TransCanada Wins in Texas Court, ExxonMobil Partners with BHP: Energy Business Update
In Texas, TransCanada Corporation (NYSE:TRP) sees a temporary court order blocking construction of part of its Keystone XL pipeline lifted, as County Court at Law Judge Jack Sinz lifted own order Thursday at a hearing in court in Nacogdoches. The landowner Michael Bishop sued TransCanada last week, claiming the company coerced him into a settlement that granted an easement across his farm, which is located northeast of Houston. He claimed the that pipeline’s permits are invalid because Keystone is allowed to transport only crude oil, and not bitumen from Canadian tar sands.
NuStar Energy (NYSE:NS) reaches a long-term Pipeline and Terminal Services Agreement with ConocoPhillips (NYSE:COP) permitting expansion of NuStars’ South Texas Crude Oil Pipeline System. The deal will include a pipeline expansion project for NuStar that will allow it to serve ConocoPhillips growing output in the Eagle Ford Shale play.
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Exxon Mobil Corporation (NYSE:XOM) and BHP Billiton will spend through their 50/50 joint venture, $1 billion on gas infrastructure linked to their existing Bass Strait operations in Victoria State. The money will be spent on a new gas “conditioning plant” which will treat the new sources of gas that are about to flow into their existing plant at Longford.
An official for YPF, the largest energy in Argentina, said Thursday that the company will bid for any assets that Petrobras (NYSE:PBR) wants to divest in Argentina. In June, the Brazilian state-owned company said that it wants to raise as much as $14.8 billion through asset divestitures and restructuring, so as to fund deep-water oil discoveries in that country. The plan includes the sale of its Argentine-controlled firms, along with a 28.5 percent interest in Refinor, according to Reuters on November 29th.