North America led the global upstream merger and acquisition (M&A) marketplace in 3Q2010 with 100 transactions totaling $18.1 billion, or 41% of the $43.8 billion in a total of 154 trades worldwide, according to a tally by PLS Inc. in conjunction with its international partner, Derrick Petroleum Services.
Upstream
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North America Leads Upstream 3Q Dealmaking
North America led the global upstream merger and acquisition (M&A) marketplace in 3Q2010 with 100 transactions totaling $18.1 billion, or 41% of the $43.8 billion in a total of 154 trades worldwide, according to a tally by PLS Inc. in conjunction with its international partner, Derrick Petroleum Services.
Transportation Notes
Pacific Gas and Electric did not extend a new systemwide high-inventory OFO beyond Tuesday.
Futures Falter on Hefty Inventory Build; June Loses 6.2 Cents
June natural gas futures lost ground in active inventory report-driven trading Thursday as natural gas bulls found themselves swimming upstream against government storage data that showed a greater-than-expected addition to inventories and continuing upheaval in oil and financial markets.
Transportation Notes
Saying linepack on upstream pipelines had stabilized, Southwest Gas lifted Wednesday the Stage 1 OFO it had issued Monday and told transportation customers that the normal nominating and scheduling process was being resumed effective with Wednesday’s gas day. Despite the linepack improvement, Southwest said it encourages customers to ensure that actual takes match scheduled supplies.
Transportation Notes
Saying linepack on upstream pipelines had stabilized, Southwest Gas lifted Wednesday the Stage 1 OFO it had issued Monday and told transportation customers that the normal nominating and scheduling process was being resumed effective with Wednesday’s gas day. Despite the linepack improvement, Southwest said it encourages customers to ensure that actual takes match scheduled supplies.
Total E&P USA Buys into Chesapeake’s Barnett Operations
Total E&P USA Inc., a unit of France’s Total SA, will acquire a 25% interest in Chesapeake Energy Corp.’s upstream Barnett Shale assets under a $2.25 billion joint venture agreement, the companies said last week. The deal gives Chesapeake cash it needs to fund development activities and makes Total a U.S. shale player. The partnership joins others Chesapeake has in the Haynesville, Fayetteville, Woodford and Marcellus shales.
Transportation Notes
Tennessee will add a Critical Day 1 OFO in downstream Zones 4, 5 and 6 Saturday to the one it plans to implement Friday in upstream Zones 0, 1, L and 2 (see Daily GPI, Jan. 7). That will leave Zone 3 as the pipeline’s only segment not subject to an OFO.
Total’s U.S. Unit Is Chesapeake’s Latest Shale Partner
Total E&P USA Inc., a unit of France’s Total SA, will acquire a 25% interest in Chesapeake Energy Corp.’s upstream Barnett Shale assets under a $2.25 billion joint venture agreement, the companies said Monday. The deal gives Chesapeake cash it needs to fund development activities and makes Total a U.S. shale player.
No Capacity Impact from TransCanada Rupture in Ontario
TransCanada reported experiencing a mainline rupture Saturday upstream of Station 112 in Ontario. The pipeline said it had isolated the affected section, but did not anticipate any capacity restrictions as a result of the event.