Gazprom Marketing & Trading USA Inc., a subsidiary of Russian natural gas producer OAO Gazprom, has signed a letter of intent outlining terms under which it will become an equity partner in the Rabaska liquefied natural gas (LNG) terminal and contract for all of the terminal’s capacity.
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Quebec’s Rabaska LNG Terminal Gains Russian Partner
Gazprom Marketing & Trading USA Inc., a subsidiary of Russian natural gas producer OAO Gazprom, has signed a letter of intent outlining terms under which it will become an equity partner in the Rabaska liquefied natural gas (LNG) terminal and contract for all of the terminal’s capacity.
Sempra, RBS Joint Venture Goes Live
Royal Bank of Scotland (RBS) and Sempra Energy have completed formation of their commodities-marketing joint venture, RBS Sempra Commodities, they said last Tuesday.
Sempra, Royal Bank of Scotland Trading Joint Venture Goes Live
Royal Bank of Scotland (RBS) and Sempra Energy have completed formation of their commodities-marketing joint venture, RBS Sempra Commodities, which was announced last July, they said Tuesday.
Aspen Pipeline to Acquire and Transport Gas to W. Texas Power Plant
Aspen Pipeline LP affiliate Odessa Fuels Marketing LLC has signed a definitive agreement with Tulsa-based Arena Resources Inc. to purchase natural gas from Arena’s Fuhrman Mascho properties in the Yates formation in Andrews County, TX. Aspen has also signed a definitive agreement with PSEG Texas LP subsidiary Odessa-Ector Power Partners LP to deliver Yates formation gas in a dedicated pipeline to the PSEG Texas 1,000 MW energy generation facility just outside Odessa, TX.
Direct Energy Completes C$113.3M Acquisition of Rockyview Energy
Direct Energy Marketing Limited announced Wednesday that it has completed its acquisition of Alberta producer Rockyview Energy Inc., with 22.3 million common shares of Rockyview — representing approximately 91.7% of the issued and outstanding common shares of the company — having been validly deposited pursuant to its offer.
Success in U.S. Onshore Propels Devon in Both Profits, Production
Fed by the success of its U.S. onshore natural gas operations in 3Q2007, Devon Energy Corp. posted a 4.3% gain in profits and raised its year-end production guidance Wednesday. The producer showed a 10% jump in quarterly oil and gas output — most of it through the drillbit — and it now expects to hit a 1 Bcf/d production rate by early 2009 in its core holding, the Barnett Shale.
Lower Gas Volatility Drops Sequent’s Returns, AGL Says
AGL Resources Inc. blamed lower volatility in the natural gas market for a dip in earnings from its Sequent Energy marketing division in the third quarter. The firm said Monday that its third quarter 2007 earnings results are expected to be 16-18 cents/basic share, which is predicted to bring in full-year earnings for 2007 at the lower end of its previously announced guidance of $2.75-2.85/basic share.
Price Takes A Back Seat to Reliability, Buyers Say
Reliability of supply, not price, is the most important factor when they make deals, according to a panel of industry marketing/trading representatives.
PPL Corp. Selling Gas Distribution Business
PPL Corp. will conduct a sales process for its natural gas distribution business, PPL Gas Utilities Corp., and propane business, Penn Fuel Propane, the company said Monday. These businesses represented about 1% of PPL’s overall earnings from ongoing operations in 2006.