Shell Invests in Solar Extraction Tech, BP Sells Sean Field to SSE: Energy Business Update
An Enterprise Products Partners (NYSE:EPD) spokesperson said Monday that the firm and its partner Enbridge (NYSE:ENB) will enlarge the Seaway pipeline so as to transport 850,000 barrels per day of crude between Oklahoma and southern Texas during the first quarter of 2014. Presently, the pipeline carries 150,000 barrels per day in a line that was reversed earlier in 2012 to ship crude 500 miles south from Cushing, Oklahoma, to Houston, and will be expanded to transport 400,000 barrels per day as of January, according to a recent filing by Enterprise to the United States Federal Energy Regulatory Commission. The move to allow the line to carry 850,000 barrels per day should accomplished with a new twin line with capacity of 450,000 bpd to be built parallel to the existing Seaway line.
Gulfport Energy Corporation (NASDAQ:GPOR) will buy around 30,000 net acres in the Utica Shale in Eastern Ohio fromWindsor Ohio, an affiliate of Wexford Capital, for roughly $300 million, which expands Gulfport’s leasehold interests in the Utica Shale to about 137,000 gross (99,000 net) acres. The acquisition excludes 14 existing wells, and also certain acreage that surrounds each well. The proposed purchase should close prior to the end of December, and will grow Gulfport’s working interest in the acreage to 72.5 percent.
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In the past week, Royal Dutch Shell (NYSE:RDSA), RockPort Capital and a few others invested $26 million in GlassPoint Solar, which is in California. The move has everything to do with crude oil extraction, the popular new tech that uses heat from the sun to extract heavy crude from aging fields. Specifically, the energy majors are looking at GlassPoint’s Enclosed Trough Concentrating Solar Power enhanced oil recovery process, which is tech that uses solar to revive wells which have already been “played out” but still hold at least one-third of their potential heavy oil, but not recoverable by conventional drilling and pumping means.
The Perth-based energy firm SSE acquires a 50 percent interest in the Sean gas field from BP(NYSE:BP) at a price of $288 million, as part of its strategy of boosting gas assets; the purchase should afford the buyer access to reserves of approximately 1.7 billion therms over the life of the field, which is in the Southern North Sea near some of SSE’s existing upstream assets.
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