Swift Energy Co. has agreed with Sonat Exploration Co., asubsidiary of Sonat Inc., to purchase for $87.6 million producingoil and gas properties that will increase its reserves by about25%. The deal signifies a redirection of Swift spending plans awayfrom drilling and to acquisition in light of depressed oil prices.
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Midcoast Expands Role in Louisiana Market
Mid Louisiana Gas Transmission, a subsidiary of Midcoast EnergyResources, announced last week that it purchased all of the stockin the Creole Gas Pipeline in southern Louisiana from El PasoEnergy for an undisclosed amount.
HI Plans Rhode Island Merchant Plant
Houston Industries Power Generation, a subsidiary of HoustonIndustries, signed an option agreement to purchase a 33-acre sitefrom the R.I. Resource Recovery Corp. This site is the planned home for RI Hope Energy, a 500 MW merchant plant to servederegulated wholesale markets in Rhode Island and New England. RIHope Energy will be in an industrial park currently being developedby RIRRC in Johnston, RI.
Tennessee Gas to Link with Mexico’s Pemex
El Paso Energy’s Tennessee Gas Pipeline unit agreed in principlewith Pemex Gas Y Petroquimica Basica, a subsidiary of PetroleosMexicanos, to interconnect facilities between the companies’pipelines. The new facilities will be built from the end ofTennessee’s Donna lateral in Hidalgo County, TX, across theinternational border to Pemex’s existing facilities at Reynosa,Mexico. The interconnect is expected to be in service by January1999.
PanCanadian Gulf Find Similar to Auger
PanCanadian Petroleum subsidiary PanCanadian Gulf of MexicoInc., made a deep-water oil and gas discovery in the Gulf of Mexicothat it likened to Shell’s prolific Auger Field. The Llanodiscovery well, in Garden Banks Block 386 about 137 miles offshoreLouisiana, drilled to a record depth for the Gulf of 27,864 feet.The sands at Llano correlate closely to similar sands encounteredby Shell Deepwater Development in the Auger Field, less than 15miles to the southwest, containing a reported 220 million barrelsof oil equivalent reserves. Auger has reported reserves of 220million Boe with approximate production of 100,000 barrels of oiland 300 MMcf of gas per day.
Northern Utilities Plans Maine Expansion
Bay State Gas subsidiary Northern Utilities announced plans forgas distribution service in communities along the coastal corridornorth of Portland, ME. Communities to be served include Bath,Brunswick, Topsham, Freeport, Yarmouth, and Falmouth, as well asthe towns of Sanford, and Kittery in York County. The area iscontiguous to Northern’s existing service territory, and gas ratesin expansion areas will mirror those of Northern’s existing Mainecustomers, the company said.
Consultant Grows More Through Venture
Hagler Bailly Inc. and Cap Gemini SA and subsidiary Cap GeminiAmerica Inc. formed a joint venture to deliver informationtechnology consulting services and solutions to electric, gas andwater utilities and service providers in the United States andCanada.
Williams to Expand Rockies NGL Line
Williams announced its Mid-America Pipeline subsidiary willexpand its natural gas liquids (NGL) pipeline system in the RockyMountains from 75,000 b/d to 125,000 b/d. The expansion involvesthe construction of a 412-mile pipeline that extends from DaggettCounty in northeast Utah to near Bloomfield, NM. The new line runsparallel to the existing Mid-America system. Construction isscheduled to begin in August, with an initial in service date ofJan. 1, 1999.
Transco Files MarketLink with 663,000 Dth/d in Agreements
Williams Co. subsidiary Transcontinental Gas Pipe Line filed itsMarketLink Expansion Project with FERC yesterday, requestingauthorization to spend $529 million to build about 150 miles of42-inch and 36-inch diameter pipeline looping and more than 60,000hp of new compression along its Leidy Line and mainline in theNortheast. The pipeline expansion is designed to be a downstreamlink to northeastern gas markets primarily for supply arriving atthe Leidy Hub in Pennsylvania through the proposed IndependencePipeline, a 916 MMcf/d gas pipeline that would extend fromDefiance, OH. Independence, MarketLink and ANR Pipeline’sSupplyLink would be three parts to a new interstate gastransportation corridor stretching from the Chicago Hub to theNortheast.
CNE Energy Services Joins LNG Venture
Connecticut Energy Corp. said subsidiary CNE Energy ServicesGroup signed a letter of intent with Conectiv to join a liquefiednatural gas (LNG) storage joint venture. This new business, to benamed Total Peaking Services (TPS), will use an existing 1.2 BcfLNG storage facility in Milford, CT. The venture has received FERCauthorization to provide open access storage; but is awaitingtariff approval, expected later this spring.