Lined

Local gas distribution companies (LDC) appear to have “lined up or have on hand” most of the natural gas supplies needed for the coming heating season, despite disruptions from Hurricane Katrina, Moody’s Investors Service said in a report issued Monday. Hurricane Rita is expected to only have a negligible impact on the physical gas supply to the LDCs.

Cheniere Energy said Monday that it has lined up financing for its 2.6 Bcf/d Sabine Pass LNG terminal, which is expected to be in service in 2007. Cheniere’s limited partnership, Sabine Pass LNG LP, closed a $822 million senior secured credit facility with a syndicate of 47 financial institutions. The credit facility will be used to fund a substantial majority of the costs of constructing the terminal in Cameron Parish, LA. FERC approved the terminal last December. It will be the largest LNG import facility by sendout capacity in North America. Construction is anticipated to start by the end of first quarter of 2005.

As intervenors lined up for the forthcoming environmental review of the Mackenzie Gas Project, Canadian federal and territorial government leaders encouraged the industry by taking on roles as development enablers.

As intervenors lined up for the forthcoming environmental review of the Mackenzie Gas Project, Canadian federal and territorial government leaders encouraged the industry by taking on roles as development enablers.

ExxonMobil Corp. and Qatar Petroleum said Wednesday they lined up $7.5 billion in financing for their giant Qatargas II project, which will export liquefied natural gas (LNG) to Great Britain. The companies said they tapped 57 financial institutions to fund the project, which carries an overall price tag of $12 billion. About $6.5 billion of the $7.5 billion raised to date is in the form of debt. Qatar Petroleum holds a 70% stake in the project, while ExxonMobil owns the remaining 30%. The two companies also said they had awarded $4.5 billion in engineering and construction contracts linked to the project, under which LNG shipments would commence during the winter of 2007-08 using eight tankers engaged on 25-year charters. The Qatargas II project will ship up to 7.8 million tons per year of LNG from a liquefaction plant at Qatar’s Ras Laffan Industrial City to a regasification terminal at Milford Haven in Wales. The initial $700 million construction phase of the Wales project was awarded last month to Texas-based Chicago Bridge & Iron Co.

Duke Energy announced a stock-based compensation package for its new CEO, Paul M. Anderson, and said it lined up a buyer, Norsk Hydro Energy B.V., for its Dutch gas marketing business. The sale, which is expected to net Duke about $80 million, is subject to approval by the European Commission.

Duke Energy announced a compensation package for its new CEO, Paul M. Anderson, and said it lined up a buyer, Norsk Hydro Energy B.V., for its Dutch gas marketing business. The sale, which is expected to net Duke about $80 million, is subject to approval by the European Commission.

With PanCanadian’s Deep Panuke prospect lined up on the supply end and new gas fired generation piling up in New England on the demand side, Maritimes & Northeast Pipeline said last week it is ready to move forward with its plans for a major expansion. The company expects to increase the capacity of its system to 1 Bcf/d and is holding an open season for its Phase IV expansion through Sept. 21.

A number of top energy executives lined up last week to lendtheir support to House Commerce Committee Chairman Thomas J.Bliley’s (R-VA) draft proposal that would give FERC solejurisdiction over all interstate transmission in the United States— including the transmission associated with bundled retailtransactions, as well as the interstate facilities operated byBonneville Power Administration, the Tennessee Valley Authority,cooperatives, municipals and utilities in Texas.