Page 10 - NorthAmOil Week 36

NorthAmOil
NEWS IN BRIEF
NorthAmOil
is another example of our commitment
to pursuing and delivering long-term shareowner value by acquiring high-quality assets with organic growth potential.”
A premier natural gas storage facility
with a seasoned management team, Leaf River is strategically located in southeastern Mississippi with unique reliability capabilities and connections to six interstate pipelines.
It consists of three salt dome caverns with
a combined working natural gas storage capacity of 32.2mn dekatherms (MMDth). One of the newest high capacity storage facilities in North America, Leaf River’s caverns came online between 2011 and 2014 and support safe and reliable operations
with a strong environmental record. The facility is also designed with the capability
to economically expand with the installation of an additional storage cavern that would add approximately 13.1 MMDth of storage capacity.
With the acquisition of Leaf River,
NJR Midstream will now have ownership interests in natural gas storage facilities in the Gulf Coast and Marcellus shale regions, with working gas capacity of more than 44 MMDth.
NJR MIDSTREAM, September 05, 2019
DOWNSTREAM
FERC accepts
Commonwealth LNG’s
permit application
Commonwealth Projects is pleased to announce that the US Federal Energy Regulatory Commission (FERC) has formally accepted Commonwealth LNG’s filing application. The Project encompasses the construction of one liquefied natural gas plant, including six gas liquefaction trains and appurtenant facilities. Each train will have a liquefaction design capacity of approximately 1.4mn metric tonnes per annum (mtpa)
for a total nominal liquefaction capacity of
8.4 mtpa. Located on the west side of the Calcasieu Ship Channel, near the entrance to the Gulf of Mexico, the Project will include six LNG storage tanks (each with a capacity of 40,000 m3, one marine loading berth (capable of loading LNG carriers up to a capacity of 216,000 m3), and a 3.04-mile long, 30-inch diameter Pipeline that will connect the LNG Facility with existing intrastate and interstate pipelines for the purpose of supplying gas to the Project.
“FERC’s formal acceptance of Commonwealth LNG project’s filing application marks another significant milestone achieved by the Commonwealth LNG team and represents an important step in progressing the project and moving closer to a final investment decision,” said Paul Varello, Commonwealth’s president and CEO.
Chief operating officer, Robert Powers added: “this is a major achievement which
we could not have done without the support of our partners, TechnipFMC, TRC, Blue Engineering, Orrick and countless others who have contributed to this substantial effort.”
Commonwealth LNG expects to take a final investment decision on the project in Q4 2020 and remains on schedule to commence operations of the 8.4 mtpa facility in first quarter of 2024.
COMMONWEALTH PROJECTS, September 03, 2019
Cheniere takes delivery of
Bechtel-built Corpus Christi
Train 2
Cheniere Energy and Bechtel have announced the substantial completion of Train 2 at the Corpus Christi Liquefaction (CCL) project.
Cheniere is now operating seven Bechtel- built LNG trains at higher capacity than the nameplate rating on the U.S. Gulf Coast to deliver energy to their customers around the world.
“These projects are improving access to energy for communities around the world and we are extremely proud to be able to support
our customer’s operational and performance success on these projects,” said Darren Mort, Bechtel’s LNG General Manager.
Since the first Notice to Proceed was announced in August 2012, Bechtel has completed a total of seven LNG trains for Cheniere in seven years at the Sabine Pass and Corpus Christi liquefaction projects on the U.S Gulf Coast.
Bechtel-delivered facilities account for roughly one-third of the global LNG capacity, supplying about 66mn tonnes of LNG each year, or enough energy to power more than 85mn homes.
CHENIERE ENERGY AND BECHTEL, September 4, 2019
SERVICES
Weatherford files
second amended plan of
reorganisation
Weatherford International plc, Weatherford International Ltd., and Weatherford International, LLC (collectively, Weatherford or the company) announced today that the company has filed the Second Amended Joint Prepackaged Plan of Reorganization
of Weatherford International plc and its Affiliate Debtors under Chapter 11 of the Bankruptcy Code with the United States Bankruptcy Court for the Southern District of Texas. The amended plan is accompanied by an amendment to the restructuring support agreement, which has been signed
by holders of approximately 82% of the company’s outstanding senior unsecured notes, and an amendment to the backstop commitment agreement, which has been signed by approximately 80% of the holders of the company’s outstanding senior unsecured notes.
Under the amended plan, upon exit from bankruptcy the company will have access
to additional financing in the form of (a) an undrawn first lien exit revolving credit facility in the principal amount of at least $600mn, and (b) up to $2.1bn of a single tranche of new senior unsecured notes with a five-year maturity. The new senior unsecured notes
will consist of $500mn of new takeback
notes and up to $1.6bn in new financing (the “Rights Offering Notes”) to be issued for cash to holders of subscription rights issued in a rights offering to holders of the Company’s outstanding senior unsecured notes. The issuance of Rights Offering Notes is supported by the amended backstop commitment from
P10
w w w . N E W S B A S E . c o m
Week 36 10•September•2019