Grabs

The Oil & Gas Asset Clearinghouse said Thursday that its Sept.18 Hybrid auction in Houston sold over $20 million in oil and natural gas properties. The Petroleum Place subsidiary said it offered over 196 lots at this Selective Offering(TM), including many higher-valued, more notable properties.

Taking advantage of a consent order that required ChevronTexaco to sell some assets before a merger could be completed, Duke Energy Field Services (DEFS) picked up a jewel — a 33% stake in Discovery Producer Services LLC, which extends from the deepwater offshore Louisiana to onshore delivery points 30 miles south of New Orleans. The system includes a 600 MMcf/d interstate gas pipeline, including a 30-inch mainline that extends to the edge of the outer continental shelf. Financial details were not disclosed, and the transaction is expected to close in the second quarter.

Dominion’s proposed Greenbrier Pipeline from West Virginia to North Carolina has gained a significant partner with a substantial market presence. Piedmont Natural Gas, which has 700,000 local distribution customers in North Carolina, has taken a 33% stake in Dominion’s 263-mile interstate pipeline project.

Dominion’s proposed Greenbrier Pipeline from West Virginia to North Carolina has gained a significant partner with a substantial market presence. Piedmont Natural Gas, which has 700,000 local distribution customers in North Carolina, has joined Dominion in the 263-mile interstate pipeline project, taking a 33% stake. The proposed system, which is expected to be filed with FERC in the first quarter of 2002, would link multiple natural gas supply basins and storage to growing demand in residential, commercial, industrial and power generation markets in the Southeast.

AmeriGas Partners LP became the nation’s largest retail propane marketer by completing the $202 million purchase of Columbia Propane from NiSource in a deal that closed last Tuesday. The combination will distribute more than one billion retail gallons per year from more than 700 locations.

AmeriGas Partners LP became the nation’s largest retail propane marketer with the $202 million purchase of Columbia Propane from NiSource. The deal closed onm Tuesday. The combination will distribute more than one billion retail gallons per year from more than 700 locations.

TECO Energy’s Power Services subsidiary (TPS) has secured a muchstronger foothold in the wholesale generation market by buying astake in two huge gas-fired merchant power plants being developedby Panda Energy International and by announcing plans to build a$1.2 billion, 850 MW unit adjacent to Citgo Petroleum Corp.’s oilrefinery in Lake Charles, LA.

TECO Energy’s Power Services subsidiary (TPS) has secured a muchstronger foothold in the wholesale generation market by buying astake in two huge gas-fired merchant power plants being developedby Panda Energy International. The companies announced a jointventure yesterday on the plants, which will be located in ElDorado, AR, and in Gila Bend, AZ, and will have a combined capacityto produce 4,600 MW of power. They are projected to cost $2.3billion to build. Teco’s equity committment is $960 million.

Public Service Co. of New Mexico is gaining a strong presence inthe Midwest/Midcontinent power market with the $4.4 billionpurchase, including debt assumption, of Western Resources’utilities. The proposed merger would create a new Albuquerque-basedholding company serving more than one million retail electriccustomers and 400,000 retail gas customers in New Mexico andKansas, with a generating capacity of more than 7,000 MW.