TransCanada Buys BP Asset Stake, Apache Releases Promising Results: Energy Business Recap

TransCanada Corporation (NYSE:TRP) said on Tuesday that it will purchase BP’s 40 per cent interest in the assets of the Crossfield Gas Storage facility at a price of $210 million. Additionally, the former will buy BP’s interest in CrossAlta Gas Storage & Services, which comprises an affiliated marketing joint venture between the two companies.

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Exxon Mobil Corporation (NYSE:XOM), Royal Dutch Shell (NYSE:RDSA)(NYSE:RDSB) along with their partners in Kazakhstan’s Kashagan oil field, see a postponement of a minimum of two years on a plan to push output by 20 percent, which shrinks the time they have to recuperate costs in the $46 billion project that’s already eight years behind, say sources to Bloomberg.

On Tuesday, Apache Corporation (NYSE:APA) in a press release reported ‘promising’ drilling results in the Dunvegan oil reservoir in the Kaybob development area located in Alberta. Kaybob is a prolific area 310 miles northwest of Calgary, which holds 16 known productive horizons. The most recent of four Kaybob Dunvegan development wells the 1-35 tested indicated a production rate of 300 barrels of oil per day.

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