New England consumers, who will pay much more for electricity and natural gas than their counterparts elsewhere in the US because of inadequate interstate gas pipeline capacity, are the exception to an otherwise good supply picture heading into the winter heating season, the American Petroleum Institute’s chief economist said. Source: News
Aramco, Nabors sign joint-venture agreement
Nabors Industries Ltd. reported the signing of an agreement to form a joint venture in Saudi Arabia to own, manage, and operate onshore drilling rigs. The JV, which will be equally owned by Saudi Aramco and Nabors, is expected to be formed and commence operations in second-quarter 2017. Source: News
Government okays $1.3-billion TransCanada NGTL expansion
TransCanada Corp. reported that the Canadian government has given the go-ahead on the pipeline operator’s $1.3-billion NGTL System expansion project, which includes five pipeline sections totaling 230 km and the addition of two compression facilities. Source: News
Chevron’s Wheatstone LNG project costs skyrocket
Chevron Corp. has encountered a $5-billion cost blow-out with its Wheatstone LNG project in Western Australia. Source: News
Noble, Consol to split Marcellus JV
Consol Energy Inc., Pittsburgh, and Noble Energy Inc., Houston, have agreed to separate their 50-50 joint venture formed in 2011 for the exploration, development, and operation primarily of Marcellus shale properties in Pennsylvania and West Virginia. Source: News
GE’s oil, gas division, Baker Hughes to form $32-billion company
General Electric Co. has agreed to merge its oil and gas business with Baker Hughes Inc., creating an equipment, technology, and services provider with $32 billion of combined revenue and operations in more than 120 countries. Source: News
Stone Energy to file Chapter 11, divest Appalachia assets
Stone Energy Corp., Lafayette, La., will file Chapter 11 by Dec. 9 and sell its properties in the Appalachia basin to Ft. Worth investment firm Tug Hill Inc. for $360 million in cash. Source: News
Watching Government: FERC's cautious optimism
Cautious optimism was the prevailing theme as the US Federal Energy Regulatory Commission’s Office of Enforcement looked ahead to the 2016-17 heating season. Source: News
SM Energy makes another billion-dollar deal for Midland basin acreage
SM Energy Co., Denver, has agreed to acquire 35,700 net acres in Howard and Martin counties of West Texas from Houston-based QStar LLC, a portfolio company of EnCap Investments LP and a related entity, for $1.1 billion in cash plus 13.4 million shares of SM Energy common stock. Source: News
EPA, states urged to defer more methane rules until EPA's ICR ends
The US Environmental Protection Agency and states should not impose more methane control regulations and guidelines on the domestic oil and gas industry until EPA completes its Oil and Gas Information Collection Request (ICR) and subsequent analyses, an American Petroleum Institute official suggested. Source: News