Natural Gas Pipeline Company of America (NGPL) said it successfully extended existing firm transportation and storage contracts with CenterPoint Energy in Minnesota and will add pipeline compression and other facilities at an existing connection with Northern Natural as part of the deal. The contracts, which provide CenterPoint with 270,000 Dth/d of firm transportation and 15 Bcf of firm storage, were due to expire next April.
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Energy Partners Wins Bidding for Stone Energy
New Orleans-based independent producer Energy Partners Ltd. successfully outbid Plains Exploration for the purchase of Lafayette, LA-based Stone Energy Corp. The boards of EPL and Stone approved the $2.2 billion purchase Thursday, forming a larger Gulf and Rockies E&P player with about 167 million boe in reserves (52% gas) and expected 2006 production totaling about 24 million boe.
Transportation Notes
The subsea valve at Matagorda 758 on the Matagorda Offshore Pipeline System (MOPS) was successfully closed late Wednesday afternoon and some production was to be brought back online Thursday, MOPS operator Northern Natural Gas said. Thirteen receipt point meters had been allocated to zero March 1 after a leak was detected upstream of the Matagorda 686 platform (see Daily GPI, March 2). “Upon establishment of required flow, a pig will be launched from platform 686,” Northern said. “Depending on the amount of liquids received, it is expected that the MOPS system receipts and deliveries will be shut in for 12-24 hours for liquids handling operations.” Production on all platforms downstream of the Matagorda 758 subsea valve is expected by Saturday, but the Mustang Island 782 SS, 782/785 SS and 787/805 platforms, which are upstream of the valve, must remain shut in until repairs are completed.
TransCanada Moves Forward with Gas-to-Oil Line Conversion Project
TransCanada PipeLines Ltd. has made a start on curing a growing spare capacity headache by successfully marketing a partial conversion of its mainline to oil from natural gas.
Senate Adds $5B to Energy Companies’ Tax Burden; White House Threatens Veto
While the Senate successfully fought off Democratic efforts to levy a windfall profits tax on the earnings of major energy companies in the $60 billion tax reconciliation bill that was passed early Friday, lawmakers added nearly $5 billion to the tax burden of oil companies and repealed tax benefits that were approved in the energy bill in August.
Oneok Completes $1.35 Billion Purchase of Koch NGL Assets
Oneok Inc. announced Friday it has successfully completed the purchase of the natural gas liquids (NGL) businesses owned by several Koch companies for approximately $1.35 billion.
Agrium Secures Gas Supplies for Cook Inlet Plant
Agrium Inc., one of the largest manufacturers in Alaska, has successfully negotiated a new natural gas supply contract with Cook Inlet producers to allow its Kenai, AK-based fertilizer plant to continue to operate until at least November 2006. Agrium’s continued operations are seen as one of the keys to progress on the long proposed North Slope gas pipeline.
Panelists Question Whether FERC Screens Eliminate Market Power Possibility
There’s a chance that power companies could successfully pass interim generation market power tests adopted last year by federal energy regulators and yet still have the potential ability to wield market power, FERC staff and Commissioners were warned at an all-day technical conference last Thursday.
S&P Sees Duke as ‘Positive’ with Decreased Risk
Duke Energy has successfully moderated its risk by winding down its merchant generation and trading activities, Standard & Poor’s Ratings Services said Wednesday in affirming the company’s corporate credit and issue ratings (‘BBB/A-2’) and those of its direct and indirect subsidiaries Duke Capital LLC, Texas Eastern Transmission L.P., PanEnergy Corp., Westcoast Energy Inc., and Union Gas Ltd. At the same time, the ratings agency revised the company’s outlook to positive from stable.
EnCana Completes Bid for Rocky Mountain Producer Tom Brown; Plans Entrega Open Season
EnCana Corp. said last Wednesday it successfully completed its $2.2 billion cash tender offer for the outstanding common shares of Denver, CO-based independent producer Tom Brown Inc. The transaction, which also called for the assumption of $500 million in debt, quickly expands EnCana’s Rocky Mountain presence, with its total U.S. natural gas production to reach 1 Bcf/d.