The pace of development at Encana Corp. was hampered in 2010 by low natural gas prices, but farm-ins, partnerships and joint ventures (JV) similar to the $5.4 billion transaction with an affiliate of PetroChina International Ltd. will help the company double its production growth over the next five years, CEO Randy Eresman said Thursday.
Tag / Transaction
SubscribeTransaction
Articles from Transaction
Industry Briefs
The Federal Energy Regulatory Commission (FERC) has approved a plan by National Fuel Gas Supply Corp. to relocate and increase the capacity of its Line N pipeline, which runs north from an interconnection with Texas Eastern Transmission in Greene County, PA, through Washington, Allegheny, Beaver, and Lawrence counties, and terminates near Slippery Rock in Butler County, PA. National Fuel will relocate parts of the 20-inch diameter line that have been subject to repeated disruptions by subsidence caused by long-wall coal mining in the area. The project calls for the replacement of about 30 miles of pipeline and the installation of a new 4,740 hp compressor station, which will boost capacity on the line running through prime Marcellus Shale territory. National Fuel said it has a precedent agreement with a producer for 150,000 Dth/d of firm transportation through the line. FERC also approved the company’s plan to leave the deactivated sections of Line N in place, since they could be needed in the future once mining operations are concluded to handle increased Marcellus production expected in the area.
U.S. Energy M&A Overcomes Challenges, Surpasses 2009 Levels
Merger and acquisition (M&A) activity in the U.S. oil and natural gas sector has overcome challenges year to date to surpass 2009 levels, an analysis by PwC US said.
U.S. M&A Activity Overcoming Challenges, Surpassing 2009 Levels
Merger and acquisition (M&A) activity in the U.S. oil and natural gas sector has overcome challenges year to date to surpass 2009 levels, an analysis by PwC US said.
Atlas Striving for 100% Water Reuse in Marcellus
Stung by a recent fine for allowing hydraulic fracturing (fracking) fluids to contaminate a watershed, Atlas Resources has set a goal of 100% reuse of flowback and production brine water as part of a strategy it believes is fundamental to sustainable operations in the Marcellus Shale.
TPG Capital’s New Unit on Prowl for Gas, Oil Assets
Global buyout firm TPG Capital said Wednesday it has launched Petro Harvester Oil & Gas LLC (Harvester) to purchase North American oil and natural gas properties.
Chesapeake Strikes $1.15B VPP Deal in Barnett Shale
Chesapeake Energy Corp. has sold a five-year volumetric production payment (VPP) to an affiliate of Barclays Bank PLC for proceeds of $1.15 billion related to its production from the Barnett Shale of North Texas, the company said Monday.
Industry Briefs
Rex Energy Corp. said it completed its Marcellus Shale joint venture (JV) transaction with Summit Discovery Resources II LLC, a subsidiary of Sumitomo Corp. (see Daily GPI, Sept. 1). After final adjustments, Sumitomo paid Rex about $99.5 million in cash for close to 13,000 net acres, a partial interest in some producing wells and associated midstream assets. the cash payment included a $7.5 million reimbursement for drilling-related expenses incurred to date, which was applied against the drilling carry. At closing Sumitomo’s remaining drilling carry balance was about $51.2 million, which will be used to cover 80% of Rex’s costs to drill and complete additional wells within the areas of mutual interest identified in the JV agreement.
Nabors to Buy Frac Pumper Superior Well Services
Nabors Industries Ltd. on Monday said it offered to buy Superior Well Services Inc., a hydraulic fracturing (hydrofracing) pumping services specialist, in a transaction worth an estimated $900 million, including debt.
Teak Midstream Acquires Texana Pipeline
Dallas-based Teak Midstream LLC has acquired gas gatherer and natural gas liquids transporter Texana Pipeline Co. LLC, Teak said Monday.