Gulf LNG Liquefaction Co. LLC has beencleared to enter the Federal Energy Regulatory Commission pre-filing process for the proposed addition of natural gas liquefaction and export capability at its existing liquefied natural gas (LNG) import facility in the Port of Pascagoula in Jackson County, MS. The project would also include terminal and pipeline modifications to allow for bidirectional flow of gas to and from the facility. Up to 10.5 million tons/year of LNG would be produced from up to 1.5 Bcf/d of gas. Gulf LNG told FERC it intends to file its application for the project in April 2015. Kinder Morgan Inc. is operator of the terminal and backer of the project along with GE Energy Financial Services. According to Kinder Morgan, a final investment decision on the project is expected during 4Q2016 with the first train potentially operating in late 2019.
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EIA Slashes Monterey Shale Recoverable Oil Estimate By 96%
The Energy Information Administration (EIA) has cut its estimate of recoverable oil in California’s Monterey Shale to 600 million bbl, a 96% decrease from previous estimates, an agency spokesman told NGI’s Shale Daily Wednesday.
Industry Brief
Growing crude oil production from the Eagle Ford Shale has prompted Koch Pipeline Co. LP to expand its South Texas system by 24 miles in San Patricio County. A new 16-inch diameter pipeline would have initial capacity of 200,000 b/d and is expected to enter service during the second quarter. “…[T]his new pipeline will help us move domestic crude to the U.S. market more efficiently by using a combination of new and existing pipeline infrastructure,” said Executive Vice President Bob O’Hair. The company operates about 540 miles of active crude oil transportation lines in Texas.
Midwest, California Lead Modest National NatGas Cash Gains; Futures Retreat
Physical gas prices for Thursday delivery staged a modest advance Wednesday, with nearly all points in the black by a few pennies up to a nickel. Those few locations that eased did so on light volume and slipped just a penny or two.
Encana’s PrairieSky IPO May Raise $1.34B
Encana Corp. has increased the size of its initial public offering (IPO) and the price range for Alberta onshore unit PrairieSky Royalty Ltd. on expectations it may fetch up to $1.34 billion (C$1.46 billion), which would be Canada’s largest in more than 10 years.
U.S. E&Ps Again Cite Regulatory Oversight, Commodity Prices as Main Concerns
Regulatory changes and commodity price volatility continue to be the major risks facing U.S. exploration and production (E&P) companies, based on recent U.S. Securities and Exchange Commission Form 10-K filings by the top 100 public companies.
Industry Brief
The California Public Utilities Commission (CPUC) is seeking a new director for its safety and enforcement division to lead a staff of more than 200 inspectors, engineers and analysts. The unit has been expanded since the 2010 San Bruno, CA, natural gas transmission pipeline rupture and explosion (see Daily GPI,July 26, 2013; May 13, 2013).
Manufacturers, Industry Both Leery of Action by Federal Government
The oil and gas industry recognizes that it is in its best interest to assure the public that hydraulic fracturing (fracking) is being done safely, but it is wary of the federal government enacting its own regulations on the practice. Meanwhile, manufacturers are concerned about the feds allowing too much liquefied natural gas (LNG) to be exported.
Futures Gains Outpace Modest Physical Moves; June Jumps 8 Cents
Physical gas for delivery Wednesday moved modestly higher with market moves for the most part confined to advances of less than a nickel. Only a few locations reported declines. The market largely reflected relatively benign conditions of modest temperatures, maintenance, and lack of price-moving cooling load.
Odebrecht Seeking Two Permits for WV Cracker
Odebrecht Organization has applied for two state permits associated with the multi-billion-dollar ethane cracker it proposed building last year in Wood County, WV, near the heart of growing Marcellus Shale production.