Semco Energy Gas Co. signed of a three-year agreement withTransCanada PipeLines Ltd. for management of its gas supply. Thecompany also will buy the majority of its gas supplies fromTransCanada for the three years of the agreement, which iseffective April 1, 1999.
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Phillips, Ultramar Make Refining Joint Venture
Ultramar Diamond Shamrock and Phillips Petroleum signed a letterof intent to combine all of the operating assets of UltramarDiamond Shamrock and the North American refining, marketing, andtransportation (RM&T) operations of Phillips into a jointventure company named Diamond 66. The deal will not affect Phillipsnatural gas activities, a spokeswoman said.
UPR Racking Up Property Sales to $382 Million
The Australian-owned oil and gas company, Chancellor Group, saysit has signed a letter of intent to acquire from Union PacificResources a half-interest in the Deadwood Field in East Texas for$35 million. The announcement comes on the heels of one made alittle more than a week ago by UPR that it had agreed to sell itsinterests in certain South Texas oil and gas properties to Collins& Ware Inc. for $148 million.
In Brief
Energen Resources Corp., the oil and gas subsidiary of EnergenCorp., reported it signed a definitive agreement to acquire thestock of Total Minatome Corp. for $110 million, plus $22 million inlegal and financial obligations. For its investment, EnergenResources will gain an estimated 200 billion cubic feet equivalent(Bcfe) of proved domestic oil and natural gas reserves. Immediatelyupon closing the transaction on Oct.15, Energen Resources (formerlyTaurus Exploration Inc.) plans to sell a 31% undivided interest inTotal Minatome’s assets to Westport Oil and Gas Co. Inc.
DIGP, Virgo Producers Ink Supply, Gathering Deal
Dauphin Island Gathering Partners (DIGP) has signed an uniquesupply and gathering agreement with producers Elf Exploration Inc.,Coastal Oil and Gas, Nippon Oil Exploration U.S.A. and PogoProducing, who are partners in the deep-water Virgo prospect.
UPR Racking Up Property Sales
The Australian-owned oil and gas company, Chancellor Group, saysit has signed a letter of intent to acquire from Union PacificResources a half-interest in the Deadwood Field in East Texas for$35 million. The announcement comes on the heels of one made lastFriday by UPR that it had agreed to sell its interests in certainSouth Texas oil and gas properties to Collins & Ware Inc. for$148 million.
Futures Add to Last Week’s Losses
The Australian-owned oil and gas company, Chancellor Group, saysit has signed a letter of intent to acquire from Union PacificResources a half-interest in the Deadwood Field in East Texas for$35 million. The announcement comes on the heels of one made lastFriday by UPR that it had agreed to sell its interests in certainSouth Texas oil and gas properties to Collins & Ware Inc. for$148 million.
KN, Devon Form Powder River Gathering Company
KN Energy and Devon Energy signed a letter of intent to formThunder Creek Gas Services and build a new $110 million, 126-milegas gathering system and associated facilities in the Powder RiverBasin of northeast Wyoming. The 24-inch diameter gathering systemwould extend between Gillette and Glenrock, WY, bringing up to 450MMcf/d of new production to connections with multiple downstreampipelines during the first half of 1999.
GE Power Systems Jumps on Distributed Power Bandwagon
GE Power Systems and Plug Power have signed a memorandum ofunderstanding to form “GE Fuel Cell Systems,” a joint venture thatwill sell, install and service Plug Power-designed and manufacturedfuel cell systems. The announcement last week follows Plug Power’srecent demonstration of a prototype residential fuel cell systemthat produces more than enough power to meet the energyrequirements of an average-sized home.
Key Energy, Dawson Sign Merger
Key Energy Group Inc. announced Tuesday that it has signed adefinitive merger agreement to acquire Dawson Production Servicesfor an estimated $352 million. The terms of the agreement call forKey Energy to purchase 11.5 million outstanding shares of Dawsoncommon stock for a total of $202 million, and to assume Dawson’sexisting debt of $150 million.