approval to take a stake in San Diego Gas and Electric Co.’s (SDG&E) $1.9 billion Sunrise Powerlink transmission project, which would run from Imperial County into North San Diego County.
California OKs $16M to Promote Clean Transportation Fuels
The California Energy Commission (CEC) announced Tuesday approval of $16 million to fund a variety of projects demonstrating the state’s continuing commitment to cleaner transportation fuel choices and added jobs in that emerging sector. State funds will leverage $96 million in private-sector matching money.
Regulators OK Sale of Norse Assets to Appalachian
Norway’s Norse Energy Corp. ASA said Monday it has received regulatory approval to sell two natural gas pipeline companies so that it can focus on exploration and production activities in the Marcellus Shale play in New York.