With funding from private equity giant Kayne Anderson Energy Funds, Native Exploration Holdings LLC plans to prowl for opportunities in the Midcontinent, particularly Oklahoma.
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FERC Considering Changes to Oil Pipeline Rate Index Policies
FERC is considering modifications to its policies for evaluating oil pipeline index rate changes and data reporting requirements that would make it easier for shippers to challenge rates that they believe exceed industry costs.
NatGas Trading Increased For First Time in Four Years in 2015, Analyst Says
The amount of natural gas traded in the United States increased in 2015 for the first time in four years, with overall trading volumes up 4.1% compared to 2014, according to an analysis of FERC Form 552 submissions by Cornerstone Research.
North American Drilling Market ‘Uninspiring,’ Says Nabors CEO
Nabors Industries Inc., the largest onshore drilling fleet operator and the biggest supplier of pressure pumping equipment, is not optimistic about seeing gains in the U.S. oil or gas patch through the rest of this year, CEO Tony Petrello said Wednesday.
California Regulators Face More Scrutiny on Pipe Safety
California regulators are facing increased scrutiny on their response to stepping up natural gas pipeline safety oversight following a 2010 explosion in San Bruno on a Pacific Gas and Electric Co. (PG&E) line.
‘Unprecedented’ NatGas Output Cuts U.S. Imports
With domestic natural gas production reaching an “unprecedented” level, net imports of gas into the United States in 2012 fell 23% while total gas exports increased about 8%, according to the U.S. Energy Information Administration (EIA).
ERCOT Preparing for More Gas-Fired Power
Last year, natural gas-fueled plants accounted for 57% of the generating capacity in the Electric Reliability Council of Texas (ERCOT) and more than 44% of energy use. As the reliance on gas-fired power grows, ERCOT is working with other organizations to protect against and prepare for a large-scale system-wide blackout.
Industry Briefs
Sabal Trail Transmission LLC, a joint venture of Spectra Energy and NextEra Energy Inc., has been named the winning bidder to build a 465-mile interstate natural gas pipeline project by Florida Power & Light (FPL) to provide transportation services for its power generations needs beginning in May 2017. FPL, the largest power company in the state, put out the request for proposals for a new pipeline in December. Sabal Trail would have an estimated price tag of $3 billion and originate in Tallapoosa County, AL, extend through Georgia and terminate at the Central Florida Hub near Orlando (see NGI, July 8). Through a capacity lease with Transcontinental Gas Pipe Line (Transco), natural gas supply would be accessed at Transco’s Station 85 in Choctaw County, AL. The pipeline, when completed, would have the capacity to transport more than 1 Bcf/d to serve local distribution companies, industrial users and natural gas-fired power generators. According to the Energy Information Administration, Florida generates 62% of its power from 1.1 Tcf of natural gas.
Gas Storage Capacity Grew by 2%, EIA Says
The capacity of underground natural gas storage facilities increased by about 2% from November 2011 to November 2012, the Energy Information Administration (EIA) said in a new report. The increase was seen in both demonstrated maximum and design capacities.
JPMorgan Exiting Physical Commodities Business
JPMorgan Chase & Co. said Friday it is planning to exit the physical commodities business, including its remaining holdings of commodities assets and its physical trading operations.