Vanguard Natural Resources, LLC has announced that it has entered into a definitive agreement to acquire natural gas, oil and natural gas liquids assets in the Piceance Basin in Colorado for a purchase price of US$ 525 million from Bill Barrett Corporation.
The properties consist of approximately 12 000 net acres that are currently producing approximately 67 million ft3/d, after consideration of ethane rejection, with approximately 76% natural gas, 5% oil and 19% NGLs. The effective date of the acquisition is 1 July, 2014 and the Company anticipates closing this acquisition on or before 1 October 2014.
Scott W. Smith, President and Chief Executive Officer, commented: “With this acquisition we are acquiring the balance of the working interest in properties where we first established a non-operated position in December 2012. We will be taking over operations of 950 producing wells in a very large, prolific natural gas basin with an established infrastructure in place and multiple pipeline outlets to market our production. As the operator and majority interest owner in the assets, we can now govern the pace of development of both recompletion opportunities and development drilling projects to take advantage of positive changes in market conditions. This is an excellent addition to our Rockies natural gas platform and we look forward to continuing to grow in this area in future”.
API has announced Nick Williams as the new associate director for the Illinois Petroleum Council (IPC).
James Watson, executive director of the IPC, said: “Williams has a strong background in business development and understands what it takes to create jobs. He will support API’s growing outreach efforts in Illinois on behalf of the oil and natural gas industry. Williams also understands the importance of North American energy production as a critical part of the economic development in Illinois and our nation”.
Skye Petroleum has announced that revenues will exceed US$ 500 000 in the third quarter of 2014, an increase of more than ten times the prior year’s third quarter. Also, as of this date, sales in 2014 have increased nearly eight times sales through the first three quarters of 2013.
Buck Eaton, Chief Operations Officer, said: “We are pleased with the trajectory of sales at this point in the year. We are working hard to continue to momentum into the fourth quarter and hope to continue strong sales growth in 2015”.
Technip has been awarded a contract to develop the front end engineering design (FEED) of a Bahrain Petroleum Company (BAPCO) refinery. The FEED contract covers four main work packages that include units aimed at processing the ‘bottom of the barrel’ components to high value products, and all associated offsites and utilities to provide seamless integration with existing refinery facilities earmarked for retention post a major modernization.
The project aims at enhancing the refinery configuration, by increasing throughput from 267 000 to 360 000 bpd.
Edited from various sources by Emma McAleavey.
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