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China Resources Gas Secures 15-Year Lng Supply Deal With Australian Energy Supplier
Pipeline Gas Journal
China Resources Gas Secures 15-Year Lng Supply Deal With Australian Energy Supplier(Reuters) — Australian energy giant Woodside Energy said on Monday it had signed a long-term sale and purchase agreement with China Resources Gas International for the supply of liquefied natural gas (LNG) to China. Under the terms of the agreement, Woodside will supply approximately 0.6 million metric tons of LNG annually over 15 years, with deliveries set to commence in 2027. The deal is Woodside's first standalone long-term sales agreement with a Chinese buyer, and it marks the first instance of China Resources committing to a 15-year procurement of LNG, the Australian company said. The agreement is the fourth such agreement the energy supplier has signed for the LNG-hungry Asian market since early 2024, as the world races towards clean energy.
oil-gas
Mar 17, 2025
Gazprom’S Grandeur Fades As Europe Moves Away From Russian Gas
Pipeline Gas Journal
Gazprom’S Grandeur Fades As Europe Moves Away From Russian Gas(Reuters) — When the CEO of Russian state gas giant Gazprom, Alexei Miller, opened a lavish Italian palazzo-styled building in central St. Petersburg to house the company's export arm 11 years ago, he augured a future funded by European sales. "This is symbolic," he said, referring to the modern new offices in Russia's most European city. "Europe will increasingly need Russian gas." Instead, the opulent offices have come to symbolize Gazprom's rapid decline, dragged down by the almost total loss of European markets after the war in Ukraine ruptured Russia's ties with the West. Reeling under multibillion-dollar losses and scrambling for savings, the company is now considering putting the palazzo up for sale along with other luxury properties it owns, according to a Gazprom executive and another source with knowledge of internal discussions at Gazprom. Gazprom is arguably the Russian business hardest hit by the international sanctions imposed after Russia's full-scale invasion of Ukraine three years ago. Although Russia's economy has been resilient, growing signs of strain have appeared in several industries. Reuters has previously reported that President Vladimir Putin is concerned as heavy military spending distorts the wider economy. The number of staff at Gazprom Export, once the most prosperous unit of the company, overseeing Soviet and Russia's gas sales to Europe for over half a century, has shrunk to just a few dozen employees, the same two sources told Reuters. That's down from 600 employees five years ago, at the peak of Russian exports to Europe. The possible sale of the building and cuts at the unit have not been previously reported. Gazprom's media department and the Russian energy ministry did not respond to detailed requests for comment on the story's findings. With no European sales, the remaining workers are focused mainly on litigation with former EU buyers, the sources told Reuters. Gazprom Export is "just a shell," one of the sources said. Alexei Grivach, from pro-Kremlin think tank the National Energy Security Fund, said Gazprom's less glamorous focus in the near future will be to bring gas to more Russian homes. "Gazprom has been handed the social task of gasification and secure gas supply to the economy and the population at low regulated prices," he said. Reuters spoke to three executives and half a dozen former and current employees for this story on the depth of change at what used to be Russia's most valuable company. All requested anonymity, citing fear of professional repercussions. Wider Cuts Gazprom's problems extend well beyond the export unit, the conversations with the employees reveal. Two of the sources told Reuters that Miller has now approved plans to cut 1,500 jobs at the parent company's headquarters in Russia and Europe's tallest skyscraper, the British-designed Lakhta Centre, also in St Petersburg. The dismissals at Gazprom headquarters have yet to be announced but staff have been asked to prepare individual presentations about why they should keep their jobs, according to one of the sources, who said employees were told to write up a description of their job functions in case of overlaps. The source said the process was expected to be completed within a few weeks. The cuts add up to about 40% of the staff at Gazprom's headquarters, but a small fraction of its half million strong work force, spread across Russia. Management misjudged how resolute European capitals would be, according to one of the executives, who said the thinking inside the company was that Europe would quickly be back "begging" for Russian gas supplies to resume. Despite the economic pain of higher energy costs, the EU has not rolled back sanctions. "We proved to be wrong," the executive said. U.S. gas exporters quickly moved to replace Russian gas in Europe. The U.S. has become the biggest exporter of LNG to the continent, with supplies tripling since 2021. Europe still buys Russia's sea-borne liquefied natural gas (LNG), but mainly from Gazprom's rivals, Novatek's NVTK.MM Yamal LNG plant. The European Union aims to end its use of Russian fossil fuels by 2027 and its overall gas consumption has decreased in part due to a shift to renewable energy sources. Last year, Gazprom posted a net loss of $7 billion for 2023, its first since 1999, the year Putin came to power. It posted another loss in the first 9 months of 2024, the latest period for which figures are available. Gazprom's share price fell in mid-December to its lowest since January 2009, touching 106.1 rubles, a decline of more than a third since the start of 2024. A few months after announcing the annual loss, Gazprom said last year it was selling a portfolio of high-end properties that include well-known luxury hotels in Moscow and in Armenia's Valley of Flowers. Gazprom has a long history of investing in luxury property, which it uses to reward employees with holidays, and to host conferences and events such as the 2014 Olympic Games. Trump Trade The return of Donald Trump to the White House has helped Gazprom's share price recover to around 180 rubles on hopes a swift Ukrainian peace deal would lead to the restoration of exports to Europe, Alpha Bank said in a note last month. However, there are few signs the continent will rush to again tie itself to Russian gas, despite a Financial Times report that a long-time ally of Putin is lobbying the United States to allow investors to restart the $11 billion Nord Stream 2 pipeline that carried gas from Russia via Germany. Germany says it will stick with its policy of independence from Russian energy. Even if there were appetite, Nord Stream is out of service and partly damaged. Cederic Cremers, executive vice president of integrated gas at Shell, said in late February at the International Energy week conference in London in response to whether Russian pipeline gas could return to Europe: "That depends on a lot of things." He cited multiple arbitration cases with Gazprom and asked "will customers and Europe still want the same dependence on Russian gas?" Gazprom's share in EU markets has shrunk to 7% from over 35% before EU sanctions, European Commission data shows. Its market capitalization as of Wednesday stands at around $46 billion, down from the all-time high of $330.9 billion in 2007, according to the Moscow stock exchange, Gazprom and Reuters calculations. Miller's Time As the company adjusts to its new role as a domestic gas supplier, the lofty ambitions of CEO Miller have been dashed. In 2007, Miller said the company would eventually have a market capitalization of $1 trillion. At the time this seemed possible. Russia holds a fifth of the planet's gas resources, rendering Gazprom the world's largest natural gas company by reserves. At its height, Gazprom - formed in the Soviet Union from the Ministry of the Gas Industry - generated revenues that accounted for over 5 percent of Russia's $2 trillion annual gross domestic product. The company has been run by Miller, a close friend of Putin since the Russian president was mayor of St Petersburg in 1990s, for the past 24 years. Miller has been on the U.S. sanctions list since 2018, barring U.S. citizens and entities from any dealings with him. Gazprom controls entire towns in Siberia and the Arctic such as Nadym where tens of thousands of employees and their families depend on it as the sole employer. Yury Shafranik, Russian fuel and energy minister from 1993 to 1996, told Reuters in 2023 that Gazprom had been a "state within a state." The sources Reuters spoke to did not describe plans for job cuts or the closure of production assets in such company towns. A Steppe Too Far? Putin's long-term promise to replace Europe's markets with exports to China look optimistic at best. Even the most ambitious projects currently being considered to pipe gas eastward would not amount to half of the previous annual peak exports of 180 billion cubic meters (bcm) Much of Russia's gas went through pipelines to Europe. When Germany and other European countries stopped buying it, there was nowhere else for the surplus to go. In contrast, Russia's oil exporters have been able to redirect tankers to refineries in Asian countries that have not imposed sanctions. Although gas production recovered slightly last year from a record low in 2023 on increased domestic demand and exports to China, there is little pipeline capacity to expand that trade. For now there is only one route for Russia to supply pipeline gas to China – the Power of Siberia pipeline, which transports 38 bcm per year. A second smaller pipeline with a capacity of 10 bcm per year is under construction, set to connect the Pacific island of Sakhalin to China by 2027. Russia and China have been in talks for over a decade about building a third pipeline, the Power of Siberia 2, to carry 50 bcm and meet over a tenth of Chinese gas consumption. This plan would take years to fully develop, and discussions have stalled due to price differences, according to media reports. In May, Russian Deputy Prime Minister Alexander Novak said Russia and China expected to a sign a contract "in the near future" on the Power of Siberia 2 gas pipeline. Putin and China's President Xi Jinping discussed Power of Siberia-2 in January, news agency Interfax reported, but no agreement has been reached. China National Petroleum Corporation, which is dealing with Gazprom, declined to comment on the talks. The government of Russia did not respond to a request for comment. Even if the Power of Siberia 2 pipeline were completed quickly, volumes and pricing terms are likely to be much lower than past exports to Europe, analysts from the Center on Global Energy Policy at Columbia University. "By 2030, Russian gas export revenues might fall by 55–80 percent compared to 2022, a year of record-high revenues for the Russian gas industry, at $165 billion," they said in a research note last year.
oil-gas
Mar 17, 2025
Williams Cos. Coo Micheal Dunn To Retire In 2025 After Decades Of Leadership
Pipeline Gas Journal
Williams Cos. Coo Micheal Dunn To Retire In 2025 After Decades Of Leadership(P&GJ) — Williams Cos. has announced that Micheal Dunn, Executive Vice President and Chief Operating Officer, will retire effective May 2, 2025. Dunn, who has been with the company for over three decades, has played a pivotal role in shaping Williams into a unified, industry-leading operating company. During his tenure, Dunn oversaw significant organizational changes, transforming Williams from a collection of distinct business units into a cohesive operation. He also spearheaded major infrastructure projects, including Atlantic Sunrise, Regional Energy Access, and multiple expansions along Transco, Northwest Pipeline, and in the Deepwater Gulf. His leadership emphasized regulatory compliance, operational optimization, and safety, which have become hallmarks of Williams’ corporate culture. RELATED: Williams CEO: Pipeline Permitting Costs Twice the Price of Steel, Calls for ‘Common Sense’ Reform “Micheal transformed our organization from operating as distinct business units into one cohesive, best in class operating company,” Alan Armstrong, President and CEO of Williams, said. “He has brought strong operational discipline and an unwavering commitment to safety across the entire organization. This is a well-earned retirement, and we wish him all the best as he embarks on this next chapter.” Dunn’s career with Williams began in 1988, and he spent 14 years in the company’s gas pipeline business before taking on leadership roles at Kern River and PacificCorp Energy. He rejoined Williams in 2017 after serving as President of Questar Pipeline and Executive Vice President of Questar Corporation. Reflecting on his career, Dunn expressed gratitude for the support he received and pride in the team’s accomplishments. “It has been an honor to be part of such a talented and dedicated team,” he said. “I am confident the Williams team is well-positioned to continue delivering great results for customers and shareholders and to advance America’s clean energy future.” Williams has begun the process of identifying Dunn’s successor, and Dunn will remain involved in the transition.
oil-gas
Mar 17, 2025
Exxon, Woodside Greenlight $221 Million Gas Project In Australia
Pipeline Gas Journal
Exxon, Woodside Greenlight $221 Million Gas Project In Australia(Reuters) — ExxonMobil's Australian unit said on Monday that its Gippsland Basin joint venture with Woodside Energy has approved its final investment decision to develop the Turrum Phase 3 project, targeting underdeveloped gas resources. The approval is for the A$350 million ($221.31 million) project, which aims to drill five new wells in the Turrum and North Turrum gas fields. Earlier this year, Australia's competition regulator flagged that the east coast could face gas shortage supply from 2027, potentially leading to gas imports. The shortfall is expected due to structural decline and uncertainty surrounding future investments. "While depletion of the Gippsland Basin is inevitable, projects such as Turrum will ensure Bass Strait continues to produce gas for the domestic market past 2030," said Simon Younger, Chair of ExxonMobil Australia in an emailed response to Reuters. The Gippsland Basin joint venture is a 50-50 joint venture between Esso Australia Resources and Woodside Energy (Bass Strait), and operated by Esso Australia. "The Turrum Phase 3 project, and the recently approved Kipper 1B project, will unlock additional gas that is needed to avoid future shortfalls," said Liz Westcott, Woodside's executive vice president and chief operating officer for its Australian operations in a separate statement. "Every molecule of gas Woodside supplies from the Bass Strait fields is sold into the Australian domestic market for local manufacturers, power generators and homes." ($1 = 1.5815 Australian dollars)
oil-gas
Mar 17, 2025
U.S. Natural Gas Pipeline Expansions Increase Takeaway Capacity By 17.8 Bcf/D In 2024, Eia Reports
Pipeline Gas Journal
U.S. Natural Gas Pipeline Expansions Increase Takeaway Capacity By 17.8 Bcf/D In 2024, Eia Reports(P&GJ) — According to the U.S. Energy Information Administration (EIA), natural gas pipeline projects completed in 2024 increased takeaway capacity by approximately 6.5 billion cubic feet per day (Bcf/d) in key production regions, including Appalachia, Haynesville, the Permian Basin, and the Eagle Ford. These pipelines transport natural gas from producing areas to demand centers along the U.S. Gulf Coast and the Mid-Atlantic. Major Pipeline Expansions in 2024 The following projects accounted for significant increases in pipeline capacity: Pipeline Expansions Supporting LNG Exports In addition to increased takeaway capacity from production regions, five major projects completed in Texas and Louisiana in 2024 added 8.5 Bcf/d of capacity to support liquefied natural gas (LNG) export terminals. Additional Capacity Additions Several smaller interstate and intrastate pipeline projects, each adding less than 0.8 Bcf/d of capacity, collectively contributed nearly 3.0 Bcf/d of additional capacity in 2024. According to the EIA, interstate pipeline expansions outpaced intrastate additions, with total capacity additions surpassing the previous year’s levels for the second consecutive year. Interstate pipelines include those crossing state borders and those serving export demand, including at LNG export terminals, while intrastate pipelines operate within a single state’s borders. With 17.8 Bcf/d of total new capacity in 2024, the latest pipeline expansions reflect continued investment in U.S. natural gas infrastructure to meet rising domestic and export demand.
oil-gas
Mar 17, 2025
Northwind Puts 150 Mmcf/D Gas Treating, Pipelines Into Service In New Mexico
Pipeline Gas Journal
Northwind Puts 150 Mmcf/D Gas Treating, Pipelines Into Service In New Mexico(P&GJ) — Northwind Midstream Partners LLC has expanded its natural gas infrastructure in Lea County, New Mexico, with the addition of 150 MMcf/d of high-circulation amine treating capacity, two acid-gas disposal and carbon sequestration wells, 200 miles of large-diameter pipelines, and 41,750 horsepower of compression across five compressor stations. The expansion is backed by long-term commitments and more than 165,000 dedicated acres from leading public and private oil and gas producers. “Increased off-spec gas gathering, treating, and sequestration capacity is vital to the oil and gas industry’s continued success in Lea County,” Northwind CEO Matt Spicer said. “The expanded Titan facility and associated infrastructure provide our upstream producer partners a safe and economical solution for off-spec gas.” Northwind is developing one of the industry’s largest off-spec, NACE-standard natural gas systems in the region to handle gas with high carbon dioxide and hydrogen sulfide levels. Its Titan Treating Complex recently added 100 MMcf/d of amine treating capacity and another deep acid-gas injection and sequestration well, bringing total treating capacity to 150 MMcf/d. The company plans to expand capacity to 200 MMcf/d by mid-2025 and 400 MMcf/d by 2026. The company has also expanded its natural gas gathering and compression network. Its system now includes more than 200 miles of NACE-standard pipelines designed to handle gas with high hydrogen sulfide and carbon dioxide content. The company has also placed four new compressor stations into service, adding 200 MMcf/d of capacity, with the ability to scale up to 400 MMcf/d. Mary Holcomb is the Digital Editor & Operations Manager at Gulf Energy Information, overseeing the Pipeline & Gas Journal, World Oil, and Underground Infrastructure brands. With over 5 years of experience, she drives digital content strategy and operations for these industry-leading publications.
oil-gas
Mar 17, 2025
Mexican Tycoon Carlos Slim Expands Energy Influence With Talks To Back Pemex Oil, Gas Projects
Pipeline Gas Journal
Mexican Tycoon Carlos Slim Expands Energy Influence With Talks To Back Pemex Oil, Gas Projects(Reuters) — Mexican state energy company Pemex is in talks with Carlos Slim which could see the billionaire tycoon help bankroll two of the country's most promising crude oil and natural gas fields, sources familiar with the matter told Reuters. The negotiations, which have not been previously reported, indicate Slim's growing clout in Mexico's struggling energy sector, expanding his business empire which already spans telecommunications, banking, insurance, retail and hospitality. Slim, one of the world's richest people, has built close relations with the leftist government and avoided the public clashes that occasionally broke out between former President Andres Manuel Lopez Obrador and big business. Talos Mexico, in which Slim is a majority investor, Harbour Energy, and Pemex are in advanced discussions to jointly operate Zama, a deepwater project in the Gulf of Mexico, a senior government source said. The tycoon is also a eyeing participation in the country's most important onshore natural gas field, Ixachi, the government source and two other sources said. While Pemex is the current operator of Zama, which has yet to start producing, the source said talks were leaning towards a joint operating agreement, meaning Pemex would cede some control - a rare model for the state company. Pemex owns 50.43% of Zama while Talos Mexico and Harbour Energy own 17.4% and 32.2% respectively. Pemex did not respond to a request for comment, while Grupo Carso - through which Slim owns the stake in Talos Mexico - declined to comment. Linda Cook, the company's CEO, said last week on call with investors that there would likely be changes to the way Zama is operated, without giving details. Harbour Energy referred Reuters to Cook's comments in response to questions about the talks. Grupo Carso would contribute the much-needed capital, the source said, adding "only minor details" still needed to be agreed. The funding would come through Talos Mexico, they added. The financial terms of the possible deal were not clear. It comes after a long-running feud over who would operate Zama between Pemex and a private consortium of companies led by Houston-based Talos Energy. Talos, which in 2017 discovered Zama's oil deposits in the first major discovery by a foreign company after a landmark energy reform, wanted to operate the deepwater Gulf of Mexico project, but Mexico's authorities gave Pemex the right instead. Talos has since sold down its position in Talos Mexico, which owns the stake Zama, selling 80% to Zamajal, a company owned 90% by Grupo Carso. Key Gas Field Slim is also in early talks about investing in the country's most important gas discovery in more than a quarter of a century, Ixachi, in Veracruz state, said two sources with direct knowledge of the discussions and the government source. Its production is currently sent to the Papan plant, which was specifically built for it. Pemex has been contemplating building a second plant, of similar capacity, to help process up to 345 million cubic feet of gas per day, one of the sources said, with its cost running into nearly half a billion dollars. Papan sweetens and dehydrates the sour wet natural gas that comes to the surface at Ixachi, and then further conditions it to produce liquefied petroleum gas that is used in Mexico for heating and cooking. Grupo Carso and Ideal - a construction company also owned by Slim, expressed interest in financing the second plant, the source said. It could also involve an investment into the expansion of a separation battery, Perdiz, which gas from liquid hydrocarbons. Slim's participation in Ixachi would likely be under a so-called mixed contract, the government source added. Recently approved by Congress, mixed contracts allow Pemex to partner with private companies in exploration and production, so they can complement financing and expertise, while the state company retains ownership of the resources. President Claudia Sheinbaum has vowed to guard the legacy of her predecessor and mentor Lopez Obrador, a resource nationalist who strengthened Pemex at the expense of private companies. But Sheinbaum faces a tough reality, needing to keep the world's most indebted energy company afloat at a time when production has slumped to a four-decade low and new discoveries have largely disappointed. "Slim's upper hand is that he gets along with all governments," said Alexia Bautista, a former Mexican diplomat who now is the country's lead analyst for political risk consultancy Horizon Engage. "He knows how to cultivate relationships with all Mexican presidents, including with Andres Manuel Lopez Obrador, with whom there were some frictions, and now with Claudia Sheinbaum, and then reap the benefits of it," Bautista said. Bautista said he has shown to be pragmatic - and more flexible than others in the sector. Last year, Slim and Pemex agreed to develop the country's first deepwater natural gas field, Lakach, which has been abandoned twice before because of high cost.
oil-gas
Mar 15, 2025
U.S. Greenlights $5 Billion Loan For Totalenergies’ Mozambique Lng Project
Pipeline Gas Journal
U.S. Greenlights $5 Billion Loan For Totalenergies’ Mozambique Lng Project(Reuters) — The board of the U.S. Export-Import Bank approved a nearly $5 billion loan for a long-delayed LNG project in Mozambique, clearing a key hurdle to restarting the project under development by French oil major TotalEnergies. The Export-Import Bank had previously agreed a $4.7 billion loan for the $20 billion project under President Donald Trump's first administration, but it needed to be re-approved after construction on the project was frozen in 2021 due to violent unrest in the nearby northern Cabo Delgado region — before any disbursements were made. TotalEnergies CEO Patrick Pouyanne said last month that he expected financing from the United States to be approved in coming weeks, with other credit agencies to follow in the months after. The company had been waiting for loan re-approvals from the United States, UK and Dutch export credit agencies before lifting a force majeure on the project that has been in place since 2021. Estevao Pale, Mozambique's minister for energy, told the FT that he also expects the UK and Netherlands to reconfirm their support. Mozambique LNG, in which TotalEnergies holds a 26.5% operating stake, was slated to make the southern African nation a major LNG producer, but the project ground to a halt when an insurgency led by Islamic State-linked militants swept the region. Security there has since improved, with partner company Mitsui saying in December that final preparations were underway to resume construction after renegotiation with contractors. Environmental groups said the security risks tied to the project should have been enough to deny support for the project. “The human rights violations, armed conflict, environmental impacts and risky economic projections of the Mozambique LNG project should have kept most sensible investors away," said Daniel Ribiero, technical coordinator of Friends of the Earth Mozambique.
oil-gas
Mar 15, 2025
Trump, Ny Governor To Discuss Reviving Constitution Gas Pipeline
Pipeline Gas Journal
Trump, Ny Governor To Discuss Reviving Constitution Gas PipelineNEW YORK, N.Y. (Reuters) — Donald Trump will meet New York Governor Kathy Hochul on Friday morning, the U.S. president said, for talks that may include potentially reviving the Constitution natural gas pipeline in the Northeast. The pipeline would bring gas from Pennsylvania's drilling fields to New York, but Williams Cos. canceled the project in 2020 following opposition from politicians and environmentalists in New York. Trump said a pipeline would lower the region's energy prices. But it remains uncertain how it could be approved. "Kathy Hochul, very nice woman; she's coming in tomorrow morning at nine o'clock to meet me on that and other things," Trump told reporters in the Oval Office, in an apparent reference to the project. "I hope we don't have to use the extraordinary powers of the federal government to get it done. But if we have to, we will, but I don't think we'll have to." Such pipelines are a top priority for Trump and the leaders of his Energy Dominance Council co-chaired by Interior Secretary Doug Burgum and Energy Secretary Chris Wright. Representatives for Williams did not respond to a request for comment. Earlier this week, Hochul demanded Trump reverse U.S. tariffs on Canadian energy imports, arguing the tariffs and Canadian retaliatory actions threatened to drive up electricity and heating costs for New Yorkers. "I reached out to the president yesterday and said I want to carry on the conversation that we had in the Oval Office a couple weeks ago," Hochul told reporters. "I have a lot on my agenda. We talked about infrastructure, Penn Station. We talked about - he knows I want to talk about congestion pricing again. I want to talk about, you know, our concerns about energy in light of the tariffs." Williams Open to Project—With Conditions Williams Cos. said on March 14 it appreciated U.S. President Donald Trump's support for its canceled Constitution natural gas pipeline project through New York, and that it was interested in dusting off the project under the right circumstances. "Williams appreciates President Trump's commitment to addressing the Northeast's natural gas supply constraints, which have led to some of the highest consumer energy prices in the country and the continued use of excessive amounts of higher-emitting fuel oil," Williams said in an email to Reuters. "We are interested in building the Constitution pipeline, provided there is sufficient customer demand and support from Northeast governors, including Governor Hochul, to mitigate the risk of costly permitting delays, court battles, and injunctions during construction." Williams said it was also hopeful for permitting reform in Congress to make it easier to advance projects. Hochul's office said the discussion with Trump covered several subjects, including energy policy and tariffs. "While no formal agreements or decisions were reached, it was a productive conversation and we look forward to continuing the dialogue in the coming weeks," spokesman Jerrel Harvey said. The White House did not immediately comment. The Constitution project would move up to 650 million cubic feet of natural gas per day from the Marcellus Shale in Pennsylvania to consumers in New York. Trump's tariff dispute with Canada risks spilling over into higher power prices for New York consumers. The Canadian province of Ontario threatened earlier this week to impose a 25% surcharge on the electricity it sends into the state.
oil-gas
Mar 14, 2025
Gibson, Baytex Partner On Pembina Duvernay Infrastructure Deal
Pipeline Gas Journal
Gibson, Baytex Partner On Pembina Duvernay Infrastructure Deal(P&GJ) — Gibson Energy and Baytex Energy have formed a strategic partnership to develop midstream infrastructure in the Pembina Duvernay, securing a long-term take-or-pay agreement. Under the 10-year agreement, Gibson will invest $50 million in infrastructure to support Baytex’s development in the region. Baytex will construct and operate the facilities, with completion expected by Q4 2025. "Building on our long-standing relationship, this strategic partnership leverages our infrastructure expertise, differentiated services and superior connectivity at our Edmonton terminal to create mutual value," said Curtis Philippon, Gibson’s President and CEO. "Moving forward, we see the opportunity for further expansion of our partnership with Baytex to support their development plans and potential to work with other customers to explore additional purpose-built solutions which increase long-term demand for services at our core terminal assets." The deal expands Gibson’s liquids infrastructure footprint, increases committed volumes to its Edmonton terminal, and enhances cash flow stability through an area dedication agreement. “We are excited to partner with Gibson and progress the development of our Pembina Duvernay asset, which includes the construction and operation of certain midstream infrastructure,” said Eric T. Greager, Baytex’s President and CEO. “This partnership allows us to leverage Gibson's liquids infrastructure and midstream expertise while maintaining operatorship.” Construction is already underway, with completion scheduled for late 2025.
oil-gas
Mar 14, 2025