Owns

The Canadian arm of Houston’s EOG Resources Inc. last week agreed to buy out Galveston LNG Inc., whose subsidiary Kitimat LNG Inc. owns 49% of the proposed liquefied natural gas (LNG) export terminal at Bish Cove, BC. Financial details were not disclosed.

The Canadian arm of Houston’s EOG Resources Inc. on Tuesday said it is buying the shares of Galveston LNG Inc., whose subsidiary Kitimat LNG Inc. owns 49% of the proposed liquefied natural gas (LNG) export terminal at Bish Cove, BC. Financial details were not disclosed.

Enbridge Inc. is holding a binding open season through Nov. 23 for its proposed LaCrosse Pipeline, which is intended to transport gas from Carthage, TX, to multiple delivery points in southeastern Louisiana. Construction of the 340-mile LaCrosse would occur in two phases. In Phase I Enbridge would construct and place in service the 42- and 36-inch diameter pipeline segments from the Enbridge Carthage Hub to Point Coupee Parish, LA, and a 24-inch diameter segment from Point Coupee Parish to Petrologistics LLC’s Choctaw Storage facility in Iberville Parish, LA. In Phase II Enbridge would construct and place in service the segment from Point Coupee Parish to an interconnection with Southern Natural Gas Co. in Washington Parish, LA. The planned in-service dates would be phased starting January 2012 through March 2013, Enbridge said. “We are in the process of negotiating third-party agreements that will bring total capacity commitments to exceed 1 Bcf/d and have additional indications of interest that could exceed 1.3 Bcf/d,” said Enbridge Energy Co. Inc. President Terrance L. McGill. “We have also secured engineering and environmental firms and survey permission from more than 80% of affected landowners. We are moving forward to initiate regulatory approvals including application to [the] U.S. Federal Energy Regulatory Commission (FERC), and expect to place Phase 1 of the LaCrosse Pipeline in service during the first quarter of 2012.” Information is available at www.lacrosse.enbridgeus.com under “Shipper Documents.”

StatoilHydro ASA, which owns substantial reserves both on- and offshore in the United States, is getting a new name — Statoil — following approval by officials. The proposal to change the name of the national oil company, which is 67% owned by Norway, was suggested by the board of directors. Also approved was a proposal to widen the producer’s objectives to include other energy besides oil and natural gas to reflect its investments in renewable energy. The amendments are expected to be implemented by the end of the year. Norway’s Statoil ASA and Norsk Hydro ASA proposed a merger in late 2006 (see Daily GPI, Dec. 19, 2006).

Energy Savings Income Fund (ESIF), which operates as a trust and owns a number of natural gas and electricity marketers in the United States and Canada, said Monday it entered into a nonbinding letter of intent in late March to acquire Universal Energy Group (UEG), a North American energy retailer, in a stock for stock deal.

Natural gas futures on Friday once again found their price direction hitched to the neighboring crude futures market, which managed to notch a new all-time high for its fifth consecutive session. May natural gas futures put in a high of $10.595 before closing at $10.587, up 20.4 cents for the day and an astounding 68.6 cents higher than the previous week’s close. May crude closed at $116.69/bbl, up $1.83 from Thursday.

Boardwalk Pipeline Partners LP announced last Monday that it plans to sell $700 million of new equity to Loews Corp., which currently owns 68% of Boardwalk Pipeline’s common units, to help fund its ongoing pipeline expansion projects. The transaction would raise Loews’ interest in Boardwalk’s common units to about 72-73%, a company official said.

Boardwalk Pipeline Partners LP Monday said it plans to sell $700 million of new equity to Loews Corp., which currently owns 68% of Boardwalk Pipeline’s common units, to help fund its ongoing pipeline expansion projects. The transaction would raise Loews’ interest in Boardwalk’s common units to about 72-73%, a company official said.

FERC last Monday approved PetroLogistics Natural Gas Storage LLC’s proposal to build a high-deliverability natural gas salt dome storage cavern and header pipeline at its Bayou Choctaw storage facility in Iberville Parish, LA.