Page 9 - NorthAmOil Week 36

NorthAmOil
NEWS IN BRIEF
NorthAmOil
UPSTREAM
Cuda Oil and Gas
announces the closing
of the sale of its Quebec
assets for a total
transaction value of
$10.59mn
Cuda Oil and Gas is pleased to announce that it has closed asset purchase agreements to sell all of its oil and gas assets and related liabilities located in the Province of Quebec at a total transaction value of CAD10.59mn, including cash consideration at closing of CAD4.29mn, to arm’s-length purchasers.
CUDA OIL AND GAS, September 04, 2019
Saulsbury announces
strategic growth into the
Rockies
Saulsbury is pleased to announce the expansion of their field services operations into Milliken, Colorado and Casper, Wyoming. These new locations will support the oil and gas industry with essential construction services in the DJ and Powder River Basins and the Bakken formation.
Saulsbury is poised for significant growth in this area of their business because of
their unique value proposition – a steadfast dedication to their longstanding core values of safety, integrity, excellence, relationships and community. The company has also announced plans for continued growth in the Rockies region, both organically and through strategic acquisitions.
“We’ve been growing our Field Service business for several years and have built
a strong foundation in the Permian and Delaware Basins as well as the Eagle Ford shale and believe our strategic growth in these new areas will be beneficial for our clients, our employees, the communities and Saulsbury,” shared Bubba Saulsbury, executive vice president, corporate strategy.
Saulsbury’s experts in field service construction specialise in building infrastructure for oil and gas exploration and production companies, such as pipelines, tank batteries, compressor stations, pump stations and other necessary oil field facilities.
“We are looking forward to Saulsbury’s continued growth into Colorado and Wyoming and bringing the unique Saulsbury culture of safety and excellence in project execution to our clients in that region,” added Chat York, president and chief executive officer.
SAULSBURY, September 05, 2019
MIDSTREAM
Enbridge provides update
on Canadian Mainline open
season process
Enbridge provided an update today on the Canadian Mainline open season regulatory process.
On August 2, 2019, Enbridge commenced an open season, offering firm capacity on
its crude oil Mainline system, effective upon expiry of the Competitive Toll Settlement that is in place until July 1, 2021. The open season is the first stage of Enbridge determining whether there is sufficient commercial interest for its offering to provide priority access on the Mainline for terms of 8-20 years.
The Mainline offering is in direct
response to customers’ desire for low cost transportation to important downstream markets and guaranteed access to the Enbridge Mainline, for the benefit of our industry and all stakeholders. The offering reflected in the open season terms is based
on significant consultation with the entire industry over a period of 18 months and reflects numerous enhancements proposed by potential shippers.
Since embarking on the open season, certain parties, including shippers and non- shippers, have filed letters and an application to the Canada Energy Regulator (CER) requesting among other things that the CER declare that Enbridge may not offer contract carriage on the Mainline system until the terms, conditions and tolls of the contract offering are approved by the CER, and if it
is not possible for the CER to issue such a decision by September 18, 2019, that it stay the open season pending a decision.
The CER established an expedited process and timetable for other interested parties to submit comments by noon today and for Enbridge to respond to those submissions by September 11, 2019. The CER process centres around determining whether the CER has
the authority to stay the open season pending the CER’s decision on the submissions and whether an open season should be held before or after the CER has decided on any future application that may be filed by Enbridge for firm service.
ENBRIDGE, September 05, 2019
NJR Midstream announces
acquisition of Leaf River
energy centre
NJR Midstream, a business of New Jersey Resources, announced it has entered into an agreement to acquire Leaf River Energy Center from Macquarie Infrastructure Partners, which operates within the Macquarie Infrastructure and Real Assets division of the Macquarie Group. The agreement purchase price for Leaf River
is $367.5mn subject to certain contractual conditions. The transaction is expected to close in 2019 and supports NJR’s long-term net financial earnings growth rate of 6-8%.
“By leveraging our market expertise, NJR Midstream is well positioned with Leaf River to be a leading Gulf Coast service provider in one of the most significant and growing energy demand centres in the United States,” said Steve Westhoven, president and COO of New Jersey Resources. “This transaction
Week 36 10•September•2019
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