Business

North Dakota lawmakers continue holding hearings and debating the merits of energy bills to create incentives for less associated gas flaring at the wellhead and to provide tax relief for oil and gas producers, a spokesperson for the state Department of Mineral Resources (DMR) told NGI’s Shale Daily Monday.

San Diego-based Sempra Energy’s Mexico business unit plans to hold an initial public offering (IPO) of up to 20% of stock as part of a long-range plan to increase natural gas investments on both sides of the U.S.-Mexico border. At the same time, the company senior management is talking bullishly about U.S. liquefied natural gas (LNG) exports.

Western Gas Partners LP is expanding its business in the Marcellus Shale after agreeing to pay $620 million-plus for stakes in two natural gas liquids (NGL) gathering systems in Pennsylvania that have combined throughput of more than 1.2 Bcf/d.

San Diego-based Sempra Energy’s Mexico business unit plans to hold an initial public offering (IPO) of up to 20% of stock as part of a long-range plan to increase natural gas investments on both sides of the U.S.-Mexico border.

Worldwide production of shale oil has the potential to reach 14 million b/d by 2035, about 12% of the world’s total oil supply, prompting a 25-40% decline in oil prices, according to a report issued Thursday by PwC.

Internal test results, couple with those of other local operators, have bolstered Mancos Shale natural gas prospects for Rapid City, SD-based Black Hills Corp., according to CEO David Emery, who offered an optimistic outlook in reporting increased profits for 4Q2012 and all of last year for the diversified utility and exploration and production (E&P) company.

Elliott Associates LP, a hedge fund that owns a 4% stake in Hess Corp., is urging other shareholders to elect its five nominees to the company’s board of directors and has called on Hess to spin off its assets in the Bakken, Eagle Ford and Utica shale plays.

BP plc has appointed John Minge as chairman and president of BP America Inc., the producer’s chief U.S. representative. Former chief Lamar McKay is to lead BP’s upstream business. BP’s capital investments in the United States over the past five years exceed $52 billion, more than any other company and more than BP invests in any other country. Minge, who takes over the Houston-based U.S. operations on Feb. 15, has led BP Alaska since January 2009. In 2012, BP Alaska achieved the lowest recordable incident rate in its history, with a 50% reduction from 2009. Minge, who began his BP career in the Gulf of Mexico as a drilling engineer, formerly was president of BP Indonesia, chief of BP’s Asia Pacific Unit and president of exploration and production for Vietnam and China. BP also has named Bob Fryar, now executive vice president for upstream production, as executive vice president for Safety and Operational Risk. Mark Bly, who has headed safety functions since March 2008, plans to retire.

Tradition Midstream LLC said it has secured $100 million in equity financing to develop infrastructure across North America, with an initial focus on unconventional plays in Texas, Oklahoma and Louisiana.