Industry Briefs

Kinder Morgan Energy Partners LP’s Tennessee Gas Pipeline Co. LLC (TGP) has signed a binding, 20-year firm transportation precedent agreement with Mitsubishi Corp. of Japanto ship 600,000 Dth/d of natural gas earmarked for the proposed Cameron LNG liquefaction facility in Hackberry, LA, which is slated to begin liquefied natural gas (LNG) exports in the second half of 2017. Mitsubishi will serve as the foundation shipper for TGP’s Southwest Louisiana Supply Project, which is designed to provide transportation from various supply basins in Ohio, Pennsylvania, Texas and Louisiana to Cameron Interstate Pipeline, which connects directly to the Cameron LNG Terminal. Kinder does not own Cameron Interstate Pipeline or the Cameron LNG facility. Sempra Energy, Mitsubishi and Mitsui & Co. Ltd. recently signed 20-year tolling capacity and joint venture agreements for the terminal (see Daily GPI, May 17). “TGP’s unique footprint, connecting key conventional and shale supply areas from the South Texas Eagle Ford to the Utica and Marcellus in Ohio and Pennsylvania, and access to the Haynesville Shale supply area and the Perryville Hub in Louisiana, makes our Southwest Louisiana Supply Project an ideal fit to serve the future supply needs of Mitsubishi Corp. and the planned Cameron LNG complex,” said TGP President Kimberly Watson.

May 23, 2013

Industry Briefs

A train derailment near the town of Parkers Prairie, MN, Wednesday morning spilled 20,000-30,000 gallons of crude oil into a field, but frozen, snow-covered ground was “a saving grace” that should keep environmental damage to a minimum, a Minnesota Pollution Control Agency (MPCA) spokesman told NGI’s Shale Daily. Fourteen of the Canadian Pacific Railroad train’s 94 cars derailed and oil from three of them was leaked, the spokesman said. “They’re going to be able to recover most, if not all” of the oil, according to MPCA spokesman Dan Olson. No injuries were reported.

March 28, 2013

A ‘Miss’ in Lime Sale for Chesapeake? Operators Remain Optimistic

The deal that Chesapeake Energy Corp. made on Monday to sell half its leasehold in the Mississippian Lime was calculated at around $2,500/acre gross, or less than $1,000/acre net, not necessarily the price that the market had been expecting. The lower expected price may be attributed to several things, said analysts: foreign firms getting more savvy about undeveloped leaseholds, the value of the formation, or Chesapeake’s hurry to fix its balance sheet.

February 27, 2013

New Mexico Oil & Gas Lease Sale Garners $2.39M

The New Mexico State Land Office pulled in $2.39 million in proceeds Tuesday from its January oil and natural gas lease sale, which covered slightly more than 7,200 acres. Those numbers vary with the state’s December and November proceeds last year, which were $5.8 million and $3.85 million, respectively, for about 10,000 acres in each case (see Daily GPI, Nov. 28, 2012).

January 18, 2013
Some Range Marcellus Liquids Bound for Europe

Some Range Marcellus Liquids Bound for Europe

Marcellus Shale ethane is a long way from the Mont Belvieu, TX, market center, making it the most likely supply to be rejected in times of surplus. But Marcellus producer Range Resources Corp. has an alternative — and a contract — to deliver some of its ethane to Philadelphia for sale to a European petrochemical producer.

September 28, 2012

Attorneys: Titles, Spacing, Pooling Are All Potential Issues in Ohio

Ohio’s laws addressing old leases and conservation issues could pose some unique challenges to proponents of energy development in the state’s portions of the Marcellus and Utica shales, two attorneys with the law firm Steptoe & Johnson LLP said during a presentation Wednesday.

May 29, 2012

Traders Jockey for Position Ahead of Storage Stats; February Gains

February natural gas futures rose Wednesday as traders covered short positions ahead of the release of government inventory figures. At the close February had risen 10.3 cents to $3.096 and March had gained 10.5 cents to $3.127. February crude oil rose by 26 cents to $103.22/bbl.

January 5, 2012

Options Uncertainties Drive Shorts to Cover; December Gains

December natural gas rose Monday as traders covered short positions before options expiration on Wednesday. At the close December had gained 8.3 cents to $3.399 and January had risen 6.2 cents to $3.558. January crude oil fell 75 cents to $96.92/bbl.

November 22, 2011

Poll Finds Pennsylvanians Split on Fracking

Pennsylvanians are narrowly split on whether the benefits of hydraulic fracturing (fracking) are worth the potential risks, according to the results of a survey conducted by the Mercyhurst Center for Applied Politics (MCAP) at Mercyhurst College in Erie, PA.

October 13, 2011

Traders Await a ‘Double Whammy’ Thursday; June Gains

June natural gas futures gained ground as traders covered short positions prior to both the June contract expiration and the release of government inventory figures. At the closing bell June natural gas had risen 3.4 cents to $4.379 and July had gained 3.2 cents to $4.423. July crude oil jumped $1.73 to $101.32/bbl.

May 26, 2011
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