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The Government of Indonesia okays an expansion plan for the Tangguh liquefied natural gas project operated by BP (NYSE:BP). Under it, a third liquefaction train would be built at Tangguh, which is located in the far eastern West Papua province, and would cost around $12 billion. The train will add liquefaction capacity of 3.8 million metric tons per year, bringing the total capacity to 11.4 million.
Shares of Chesapeake Energy Corporation (NYSE:CHK) moved down considerably on the day, as management warns in its third quarter earnings conference call that some asset divestitures might be delayed. Debt reduction plans scheduled for 2012 may slip into early 2013, because closings for transactions could be pushed into that quarter. Also, the firm says that its rig count is down by 46 percent so far in 2012, and is “essentially unhedged for 2013.”
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T. Boone Pickens forecasts that natural gas prices will jump to between $4.50 or $5 in the next year and maybe to $6 by 2015. In addition, he suggests two of his energy favorites: National Oilwell Varco (NYSE:NOV), because of its large shale opportunity for development with what support remains for oil domestically and internationally; and Pioneer Natural Resources Company (NYSE:PXD), noting its 900,000 acres of assets, especially in the Permian basin.
Chevron Corporation (NYSE:CVX) reports that its subsidiary in Angola has declared force majeure at the Kuito offshore oil terminal, due to a fault with a mooring line. The company is one Angola’s top oil producers at approximately 1.8 million barrels per day, and typically loads two 920,000-barrel tankers each month from its Kuito platform.
Don’t Miss: Why is Chevron Worried About Angola?
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