Developer

While seasonal spreads in natural gas prices have contracted, to be sure, it hasn’t hampered the business of at least one gas storage developer/operator, who also believes wider spreads will return, thanks in part to liquefied natural gas (LNG).

While seasonal spreads in natural gas prices have contracted, to be sure, it hasn’t hampered the business of at least one gas storage developer/operator, who also believes wider spreads will return, thanks in part to liquefied natural gas (LNG).

Gas storage development moved ahead in the Gulf Coast region last week as one developer announced an open season and another a filing at FERC.

Power plant developer/operator Calpine Corp. Tuesday was directed by a Delaware court to work out a plan in the next week for returning more than $300 million in proceeds from oil/gas asset sales whose earlier distribution had been challenged by two sets of corporate bondholders. The monies need to be distributed back into The Bank of New York, a collateral trustee and one of the plaintiffs filing the lawsuit in the Delaware Court of Chancery.

LNG import terminal developer Cheniere Energy said an affiliate, J&S Cheniere S.A., has signed a 10-year time charter agreement for a third LNG cargo ship with a joint venture of Kawasaki Kisen Kaisha, Ltd. (K-Line), Shoei Kisen Kaisha and other companies. The new 154,200-cubic-meter LNG ship is being constructed by Imabari Shipbuilding Co., Ltd. and is expected to be delivered in the fourth quarter of 2007. K-Line will provide ship management services.

Quoddy Bay LLC, a Tulsa-based energy development company, has teamed up with a local Indian tribe to build an LNG import terminal in Maine in a unique arrangement that has tax and developmental advantages.

Quoddy Bay LLC, a Tulsa-based energy development company, has teamed up to build an LNG import terminal in Maine with a local Indian tribe in a unique arrangement that has tax and developmental advantages. The announcement comes less than a week after Maine officials, including Gov. John Baldacci, touted the then-unnamed project as having a key ingredient for success — local community support.

Pioneer Natural Resources Co., a Dallas-based independent oil and natural gas producer, announced plans last Tuesday to acquire a leading developer of coalbed methane (CBM) reserves in the Rocky Mountains, Evergreen Resources Inc., for an estimated $1.78 billion in cash and stock, plus the assumption of $300 million in debt.

Pioneer Natural Resources Co., a Dallas-based independent oil and natural gas producer, announced plans Tuesday to acquire a leading developer of coalbed methane (CBM) reserves in the Rocky Mountains, Evergreen Resources Inc., for an estimated $1.78 billion in cash and stock, plus the assumption of $300 million in debt.