Shell Gas & Power Developments BV Tuesday signed a master agreement with a consortium composed of Technip and Samsung for the design, construction and installation of multiple floating liquefied natural gas (FLNG) facilities over a period of up to 15 years, Royal Dutch Shell plc said.
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Independent power generator Calpine Corp. announced last Friday that one of its biggest single shareholders, Harbinger Capital Partners Master Fund Ltd., has agreed to sell 20 million shares of Calpine common stock in a registered public secondary offering, which will close Wednesday. Calpine said it will not receive any proceeds from the offering. Harbinger has granted Morgan Stanley the option to purchase an added 3 million shares solely to cover overallotments, Calpine said. Morgan Stanley is the sale’s sole underwriter. “The common shares purchased by Morgan Stanley are being offered for resale from time to time in negotiated transactions or otherwise at market prices on the New York Stock Exchange prevailing at the time of sale, at prices related to such prevailing market prices or otherwise,” Calpine said.
Industry Briefs
DCP Midstream LLC and its master limited partnership DCP Midstream Partners LP restored operations at their gas processing complex and residue gas delivery system, known as the Carthage Hub, in East Texas, following a Feb. 11 explosion and fire resulting from a third-party pipeline rupture. Production was temporarily shut in at the processing complex and the residue gas delivery system following the incident (see NGI, Feb. 16), which occurred just outside DCP Midstream’s property. The aboveground residue delivery system was damaged in the fire and remained partially shut in as a result of the 16-inch pipeline rupture, the company said last month (see NGI, March 2). The complex consists of five gas processing plants with capacity of approximately 780 MMcf/d. The Carthage Hub has approximately 1.5 Bcf/d of delivery capacity. The East Texas joint venture facilities are operated by DCP Midstream and owned 75% by DCP Midstream and 25% by DCP Midstream Partners. As previously announced, DCP Midstream Partners has agreed to acquire an additional 25.1% interest in the East Texas joint venture from DCP Midstream in a transaction expected to close in April.
DCP Midstream: Full Restart at East Texas Facilities
DCP Midstream LLC and its master limited partnership DCP Midstream Partners LP have restored operations at their gas processing complex and residue gas delivery system, known as the Carthage Hub, in East Texas, following a Feb. 11 explosion and fire resulting from a third-party pipeline rupture.
DCP Midstream Says Processing Plant ‘Partially’ Restarted
Two weeks after an explosion and fire on a third-party pipeline shut in their natural gas processing complex in East Texas, DCP Midstream LLC and its master limited partnership DCP Midstream Partners LP said that they have partially restarted operations.
DCP Midstream Says East Texas Processing Plant ‘Partially’ Restarted
Two weeks after an explosion and fire on a third-party pipeline shut in their natural gas processing complex in East Texas, DCP Midstream LLC and its master limited partnership DCP Midstream Partners LP said late Wednesday that they have partially restarted operations.
Columbia, Shippers Resolve Dispute over Delivery Points
Shippers have withdrawn their complaint accusing Columbia Gas Transmission of unilaterally trying to implement a new and revised master list of interconnection (MLI) points, a move that shippers said would have seriously impaired their ability to schedule primary firm transportation on Columbia’s system.
FERC Rejects Rehearing Plea on Pipe Proxy Groups
FERC has rejected a request by the American Public Gas Association (APGA) to rehear or reconsider a policy statement that allows oil and natural gas pipelines to use master limited partnerships (MLP) in proxy groups to determine their returns on equity (ROE) for ratemaking purposes.
Upside Seen for Upstream MLPs
Upstream master limited partnerships (MLP) have suffered from the credit crisis along with all high-yield securities, but the distributions from companies in this sector are backed by “solid” oil and natural gas production and cash flows, which will only increase over time, said energy analysts in a note to clients.
Gas Pipes Score Big in FERC Ruling on MLPs in Proxy Groups
In a major win for interstate pipelines, FERC last Thursday adopted a policy statement that allows the use of master limited partnerships (MLPs) in proxy groups to determine oil and natural gas pipelines’ returns on equity (ROE) for ratemaking purposes. The new policy responds to the decline in publicly traded companies with substantial pipeline assets and the rise in MLPs in the pipe sector.