Tag Archives: business

Avant Energy Receives Investment from Riverstone Holdings

Riverstone Holdings, an energy and power-focused private investment firm, has agreed to an initial line-of-equity investment of $150 million in Avant Energy, a newly-established Mexican energy company.  The investment can increase to $300 million once this initial capital has been invested. With offices in Mexico City, Monterrey and Houston, Avant Energy will focus on the development, construction and operation of infrastructure for Mexico’s oil, natural gas, refined products and electricity sectors, as well as participate in the recently liberalized markets for these products and services. The company will be led by Jaime de la Rosa, Luis […]

Enbridge Sells Key Pipeline for $1 Billion

Canadian pipeline giant Enbridge has agreed to offload one of its key networks, in Saskatchewan, for US$1.08 billion. The buyer is Tundra Energy, a private energy infrastructure company. The proceeds of the deal will go towards funding Enbridge’s takeover of U.S. Spectra Energy, worth US$28 billion. The South East Saskatchewan pipeline system includes some 1,600 km of pipelines gathering crude oil and other liquid hydrocarbons, one trunk line, and four truck terminals, spanning Saskatchewan and part of Manitoba. According to the buyer of the system, its average daily throughput to Enbridge’s mainline in Manitoba is about 175,000 barrels of […]

Petrobras Sells 90% of Gas Pipeline Unit

Petrobras’ Board of Directors has approved the sale of 90% of the shares of Nova Transportadora do Sudeste (NTS) to Brookfield Infrastructure Partners and its affiliates, through a Private Equity Investment Fund that includes British Columbia Investment Management Corporation, CIC Capital Corporation and GIC Private Limited as other shareholders. NTS was created in accordance with the Statement of Commitment signed with the National Agency of Petroleum, Natural Gas and Biofuels – ANP, in which Petrobras committed to restructure its wholly-owned subsidiary Transportadora Associada de Gás (TAG) in order to create one gas transportation company in the Southeast […]

U.S. Steel Idling 2 Plants, Cutting Jobs

May 2016, Vol. 243, No. 5

The country’s second-biggest producer of steel is dismissing as many as 770 workers and shuttering two plants that make tubes used in oil drilling as energy companies cut production. U.S. Steel may cut as many as 450 union-represented jobs at its Lone Star Tubular Operations in eastern Texas and 200 at its Fairfield, AL site, the company said. About 120 non-represented positions were cut across Ohio and Texas, including the Houston sales office. Wood Mackenzie has tracked $91 billion in capital-expenditure cuts in 2016 at 121 companies. U.S. Steel is among suppliers who have also […]

Despite Leak, Sempra CEO Gets Hefty Bonus

May 2016, Vol. 243, No. 5

The same year a broken Sempra Energy storage well created the biggest natural gas leak in U.S. history, CEO Debra Reed earned her largest bonus yet. While Reed received no payout for the part of her 2015 bonus that’s tied to customer satisfaction and pipeline safety at two Sempra utilities, amounting to about $130,000, she was awarded $3.17 million because the company’s earnings exceeded targets, according to a company statement. Her total pay package was $16.1 million in the fiscal year ending Dec. 31. Reed’s compensation was the most among CEOs of utilities in the […]

Gold Shovel Standard™ Announces Foundational Members

May 2016, Vol. 243, No. 5

Special to Pipeline & Gas Journal Gold Shovel Standard, a non-profit association created for the purpose of expanding the Gold Shovel Standard program, announced March 23 that PG&E, Xcel Energy, Kinder Morgan and Dominion Virginia Power have joined together as foundational members to further develop and promote the use of Gold Shovel Standard in North America. Gold Shovel Standard is a first-of-its-kind, two-part excavation safety program. Gold Shovel Standard both certifies an excavator’s policies and procedures against the Gold Shovel Standard, and publishes a score or rating, known as an EICO™ score, which is an […]

Company and Association News

May 2016, Vol. 243, No. 5

Association News The American Petroleum Institute last month presented its 2015 Distinguished Safety and Environmental Award to Chevron Pipe Line Co. and Wolverine Pipe Line Co. This is API’s highest safety and environmental performance award for pipeline operators and was presented to the companies at API’s 67th annual pipeline conference in Carlsbad, CA. Chevron won the award in the large operator category and Wolverine won in the small operator category “This award is a testament to Chevron and Wolverine’s extraordinary commitment to exceptional safety and environmental performance,” said API Midstream Director Robin Rorick. “Safety is […]

CH2M Expands U.S. Pipeline and Facilities Engineering Team

April 2016, Vol. 243, No. 4

CH2M today announced the expansion of its U.S. pipeline and facilities engineering capabilities in Houston. The company named KC Yost, a 40-year industry veteran who recently joined the firm after 18 years at Wood Group Mustang, to lead this new group. Yost is recognized as a pipeline and facilities technical authority and expert regarding the design and construction of pipelines. He is a licensed Professional Engineer in 29 states and is experienced in program, project, and construction management; due diligence and feasibility studies; route selection, piping and facility design; estimating; hydraulic analysis; contract and material specifications; […]

Charting Unseen Costs of Electricity Generation

April 2016, Vol. 243, No. 4

A recent report by the Department of Economics and the Institute of Political Economy at Utah State University explored often overlooked factors that affect the cost of generating electricity from wind, solar, coal and natural gas. While most cost estimates include face-value or seen costs, such as capital, operations and maintenance, and transmission, many estimates overlook the unseen costs that result from government intervention in the energy market. Wind and solar power receive the lion’s share of modern energy subsidies in the United States. In 2013, wind power received 37% of federal subsidies for electricity […]

Upstream Debt May Put Pipelines Under Pressure

April 2016, Vol. 243, No. 4

Just like everything else, the bankruptcy river flows downstream, and as upstream players look to pass their debt burdens onto midstream operations through a rash of Chapter 11 filings, investors are wondering what is going to happen to all the pipelines as the industry continues to batten down the hatches amid the continued oil price downturn. Two such companies, Sabine Oil & Gas and Quicksilver, recently filed for Chapter 11 bankruptcy protection, arguing at bankruptcy court that they need to be relieved of their contracts with pipeline operators for shipping their oil and gas from […]

Company & Association News

April 2016, Vol. 243, No. 4

Association News Low domestic natural gas prices led to savings of almost $69 billion for residential natural gas customers over the past four years, according to the American Gas Association’s 2016 American Gas Association Playbook. Filled with new data and detailed graphics, this handbook can be accessed online at www/aga.org/playbook.  For hard copies, visit shamm@aga.org. The Texas Alliance of Energy Producers named John Tintera, a consultant with the Alliance since 2012, executive vice president, Government Relations. Other changes saw James M. Wortham hired as director, Member Services for North Texas; Gloria Leal named general counsel; […]

Mexico Names New Leader for Pemex

April 2016, Vol. 243, No. 4

Jose Antonio Gonzalez Anaya has been sworn in as head of Pemex, replacing Emilio Lozoya, who had served since 2012. Pemex reported that pipeline thefts fell 34% in January from the same month last year, attributing tougher laws and tighter security. Low oil prices have hampered some projects and bidding for deepwater offshore exploration is being postponed due to unfavorable market conditions. Gonzalez Anaya holds degrees in economics and mechanical engineering from MIT and a doctorate in economics from Harvard.