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Oil and gas company news: 14 October 2014

Hydrocarbon Engineering,


Consumers Energy

Homes and businesses served with natural gas from Consumers Energy saved approximately US$ 295 million during last winter’s polar vortex due to the energy provider’s extensive underground storage system.

Tim Sparks, Consumer Energy’s VP for energy supply operations said, ‘our storage system, one of the largest in the US, protected homeowners and businesses from higher heating bills last winter. We buy gas in the summer when it’s less expensive and inject that into our 15 storage fields. This protects customers because it significantly reduces our need to buy gas in the winter when it’s usually more expensive.’

DNV GL

Energy demand in South East Asia is expected to grow at twice the rate of the rest of the world. DNV GL has appointed Arve Johan Kallekev regional manger for oil and gas in South East Asia just as the company is establishing a dedicated LNG and gas consulting unit in Singapore. The unit will support the extensive development plans for a safe, secure and reliable gas and LNG infrastructure in Asia.

It is estimated that US$ 460 billion will need to be invested in South East Asia’s gas and LNG infrastructure by 2035 to meet energy demand. ‘This will secure robust growth in LNG supply. The Pacific Basin has some of the largest exporters of LNG but also some of the oldest plants, many more than 20 years oil,’ said Kalleklev. ‘By establishing the LNG and gas consulting unit, DNV GL is demonstrating its continued commitment to Singapore’s ambition of becoming Asia’s natural gas hub. I believe DNV GL has an important role to play as an independent partner with more than 50 years of experience at the forefront of the LNG industry. We have the technical knowledge and global insight to support the industry across the entire oil and gas value chain.’

Ergon

Ergon Refining Inc., has announced plans for a US$50 million expansion at its Vicksburg, Mississippi, specialty naphthenic base oil refinery. The upgrades will include enhancements to the refinery’s crude distillation unit, modifications to its base oil hydrotreaters, and an expansion of its terminal tank farm to support new product offerings. In addition to augmenting its current product offerings, the US$ 150 million investment will give Ergon the capability to process an even broader range of crude oils from across the globe. The project will optimise capabilities installed during Ergon’s US$ 250 million expansion in 2009. Ergon has invested over US$ 600 million into its speciality base oil refineries in Vicksburg, Mississippi, and Newell, West Virginia, over the past 10 years, and continues to increase its global distribution footprint with terminals in Europe, Latin America, the Middle East, Africa and Asia.

Don Davis, President, Ergon Refining Inc. said, ‘these investments will allow Ergon to further diversify its product portfolio. Specifically, it will allow Ergon to produce innovative, next generation low aromatic products and high quality brightstocks.’

Harwood Feffer LLP

Harwood Feffer LLP is investigating potential claims against the board of directors of Apco Oil and Gas International Inc., concerning the proposed acquisition of the company by Pluspetrol Resources Corporation. Under the terms of the transaction, Pluspetrol would acquire Apco in a transaction valued at approximately US$ 427 million, Apco shareholders are being offered US$ 14.5 in cash for each share. As recently as June 2014 Apco shares closed above the offer price.

The investigation concerns whether the Apco board of directors is fulfilling its fiduciary duties, maximising the value of the company, disclosing all material benefits and costs, and obtaining full and fair consideration for company stockholders.


Edited from press releases by Claira Lloyd

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/14102014/oil-gas-company-news-14-oct/


 

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