While she joined the majority at FERC last week in voting out a certificate to build facilities to liquefy and export natural gas, Commissioner Cheryl LaFleur on Monday cautioned industry about rushing to invest in liquefied natural gas (LNG) export facilities, questioning how long the U.S. will maintain its technology advantage in the development of the shale gas that is driving the trend towards exports.
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Houston-based Contango Oil & Gas Co., which up to now has trained its sights on Gulf Coast locations, last week joined with some savvy financial partners to invest in a key Encana Corp. resource play, the Jonah field, one of the largest natural gas fields in the United States and the third largest oilfield in Wyoming.
Houston-based Contango Oil & Gas Co., better known as a Gulf Coast player, on Monday joined with some financially savvy partners to invest up to $380 million over the next five years in Encana Corp.’s holdings in the Jonah field, one of the largest natural gas fields in the United States and the third largest oilfield in Wyoming.
Houston-based Contango Oil & Gas Co., which up to now has trained its sights on Gulf Coast locations, on Monday joined with some financial partners to ante up to $380 million in a key Encana Corp. resource play, the Jonah field, one of the largest natural gas fields in the United States and the third largest oilfield in Wyoming.
South Korea’s Korean National Oil Corp. (KNOC) said it has joined the consortium buying El Paso Corp.’s exploration and production (E&P) business. Apollo Global Management, Riverstone Holdings and Access Industries in February agreed to pay El Paso $7.15 billion to buy the E&P unit to facilitate the company’s takeover by Kinder Morgan Inc. (see Daily GPI, Feb. 27). KNOC and a unit of Samsung Group in late 2011 bought Barnett Shale-focused Parallel Petroleum from Apollo in a transaction worth an estimated $800 million (see Daily GPI, Dec. 1, 2011).
Geneva, Switzerland-based Koch Supply & Trading Sarl has launched a global gas trading business, and Stephen Cornish has joined the firm to build the trading and marketing business for liquefied natural gas (LNG), natural gas and related commodities. “This venture into the international gas markets is a way to link its global portfolio to benefit its suppliers and customers,” said Cornish, who said the unit would build operations in Asia, Europe and the Americas. To complement existing North American activities conducted in Houston and to optimize its global portfolio, Koch Supply & Trading plans to build a Europe-wide gas business from Geneva and an LNG trading business from offices in Geneva, London and Singapore. Origination and marketing support locations are also planned in East Asia, the Middle East and Latin America. The privately held company declined to provide additional details.
Frisco, TX-based Comstock Resources Inc. has joined the ranks of producers that are pulling back from natural gas drilling to direct more resources to oil.
Sempra Energy’s Cameron LNG LLC has joined the ranks of liquefied natural gas (LNG) export proposals that have received authorization to send liquefied gas to the limited number of countries that are party to a free trade agreement (FTA) with the United States.
Fitch Ratings on Friday joined a growing list of energy pundits in predicting no letup in North American natural gas production in 2012, low prices or not.