Friendly

The power shift in Congress will result in Republicans being named to chair committees that likely will be more friendly to the oil and natural gas industry, as well as other energy sectors.

Independent oil billionaire T. Boone Pickens continued to voice his support for gas-friendly legislation Wednesday, telling members of the House Committee on Ways and Means that the NAT GAS Act (HR 1835), which seeks to establish a sustained market for natural gas vehicles (NGV) and rein in gas market volatility, would create 600,000 jobs and help wean the country off imported oil.

Independent oil billionaire T. Boone Pickens continued to voice his support for gas-friendly legislation Wednesday, telling members of the House Committee on Ways and Means that the NAT GAS Act (HR 1835), which seeks to establish a sustained market for natural gas vehicles (NGV) and rein in gas market volatility, would create 600,000 jobs and help wean the country off imported oil.

Declaring federally designated energy corridors in 11 western states “coal friendly” and in direct opposition to nine states’ renewable portfolio standards (RPS), 14 environmental groups and San Miguel County, CO, last week filed a lawsuit challenging the Bush-era designations.

Declaring federally designated energy corridors in 11 western states “coal friendly” and in direct opposition to nine states’ renewable portfolio standards (RPS), 14 environmental groups and San Miguel County, CO, on Tuesday filed a lawsuit challenging the Bush-era designations.

Canadian Superior Inc. said it plans to buy Challenger Energy Corp. in a friendly transaction worth an estimated C$78 million (US$69 million) including debt. The merger would give back to Canadian Superior a stake in a promising Trinidad natural gas project that it has been developing for several years. Calgary-based Canadian Superior is undergoing a restructuring after filing for bankruptcy earlier this year (see NGI, May 4). Under the merger agreement, Canadian Superior plans to issue 0.51 share, or C$0.435, for each Challenger share. The transaction would include the assumption of Challenger’s C$54 million in net debt. The transaction is part of a plan by Canadian Superior to restructure under Canada’s Companies’ Creditors Arrangement Act. As part of the restructuring process Canadian Superior agreed to sell to UK-based Centrica plc a 45% interest in Block 5(c) offshore Trinidad, for US$142.5 million in cash (see NGI, June 8). The block is operated by BG Group, which holds a 30% stake, and Challenger, which still has a 25% stake. The discovery, made in 2005, may hold up to 5 Tcf (see NGI, Aug. 18, 2008). The combined company would produce an estimated 3,050 boe/d, 85% weighted to natural gas.

Canadian Superior Inc. said Friday it plans to buy Challenger Energy Corp. in a friendly transaction worth an estimated C$78 million (US$69 million) including debt. The merger would give back to Canadian Superior a stake in a promising Trinidad natural gas project that it has been developing for several years.

The U.S. Federal Trade Commission has given the green light for Calgary-based Suncor Energy Inc.’s friendly takeover of cross-town rival Petro-Canada. Suncor has a refining and gasoline retail business based in Colorado, and Petro-Canada has unconventional natural gas operations in the Lower 48 states. The C$19.6 billion (US$15.5 billion) merger, which would create Canada’s largest energy company, was announced in March (see Daily GPI, March 24). The transaction still requires approval by the Competition Bureau in Canada, and both companies have overlapping retail gasoline operations in Ontario.

Canada’s only 100% natural gas energy trust, Calgary-based Paramount Energy Trust (PET), said Tuesday it plans to buy cross-town explorer Profound Energy Inc. in a friendly stock transaction worth an estimated C$113 million (US$90 million).