Page 11 - NorthAmOil Week 34

NorthAmOil
NEWS IN BRIEF
NorthAmOil
Andres formation located in the Northern Shelf of the Permian Basin. Under the agreement, the company will acquire a 20% working interest in an existing 5,871 gross acre block. e agreement provides that Houston American will pay 26.667% of
the costs of an initial test well through the point at which the well is drilled, completed, equipped and ready for operation, production or disposal. All additional operations will be conducted on a heads up basis.
e agreement also de nes an area of mutual interest, or AMI, in approximately 20,367 acres in the area of, and including, the existing acreage covered by the agreement. e parties to the agreement will have the right to participate, at cost, in any interest acquired in the AMI over the following ve years.
Jim Schoonover, CEO of Houston American Energy, stated, “ is agreement
is the culmination of more than a year of e ort to identify a suitable growth platform. We believe this agreement has the potential to be such a platform. We expect an initial horizontal test well will commence on the block before the end of 2019. If successful,
we believe the existing acreage will support drilling of up to 50 wells over the next 4 to
5 years with the acquisition of additional acreage under the AMI supporting additional wells. Upon completion of our acquisition
of this acreage, together with our existing holdings in Reeves County and Yoakum County, we believe we will be positioned to resume sustainable growth in production, revenues, reserves and shareholder value.” HOUSTON AMERICAN ENERGY, August 26, 2019
MIDSTREAM
UGI and AmeriGas
Partners complete merger
transaction
UGI Corporation and AmeriGas Partners
successfully completed the merger transaction that was announced on April 2, 2019. UGI acquired the approximately 69.2 million public common units of AmeriGas it did
not already own in completing the buy-in of AmeriGas, the nation’s largest retail propane marketer.
John L. Walsh, president and chief executive o cer of UGI, said: “We are
pleased to announce the completion of
this transaction, which fully consolidates
our ownership of AmeriGas and creates a platform for future cash ow and earnings growth for UGI. e transaction enables us to build on our successful 60-year history in US propane distribution. Additionally, the merger presents an opportunity to further align our LPG distribution operations across the US and Europe to drive e ciencies and accelerate growth. Lastly, I would like to welcome the AmeriGas unitholders to UGI. We look forward to being exceptional stewards of your capital.”
e closing follows approval of the transaction by AmeriGas’ unitholders
at a special meeting held earlier today. Approximately 93% of the AmeriGas common units represented in person or by proxy at
the special meeting, and approximately 60% of the total number of AmeriGas common units outstanding, were voted in favour of the merger transaction. E ective a er the end
of trading today, AmeriGas’ common units will no longer trade on the New York Stock Exchange.
UGI CORPORATION AND AMERIGAS PARTNERS, August 21, 2019
Enterprise begins open
season for ATEX ethane
pipeline
Enterprise Products Partners today announced the start of a binding open season to determine demand for expanded capacity on the partnership’s Appalachia-to-Texas (ATEX) ethane pipeline.
e 1,200-mile ATEX pipeline transports
ethane from the Marcellus/Utica Basin
of Pennsylvania, West Virginia and Ohio
to Enterprise’s natural gas liquids storage complex in Mont Belvieu, Texas, and features pipeline access to petrochemical plants along the Gulf Coast.
Subject to su cient customer commitments during the open season, Enterprise would add up to 50,000 barrels per day of incremental capacity through a combination of pipeline looping, hydraulic improvements and modi cations to existing infrastructure. e expanded capabilities would be in service by 2022.
e open season begins at 9 am CDT on August 26, 2019 and continues until 5 pm CDT on September 25, 2019.
ENTERPRISE PRODUCTS PARTNERS, August 26, 2019
SERVICES
TechnipFMC awarded a significant integrated EPCI (iEPCITM) contract for the Shell PowerNap project in the Gulf of Mexico
TechnipFMC has been awarded a signi cant integrated engineering, procurement, construction and installation (iEPCITM) contract by Shell for the PowerNap project, located in the Gulf of Mexico.
TechnipFMC will design, manufacture and install subsea hardware, including subsea tree systems, subsea distribution controls, topside controls, ying leads and connectors for three wells, in addition to the supply of 20 miles of production umbilical and owlines.
Arnaud Pieton, president subsea at TechnipFMC, commented: “We are very pleased to have been awarded this iEPCITM contract for the Shell PowerNap project.
We look forward to executing the scope of work and to further expanding our 25-year successful relationship with Shell and our deep water portfolio in the Gulf of Mexico.”
PowerNap is a subsea tie-back project to the Olympus production hub and is located in Mississippi Canyon, Block MC943 in the Gulf of Mexico. e project is expected to complete installation in late 2021 and produce up to 35,000 barrels per day of oil equivalent at peak rates.
TECHNIPFMC, August 22, 2019
Week 34 27•August•2019
w w w . N E W S B A S E . c o m
P11