Sole

SCANA Corp. subsidiary SCANA Energy said Tuesday the Georgia Public Service Commission (PSC) has tapped the utility to continue in its role of serving as Georgia’s sole regulated provider of natural gas, a role the company has had since the regulated provider program began in 2002.

A flat ANR ML-7 was the sole exception to rising cash prices Tuesday. The market was able to continue this week’s overall rally so far despite support from weather fundamentals getting even weaker and neutral screen guidance from Monday. However, one source speculated that last week’s softness late in the week may be drawing out storage buying bargain-hunters and possibly some fuel switchers now that prices are considerably lower than earlier this year.

A flat Waha was the sole exception to continued price increases Friday. Eastern quotes especially saw strong gains as spreading hot weather that promises to stick around for a while raised power generation demand at a time when gas is competitively priced against other fuels. A 61.7-cent screen spike on the day before contributed extra support to the cash market.

The oil and gas title of the Senate omnibus energy bill would spur development of natural gas storage, accelerate interstate pipeline projects, give sole siting authority over liquefied natural gas (LNG) facilities to FERC and promote the sharing of Outer Continental Shelf (OCS ) revenues with coastal states.

Natural gas pipeline partnership Enterprise GP Holdings LP has filed to sell 14.875 million units in a bid to raise up to $394.5 million in an initial public offering (IPO). The limited partnership is the sole member of Enterprise Products GP LLC, which is the general partner of Enterprise Products Partners LP, which in turn is 100% owned by EPCO Inc. It would be traded under the ticker symbol “EPE” on the New York Stock Exchange. The 14.875 million units include 2.1 million units to be offered to EPCO for contribution to a partnership established to benefit certain employees of EPCO, according to the Securities and Exchange Commission filing. Based on the current distribution level and partners’ capitalization of Enterprise Products Partners, Enterprise GP Holdings said it plans to pay a quarterly dividend of 25 cents/unit, or $1.00/unit on an annualized basis. Enterprise GP Holdings said it will use the net proceeds from the IPO to repay $328.1 million of debt outstanding under its new credit facility to be entered into prior to the closing of the offering.

Cheniere Energy Inc. said Tuesday it has acquired BPU LNG Inc. in exchange for 1,000,000 restricted shares of Cheniere common stock. BPU LNG’s sole asset is a 33.3% limited partner interest in Corpus Christi LNG LP. As a result of the acquisition, Cheniere said it now controls 100% of the Corpus LNG limited partner interests. In December of 2003, Corpus Christi LNG filed with the Federal Energy Regulatory Commission (FERC) for a permit to build and operate a liquefied natural gas receiving terminal near the city of Corpus Christi, TX with daily processing capacity of 2.6 Bcf. In November of 2004, FERC issued a draft Environmental Impact Statement (EIS) concluding that approval of the proposed project, with appropriate mitigating measures as recommended, would have limited adverse environmental impact. Cheniere said it anticipates that FERC will issue a final EIS and grant its permit in the near future. In addition to the Corpus Christi facility, the Houston-based company is developing Gulf Coast LNG receiving terminals near Sabine Pass in Cameron Parish, LA and near the Creole Trail in Cameron Parish, LA. Cheniere is also a 30% limited partner in Freeport LNG Development LP., which is building an LNG receiving terminal in Freeport, TX.

Rising expectations for completion of the proposed Mackenzie Valley Pipeline are lighting a fire under natural gas exploration along the 1,220-kilometer (760-mile) route through Canada’s Northwest Territories from the coast of the Beaufort Sea to Alberta. A week after the pipeline’s sponsors set a 2006 target for starting pipeline construction, 10 gas producers scooped up a total of 776 square miles of drilling rights in five leases in the valley and on the Mackenzie Delta.

Marathon Oil Corp.’s decision last week to become the sole owner of Marathon Ashland Petroleum LLC (MAP) will strengthen its business mix and long-term strategy, and the transaction eventually will enhance the growth of its emerging integrated natural gas business, analysts said.

Marathon Oil Corp.’s decision last week to become the sole owner of Marathon Ashland Petroleum LLC (MAP) will strengthen its business mix and long-term strategy, and the transaction eventually will enhance the growth of its emerging integrated natural gas business, analysts said.