Joint Venture

The Department of Interior announced last week the winning companies of the New York Bight offshore wind lease sale, with Bight Wind Holdings LLC, a joint venture (JV) between RWE Renewables and National Grid, securing the largest lease with a $1.1 billion bid.  The Bight, sandwiched between the coast of Long Island and New Jersey,…

Opal Fuels LLC, which produces and distributes renewable natural gas (RNG) with ambitious expansion plans, said Tuesday it has a joint venture (JV) to develop facilities that would capture landfill methane emissions for conversion to transportation fuels. Opal, which aims to grow production volumes to more than 125 million gasoline gallon equivalents (GGE) in 2024,…

The Canadian oil and gas industry recovery gained steam in Newfoundland Wednesday with a commitment to restart a mothballed Grand Banks production platform and the revival of an expansion for a second North Atlantic site. Cenovus Energy Inc., Murphy Oil Corp. and Suncor Energy Inc. are planning an ownership overhaul to begin a 10-year asset…

Perpetual Production LLC and Silver Hill Energy Holdings LLC announced on Tuesday a new partnership to acquire assets in the Midcontinent and Permian Basin.

Howard Energy Partners (HEP) and NextEra Energy Partners (NEP) on Wednesday said they plan to develop more natural gas transportation projects in the Eagle Ford Shale in South Texas with an eye on export markets, including Mexico.

Sanchez Midstream Partners LP (SNMP) on Wednesday announced it has executed a series of agreements with Targa Resources Corp. that put their newly formed joint venture (JV) in a position to grow their footprint in the Eagle Ford Shale while exercising the capital discipline investors have come to expect from the oil and gas industry.

After indicating last fall that it was looking for morejoint venture (JV) partners, Los Angeles-based California Resources Corp. (CRC) found another one on Wednesday in Development Capital Resources LLC (DCR), which agreed to infuse $800 million for natural gas infrastructure.

Targa Resources Corp.and MPLX LP plan to expand the Centrahoma Processing LLC joint venture that serves producers working in Oklahoma’s Arkoma Woodford Basin. Targa and MPLX plan to build a 150 MMcf/d cryogenic natural gas processing plant, to be named Hickory Hills, in Hughes County, which could begin operations in late 2018. Targa is contributing its existing 150 MMcf/d Flag City Plant acquired in May 2017 and then decommissioned, which would become Hickory Hills once additional required plant infrastructure is installed. Targa also agreed to contribute the 120 MMcf/d cryogenic Tupelo Plant in Coal County. In exchange, Targa would maintain its 60% interest and be paid an undisclosed amount by MPLX, its 40% partner.

Eclipse Resources Corp. said late Wednesday that it has finalized a joint venture (JV) with an affiliate of GSO Capital Partners LP to help fund Utica Shale drilling in Ohio’s Guernsey and Monroe counties.