Backed

The Mitsubishi Corp.-backed project to develop a 1 Bcf/d liquefied natural gas (LNG) terminal in Long Beach Harbor along the Southern California coast is barely breathing, but still has not been officially declared dead, according to the CEO of Mitsubishi’s Sound Energy Solutions (SES), the proponents of the five-year-old project. The Japanese-based parent company will decide by Friday (June 6) whether to pursue a court appeal, said SES CEO Tom Giles in an interview with NGI last Tuesday.

The Mitsubishi Corp.-backed project to develop a 1 Bcf/d liquefied natural gas (LNG) terminal in Long Beach Harbor along the Southern California coast is barely breathing, but still has not been officially declared dead, according to the CEO of Mitsubishi’s Sound Energy Solutions (SES), the proponents of the five-year-old project. The Japanese-based parent company will decide by June 6 whether to pursue a court appeal, said SES CEO Tom Giles in an interview with NGI Tuesday.

Linn Energy LLC has agreed to sell some Oklahoma acreage now producing about 12 MMcfe/d to Warburg Pincus-backed Laredo Petroleum Inc. for $185 million in cash. Linn Energy would retain the option to participate in future production.

Backed by cold forecasts for the rest of February and surging petroleum prices, the March natural gas futures contract continued their recent impressive show of strength Wednesday by reaching a high of $9.110 on the day before retreating. The prompt-month contract recorded a low of $8.910 before settling at $8.965, down 1.2 cents from Tuesday’s close.

A Senate committee last Wednesday approved an energy industry-backed “Law of the Sea” treaty that could enable producers to establish legal claims to greater oil and natural gas resources off the coast of Alaska and in the Gulf of Mexico.

A Senate committee Wednesday approved an energy industry-backed “Law of the Sea” treaty that could enable producers to establish legal claims to greater oil and natural gas resources off the coast of Alaska and elsewhere.

Late last week, TXU Corp. senior executives backed down from a threat to the Public Utility Commission of Texas (PUCT) that the company could be forced to shut in gas-fired peaking plants following the recommendation that it be fined $210 million for market manipulation.

FERC Chairman Joseph Kelliher Monday said he backed Alaska Gov. Sarah Palin’s new proposal to bring about the construction of the long-awaited natural gas pipeline from the North Slope to the Lower 48 states.

Midstream operator Targa Resources Partners LP, backed by equity partners Warburg Pincus and Merrill Lynch Global Private Equity, plans to launch an initial public offering (IPO) to hold some of its natural gas assets. Timing for the IPO has not been announced.