Falcon Gas Storage Co. Inc.’s founding management group has exercised a partial equity sale option and will step down at the end of the year, while retaining a “significant” equity ownership position in the company, it said Monday.
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‘Gang of 10’ Calls for Drilling Off Virginia, Georgia and Carolinas
A coalition of five Senate Republicans and five Democrats — known as the “Gang of 10” — Thursday unveiled comprehensive, bipartisan legislation offering what appeared to be the first real compromise on offshore drilling, proposing to open additional Gulf of Mexico areas and allow the states of Virginia, North and South Carolina and Georgia to opt into leasing off their shores. The measure would not open coastal areas off states such as New Jersey and California, which have bitterly opposed offshore drilling.
ONEOK, Williams to Expand NGL Options in Piceance Basin
Overland Pass Pipeline Co. LLC, a joint venture between ONEOK Partners LP and Williams, plans to construct and operate a 150-mile pipeline lateral extension in the Piceance Basin to transport natural gas liquids (NGL) to Midcontinent markets. In addition, Williams announced plans to build a new 450 MMcf/d NGL processing plant in the basin, where it has its most significant gas production, reserves and development activity.
ConocoPhillips Takes 25% Stake In Rockies Express
ConocoPhillips exercised an option to acquire a 25% stake in the Rockies Express Pipeline Project, Kinder Morgan Energy Partners LP (KMP) and Sempra Pipelines & Storage said Friday. The oil major, whose Lower 48 natural gas output increased substantially with its acquisition of Burlington Resources (see Daily GPI, April 3), said it will move gas production on the pipeline in addition to owning a stake.
Industry Briefs
The New York Mercantile Exchange Inc. (Nymex) announced Monday that it will list an option on the October 2007/January 2008 intermonth spread for natural gas calendar spread options contracts, beginning Tuesday. This is in addition to the current listing of 24 consecutive options on one-month spreads. Options on spreads between the first and third nearby months, the first and fourth nearby months, the second and fourth nearby months, as well as the spreads between the first nearby June to the first nearby December, first nearby December to first nearby June, the first nearby December to the second nearby December, first nearby October to the first nearby January, the first nearby April to the second nearby October and the first nearby October to the second nearby April contracts will continue to be listed for natural gas calendar spread options.
Shell Wants to Tie Executive Compensation to Performance
The Royal Dutch/Shell Group on Thursday proposed tightening executive compensation policies to end the use of stock option grants. The plan, which must be approved by shareholders, would make the awarding of share bonuses to its directors dependent on the company’s performance.
BP Plans Galveston LNG Terminal; Sees LNG Supply as Key to Success
BP has purchased a land lease option from the Port of Galveston for a planned liquefied natural gas (LNG) import terminal on Pelican Island, which is about five miles north of Galveston, TX. A BP spokesman said the project is in the early planning stages but about 1.2 Bcf/d of sendout capacity is expected and there is enough space at the site for a large expansion.
BP Plans Galveston LNG Terminal; Sees LNG Supply as Key to Success
BP has purchased a land lease option from the Port of Galveston for a planned liquefied natural gas (LNG) import terminal on Pelican Island, which is about five miles north of Galveston, TX. A BP spokesman said the project is in the early planning stages but about 1.2 Bcf/d of sendout capacity is expected and there is enough space at the site for a large expansion.
CPUC Files Challenge to FERC’s LNG Jurisdictional Ruling
Noting that it recognizes liquefied natural gas (LNG) as a viable supply option that eventually could serve parts of the state’s strongly gas-dependent energy market, the California Public Utilities Commission on April 23 filed a request for rehearing of FERC’s March 24 ruling asserting exclusive jurisdiction over a proposed LNG receiving terminal in Long Beach Harbor.
CPUC Files Challenge to FERC’s LNG Jurisdictional Ruling
Noting that it recognizes liquefied natural gas (LNG) as a viable option that eventually could serve parts of the state’s strongly gas-dependent energy market, the California Public Utilities Commission late last Friday filed a request for rehearing of FERC’s March 24 ruling asserting exclusive jurisdiction over a proposed LNG receiving terminal in Long Beach Harbor.