Cheniere Energy Inc. marketing subsidiary Cheniere Marketing Inc. has entered into a domestic marketing agreement for the sale of liquefied natural gas (LNG) with J.P. Morgan Ventures Energy Corp., a subsidiary of JPMorgan Chase & Co. The deal was expected as Cheniere struggles to restructure its business in a weak U.S. LNG market.
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Industry Briefs
Dejour Enterprises Ltd. and investment partner Brownstone Ventures have acquired 64,000 net acres of oil and gas leasehold in Colorado and Utah from privately held Retamco Operating Inc. The transaction gives the partners operational control of 128,000 acres in the Rocky Mountains. Dejour, an exploration and production company based in Vancouver, BC, would hold a 71% stake in the leasehold. Brownstone, a Canadian-based energy investment firm, would hold the remaining interest. Overall, the companies would have around 289,000 gross acres of leasehold properties in Colorado and Utah. The additional acreage was acquired in exchange for Dejour’s and Brownstone’s working interest in roughly 3,500 acres and two wells at North Barcus Creek and a cash payment. The North Barcus Creek wells were drilled on joint acreage held by Retamco at the end of 2007 and are awaiting production tie-in, Dejour stated. The transaction, said Dejour, completes its first step in a strategy to develop a “major operating presence” in several of the most promising producing basins in the Rockies. In the next two years the producer plans to drill and complete “at least” 10 exploration wells in the Piceance Basin. Based on its exploration results, it may move to full resource development.
Industry Brief
FERC gave Monroe Gas Storage Co. LLC, a joint venture of Foothills Energy Ventures LLC and High Sierra Energy LP, approval to begin construction of a 12 Bcf multi-cycle natural gas storage facility near Amory, MS. The facility will have a maximum injection capability of 445 MMcf/d and a maximum withdrawal capability of 465 MMcf/d. It will have dual interconnections to Texas Eastern Transmission in the M1 market zone and Tennessee Gas Pipeline into the 500 Leg in Zone 1. Monroe expects the facility to be in full service in the fourth quarter of this year. The Federal Energy Regulatory Commission approved the storage project in December 2007 (see Daily GPI, Dec. 21, 2007).
Open Seasons Under Way for Mississippi Storage Projects
Monroe Gas Storage Co. LLC, a joint venture of Foothills Energy Ventures LLC and High Sierra Energy LP, is holding a binding open season for up to 5.3 Bcf of firm, high-deliverability storage capacity at its proposed Monroe Gas Storage facility being developed near the city of Amory, MS.
CPV Wants to Build DC Area’s Cleanest-Ever Power Plant
Competitive Power Ventures (CPV) Wednesday unveiled plans to build a 600 MW natural gas-fired combined-cycle power plant in Charles County, MD, less than 20 miles south of Washington, DC — the cleanest generation facilities ever built in the region, the company said.
Mississippi Gas Storage Facility to Provide Up to 12 Bcf of Capacity
Denver-based Foothills Energy Ventures LLC is developing an underground natural gas storage reservoir in Monroe County, MS, to provide up to 12 Bcf of capacity beginning in late 2008.
Mississippi Gas Storage Facility to Provide Up to 12 Bcf of Capacity
Denver-based Foothills Energy Ventures LLC is developing an underground natural gas storage reservoir in Monroe County, MS, to provide up to 12 Bcf of capacity beginning in late 2008.
Clarification
In a story in Daily GPI’s Tuesday edition titled “GE Energy Expands Energy Ventures, Adds KMI Retail Assets,” the full name of the entity involved in the transactions is GE Energy Financial Services. It was referred to as “GE Energy” after the first paragraph, which is incorrect.
Tidelands’ 1.2 Bcf/d Pipeline System Gets Green Light from Mexico’s CRE
Tidelands Oil & Gas Corp.’s Mexican pipeline subsidiary, Terranova Energia, was awarded a permit by the Comision Reguladora de Energia de Mexico (CRE) to build the 1.2 Bcf/d Terranova Occidente and Oriente pipeline portions of its Burgos Hub Export/Import Project in northeastern Mexico.
Sonatrach in Preliminary Pact for Capacity at Oxy’s Ingleside LNG Import Terminal
Sonatrach, the Algerian energy company, announced Sunday it has signed a letter of intent with Occidental Energy Ventures to reserve capacity at a liquefied natural gas (LNG) import terminal that Occidental is building on the Texas Gulf Coast.