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Global Natural Gas, Oil Exploration Soaring, with Focus on High-Value Assets

Global Natural Gas, Oil Exploration Soaring, with Focus on High-Value Assets

The global natural gas and oil exploration sector had its strongest year in 2022 in a decade as national oil companies and majors focused on taking advantage of what might be a short-term window of opportunity. The sector created some $33 billion of value at $60/bbl Brent prices last year, according to a report from…

February 1, 2023
Targa Shelling Out $1B Cash to Boost Permian NGL Pipeline Stake

Targa Shelling Out $1B Cash to Boost Permian NGL Pipeline Stake

Targa Resources Corp. has agreed to purchase Blackstone Energy Partners’ 25% interest in Targa’s Grand Prix natural gas liquids (NGL) pipeline for $1.05 billion in cash plus customary working capital adjustments. The transaction, slated to close during the first quarter, would give Houston-based Targa a 100% ownership position in the 1.0 million b/d capacity pipeline.…

January 6, 2023
Plains All American Unloads Stakes in Keyera Fort Saskatchewan NGL Facility

Plains All American Unloads Stakes in Keyera Fort Saskatchewan NGL Facility

As it readies an expansion of its Alberta natural gas liquids (NGL) facility, Houston-based Plains All American has agreed to sell its 21% ownership in the Keyera Fort Saskatchewan (KFS) project to operator Keyera Corp. for C$365 million ($270 million). The transaction, subject to Canadian Competition Bureau review and closing conditions, is set to be…

December 27, 2022
Hammerhead Looks to Attack Montney for Natural Gas, Liquids Using CCS

Hammerhead Looks to Attack Montney for Natural Gas, Liquids Using CCS

Strong Montney Shale drilling results have prompted private equity giant Riverstone Holdings LLC to combine Hammerhead Resources Inc. and Decarbonization Plus Acquisition Corp. (DCRD) into an Alberta-based growth firm. The deal primes Hammerhead with C$240 million ($180 million) for greenhouse gas (GHG) reductions using carbon capture and storage (CCS) while doubling production by 2030. “We…

September 30, 2022
Montney NGL System OK’d in Split Decision by Canada Regulators

Montney NGL System OK’d in Split Decision by Canada Regulators

The NEBC Connector, which would move around 98,000 b/d of Montney Shale liquid byproducts, has cleared a court hurdle erected last year that stiffened protection of Indigenous territory in northeastern British Columbia (BC). NorthRiver Midstream NEBC Connector GP Inc., a subsidiary of Brookfield Infrastructure LP, was seeking approval by the Canada Energy Regulator (CER) to…

September 2, 2022
Phillips 66, Enbridge Realign DCP Midstream, Gray Oak Stakes

Phillips 66, Enbridge Realign DCP Midstream, Gray Oak Stakes

Phillips 66 and Enbridge Inc. have agreed to merge and exchange interests in a natural gas liquid-heavy (NGL) midstream firm and crude oil pipeline through a  joint venture in a move management from both companies say will enhance value. In the deal disclosed Wednesday evening, Phillips would increase its ownership in DCP Midstream LP, a…

August 18, 2022
EnLink Expects Permian, Oklahoma to Lead Natural Gas Supply Growth in 2023

EnLink Expects Permian, Oklahoma to Lead Natural Gas Supply Growth in 2023

Higher commodity prices are driving double-digit natural gas volume growth in the Permian Basin for EnLink Midstream LLC, but the turnaround in Oklahoma production is “perhaps the most impressive,” according to management. “The volume story out of Oklahoma continues to brighten as producers have responded to the improved pricing environment,” said EnLink COO Ben Lamb…

May 25, 2022
Permian Production Called ‘Indisputable Driver’ of U.S. NGL Growth

Permian Production Called ‘Indisputable Driver’ of U.S. NGL Growth

U.S. natural gas liquids (NGL) production, particularly from the Permian Basin, hit record levels near the end of last year, propelling hydrocarbon liquid totals to almost pre-pandemic numbers. According to research by Rystad Energy, domestic NGL output soared to 5.84 million b/d in November, mostly from improving ethane recovery and Gulf Coast supplies rebounding following…

February 11, 2022
Mariner East to Resume Construction After Marsh Creek Settlement

Mariner East to Resume Construction After Marsh Creek Settlement

Pennsylvania’s Department of Environmental Protection (DEP) has cleared the way for Sunoco Pipeline LP to reroute part of its Mariner East natural gas liquids system near Marsh Creek Lake State Park in Chester County, PA. Construction was halted last August when drilling fluids and mud seeped into a part of the lake called Ranger Cove…

December 28, 2021
Targa Gauging Support to Move NGLs from Oklahoma to Mont Belvieu

Targa Gauging Support to Move NGLs from Oklahoma to Mont Belvieu

A Targa Resources Corp. unit on Thursday launched an open season to test support for natural gas liquids (NGL) pipeline transportation capacity from southern Oklahoma to the Mont Belvieu hub. Targa NGL Pipeline Co. LLC is gauging interest through Dec. 17 for capacity from a planned interconnection with upstream pipeline facilities in Oklahoma’s Stephens and…

November 19, 2021
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