Bernhard Capital-Backed Delta Utilities Completes Acquisition Of Centerpoint Energy'S Natural Gas Distribution Businesses
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02 April 2025
Gas Processing and LNGoil-gas
Apr 02, 2025Gas Processing and LNG
Delta Utilities, a Bernhard Capital Partners portfolio company, has acquired CenterPoint Energy's three regulated natural gas local distribution companies serving communities throughout Louisiana and Mississippi.
The acquisition includes approximately 12,000 miles of main pipeline in Louisiana and Mississippi that serve approximately 380,000 residential and commercial customers. Delta Utilities, based in New Orleans, is a core-focused regulated natural gas utility company.
"We are thrilled to finalize the acquisition of these natural gas utilities, which provide vital energy service to major markets across both Louisiana and Mississippi," said Jeff Jenkins, Founder and Partner at Bernhard Capital. "These are strong companies that exemplify our strategy of investing in regulated utilities and critical infrastructure. We believe natural gas is a key component of building more resilient communities and has a lasting role in our nation's energy portfolio. Delta Utilities will be a catalyst for economic growth while delivering safe, reliable service to the communities within its operational footprint."
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Canada Confirms Work Has Begun On 559-Mile Prince Rupert Gas Pipeline(Reuters) — British Columbia's Environmental Assessment Office has determined that work on the Prince Rupert Gas Transmission natural gas pipeline project has been substantially started, the provincial government said on June 5.
The decision means a 2014 environmental assessment certificate for the project will remain in effect indefinitely, unless suspended or cancelled under the Environmental Assessment Act, the B.C. government said in a press release.
The 900-kilometer (559-mile) PRGT project will run from Hudson's Hope in northeastern B.C. to Lelu Island near Prince Rupert on Canada's Pacific Coast.
It was acquired from TC Energy by the Nisga'a First Nation and the Western LNG in March 2024 to supply natural gas to the proposed 12 million tonnes per annum Ksi Lisims liquefied natural facility.
The 2014 environmental assessment certificate required that the project show substantial progress by November 25, 2024.
The B.C. Environmental Assessment Office launched a review process late last year to examine whether work had started, considering site inspections, documentation from PRGT and input from local First Nations.
The government statement said compliance and enforcement officers will continue to monitor the PRGT project throughout construction and operation to ensure it meets all environmental requirements.
Pipeline Gas Journal
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06 June 20255 min readCanada Confirms Work Has Begun On 559-Mile Prince Rupert Gas Pipeline
Pipeline Gas Journal
06 June 2025
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Britain’S Centrica Signs $27 Billion Gas Deal With Norway’S Equinor(Reuters) — British Gas owner Centrica has signed a 10-year deal worth more than 20 billion pounds ($27.07 billion) with Norway's Equinor to secure gas supplies starting in 2025, both companies said on June 5.
Britain aims to reduce its reliance on gas to help meet climate targets, but around 70% of its homes are still heated using the fossil fuel while gas-fired power plants account for around a quarter of the country's electricity supply.
The agreement, which begins on October 1, will see Equinor deliver five billion cubic meters (bcm) of gas annually until 2035, representing about 10% of Britain's gas demand and enough to supply approximately five million homes, Centrica CEO Chris O'Shea said.
The deal replaces a previous 10-year supply contract between the companies running from 2015 to 2025.
"I think most people don't appreciate just how much we rely on our friends in Equinor, friends in Norway for energy security in the UK," he said in an interview with Reuters.
Britain imported almost two-thirds of its gas demand last year, with half of the imports coming from Norway. Norway has increased its supplies to Europe since flows from Russia to Europe were curtailed after Russia's invasion of Ukraine in 2022.
The Ukraine conflict and subsequent Western sanctions on Russia rocked energy markets, driving up prices that continue to weigh on British consumers.
Britain’s North Sea fossil fuel production has declined sharply since its peak in the late 1990s and the Labour government has said it will not issue any new oil and gas licenses as part of its efforts to meet climate goals.
The contract includes an option to transition from natural gas to hydrogen in the future.
"This deal captures the kind of energy needed today, but at the same time... we can also together explore future energy (needs) like hydrogen," Equinor CEO Anders Opedal said.
Separately, O'Shea also said Centrica is seeking support from the UK government to enable it to invest in its Rough gas storage site, a depleted field off England's east coast, which accounts for about half of the country’s gas storage capacity.
He said Centrica will lose 100 million pounds operating the site this year and that without support, its future is uncertain.
"If we don't have a regulatory support framework for Rough, then I can't see it surviving too much longer," he said.
Britain's Department for Energy and Security and Net Zero did not immediately respond to a request for comment.
($1 = 0.7389 pounds)
Pipeline Gas Journal
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05 June 20255 min readBritain’S Centrica Signs $27 Billion Gas Deal With Norway’S Equinor
Pipeline Gas Journal
05 June 2025
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Britain'S Centrica Agrees To $27-B Deal To Import Gas From NorwayBritish Gas owner Centrica has signed a 10-yr deal worth more than ÂŁ20 B ($27.07 B) with Norway's Equinor to secure gas supplies starting in 2025, both companies said on Thursday.
Britain aims to reduce its reliance on gas to help meet climate targets, but around 70% of its homes are still heated using the fossil fuel while gas-fired power plants account for around a quarter of the country's electricity supply.
The agreement, which begins on October 1, will see Equinor deliver 5 Bm3y of gas until 2035, representing about 10% of Britain's gas demand and enough to supply approximately 5 MM homes, Centrica CEO Chris O'Shea said.
The deal replaces a previous 10-yr supply contract between the companies running from 2015 to 2025.
"I think most people don't appreciate just how much we rely on our friends in Equinor, friends in Norway for energy security in the UK," he said in an interview.
Britain imported almost two-thirds of its gas demand last year, with half of the imports coming from Norway. Norway has increased its supplies to Europe since flows from Russia to Europe were curtailed after Russia's invasion of Ukraine in 2022.
The Ukraine conflict and subsequent Western sanctions on Russia rocked energy markets, driving up prices that continue to weigh on British consumers.
Britain’s North Sea fossil fuel production has declined sharply since its peak in the late 1990s and the Labour government has said it will not issue any new oil and gas licenses as part of its efforts to meet climate goals.
The contract includes an option to transition from natural gas to hydrogen in the future.
"This deal captures the kind of energy needed today, but at the same time... we can also together explore future energy (needs) like hydrogen," Equinor CEO Anders Opedal said.
Separately, O'Shea also said Centrica is seeking support from the UK government to enable it to invest in its Rough gas storage site, a depleted field off England's east coast, which accounts for about half of the country’s gas storage capacity.
He said Centrica will lose ÂŁ100 MM operating the site this year and that without support, its future is uncertain.
"If we don't have a regulatory support framework for Rough, then I can't see it surviving too much longer," he said.
Britain's Department for Energy and Security and Net Zero (DESNZ) said the future of Rough is a commercial decision for Centrica.
"But we remain open to discussing proposals on gas storage sites, as long as it provides value for money for taxpayers," a DESNZ spokesperson said via email.
($1 = ÂŁ0.7389)
Gas Processing and LNG
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05 June 20255 min readBritain'S Centrica Agrees To $27-B Deal To Import Gas From Norway
Gas Processing and LNG
05 June 2025
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Equinor And Centrica Ink $27B Long-Term Gas Sales Agreement For UkEquinor and Centrica have signed long-term gas sales agreement of 55 TWh of natural gas per year, or around 5 billion cubic meters – bcm, for a period of 10 years, to be delivered to U.K.
Starting October 1, 2025 at terms reflecting market prices, the total contract value would be around $27 billion (ÂŁ20 billion) assuming current prices.
For nearly 50 years, Equinor and partners have developed the Norwegian Continental Shelf to be the largest provider of energy to Europe.
Britain currently imports nearly 2/3 of its gas requirements from Norway, with Equinor being the major supplier.
The annual volumes under this agreement will cover nearly 10% of total annual U.K. gas demand, making the agreement among the largest in Equinor bilateral portfolio.
“The U.K. and the North Sea is a core area in our long-term ambitions to remain a supplier of reliable energy and to help decarbonize societies and industries. The new gas sales agreement with Centrica will be a key element in this. Energy security and decarbonization must go hand in hand, and I am proud that Equinor is actively delivering both,” said Alex Grant, Equinor’s U.K. Country Manager.
“Over the last few years, we’ve seen first-hand how important energy security is. Today’s deal not only ensures the UK’s energy security has improved but also paves the way for a burgeoning hydrogen market.
“The deal represents a significant investment in the U.K.’s future, showing that Centrica will make bold investments that drive forward the energy transition while delivering value for our shareholders. We will continue to focus on further improving energy security by working with the UK Government to ensure the right levels of gas storage are in place to complement this landmark gas importation agreement,” added Chris O'Shea, Group Chief Executive of Centrica.
Offshore Engineer
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05 June 20255 min readEquinor And Centrica Ink $27B Long-Term Gas Sales Agreement For Uk
Offshore Engineer
05 June 2025
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Nigeria Seeks $25B To Develop Nigeria-Morocco Gas PipelineNigeria is seeking $25 billion to develop the Nigeria-Morocco Gas Pipeline. Connecting Nigeria’s gas fields with European markets via Morocco, the pipeline will traverse the coastline of 13 West African countries, providing a direct export route for Nigerian gas resources.
With production planned for 2029, Nigeria is appealing to global investors to support the project’s development. Spanning 5,660 km, the pipeline will have a capacity of 30 billion m³. In addition to financing, the country is seeking technical expertise by private companies.
Speaking in a meeting with energy and commodity trader Vitol this week, Kashim Shettima, Vice President of Nigeria, stated that the country is “seriously exploring the option of taking our gas to Europe. It is an expensive venture requiring about $25 billion, and of course, the technical expertise. Gas supply stability counts: that is why we are exploring the option of an undersea gas pipeline.”
Countries have already expressed interest in financing the pipeline. In May 2025, the UAE agreed to help financing the project. The pipeline is also anticipated to receive funding from various lenders, including the European Investment Bank, the Islamic Development Bank and the OPEC Fund.
Energy Capital Power
oil-gas
04 June 20255 min readNigeria Seeks $25B To Develop Nigeria-Morocco Gas Pipeline
Energy Capital Power
04 June 2025
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Guyana Oil Boom Lifts Exxon-Led Group’S 2024 Profit To $10.4 Billion(Reuters) — An oil-producing consortium in Guyana comprising Exxon Mobil, Hess and CNOOC posted a 64% surge in 2024 profit to $10.4 billion, Exxon said on Tuesday, as facility updates allowed sustained output growth.
Due to fast production expansion and relatively low government royalties and taxes, Guyana has become a profitable operation for the group's members, which control all oil and gas output in the South American country.
Guyana and its neighbors sharing the same basin are expected to become one of the world's last frontiers for oil development.
Exxon in January posted total adjusted earnings of $33.46 billion in 2024, with $4.7 billion coming from Guyana, it said in a report on its operations there.
Hess' profit in Guyana rose to $3.1 billion last year from $1.9 billion in 2023, while CNOOC's profit grew to $2.5 billion profit from $1.5 billion, the companies' individual reports showed.
The consortium's oil output rose 3% year-on-year to 631,000 barrels per day in the first quarter, government figures showed. Output is expected to surpass 900,000 bpd once the companies complete the installation of a fourth production vessel that arrived in the country's waters in February.
A license for a potential rival consortium led by Toronto-listed Frontera Energy was recently terminated by Guyana's government.
As pressure to secure natural gas supplies increases in Guyana, the Exxon group is planning a strategy to quantify reserves and plan development and supply, company executives said earlier this year.
In the fourth quarter, the consortium reached a gross output volume of 652,000 bpd following updates at some of its floating facilities, Exxon reported. Production capacity is expected to reach 1.7 million bpd by 2030.
The group's expenses in Guyana rose 42% to $4.9 billion in 2024, for a profit before taxes of $12.8 billion, Exxon added.
Exxon group's Guyana oil output rose to 668,000 bpd last week.
Pipeline Gas Journal
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04 June 20255 min readGuyana Oil Boom Lifts Exxon-Led Group’S 2024 Profit To $10.4 Billion
Pipeline Gas Journal
04 June 2025
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Alberta’S Wildfires Disrupt 350,000 Barrels Of Daily Crude ProductionAlberta’s wildfires have led to the suspension of approximately 350,000 barrels per day (bpd) of heavy crude production, which constitutes around 7% of Canada’s total oil output.
The Caribou Lake Wildfire, along with other uncontained fires, poses a significant threat to oil sands operations in the region.
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The wildfire, which has spread across 61,500 hectares (ha) near the Saskatchewan border, has forced companies such as Cenovus Energy, MEG Energy and Canadian Natural Resources to curtail their operations.
As of early Monday, the fires had grown to at least 10ha in size and were within approximately 10km of oil production facilities that collectively produce around 470,000bpd.
Alberta, along with the prairie provinces of Saskatchewan and Manitoba, has experienced a surge in wildfires, leading to the evacuation of thousands of residents.
On Monday, 26 wildfires were reported to be burning uncontrollably in Alberta, a significant contributor to Canada’s oil production.
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The interruption in production is especially notable given its similarity to the volume that OPEC+ nations agreed to restore to the global market.
This disruption underscores the unpredictable nature of oil supply, particularly at a time when heavy crude supplies are already tight.
Oil sands operators had recently reduced output for routine maintenance, and sanctions have further restricted the availability of heavy crudes from countries like Venezuela.
A notable incident occurred in 2016 when a wildfire halted operations at oil sands mines north of Fort McMurray, cutting daily production by more than one million barrels.
Cenovus Energy announced on Sunday that it expects to resume operations at its Christina Lake oil sands site, which has a capacity of 238,000bpd, in the “near term” following a shutdown that began on 29 May.
Similarly, MEG Energy experienced a power outage at its oil sands facility, with maintenance delaying the restart of a section capable of producing 70,000bpd.
Canadian Natural Resources has also taken action by evacuating workers from its Jackfish 1 oil sands site, resulting in the cessation of 36,500bpd of production.
The region is hopeful for the return of showers by the weekend, which could help contain the wildfires.
Offshore Technology
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03 June 20255 min readAlberta’S Wildfires Disrupt 350,000 Barrels Of Daily Crude Production
Offshore Technology
03 June 2025
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Bp Advances $2.9 Billion Gas Compression Project, Offshore Exploration In Azerbaijanbp, together with its partners, has entered into a series of agreements that will build and expand on its major oil and gas interests in Azerbaijan, paving the way for growth and additional production while deepening its partnership with the country and state oil company, SOCAR.
The agreements, signed during Baku Energy Week, include the final investment decisions for the next major phase of development of the giant Shah Deniz gas field – the $2.9 billion Shah Deniz Compression project. They also include agreements for bp to access to two new exploration and development licenses and introduce a new partner to accelerate exploration on a third.
These agreements represent progress against bp’s strategy to grow long-term shareholder value, contributing to its goal of growing its upstream business, as well as underlining bp’s continuing commitment to Azerbaijan.
bp has been active in Azerbaijan for 33 years. It led the development of the Chirag-Deepwater Gunashli (ACG) oil field, the Shah Deniz gas field, and the major Sangachal processing and export terminal, all three of which it also operates. bp was also a lead in the development of the associated export pipelines, the Baku-Tblisi-Ceyhan (BTC) oil pipeline and the Southern Gas Corridor (SGC) gas pipeline network.
“We are deeply proud of the long and successful partnership that bp has built with Azerbaijan over more than 30 years,” said Gordon Birrell, EVP production & operations. “As can be seen by the agreements we signed this week, we continue to see many opportunities for further development and growth. As we deliver our strategy of growing our upstream, we will build on our strong positions in regions like Azerbaijan, and on the deep relationships we have with the government and our partners.
“The next phase of development for Shah Deniz – a truly world-class gas field – will access additional resources, extend production and support continued delivery of important gas supplies to European customers. Innovative linked electrification and solar projects will support lower operational emissions in Azerbaijan while freeing up fuel gas for export. And we look forward to working with SOCAR and TPAO to progress exploration for further opportunities.”
These projects are fully accommodated within bp’s financial frame. Shah Deniz Compression is one of the 8-10 major projects expected to start up between 2028 and 2030, as disclosed at bp’s 2025 capital markets update. It is expected to contribute to growing bp’s global upstream production to 2.3-2.5 MMboed by 2030, with capacity to increase further to 2035.
Shah Deniz Compression project
bp and partners have approved the next phase of development of the Shah Deniz gas field, which is operated by bp with a 29.999% participating interest.
The $2.9 billion Shah Deniz Compression project – the field’s third phase of development – is designed to access and produce low pressure gas resources from the giant gas field, increasing resource recovery and extending production life.
The project, which will include installation of a new unmanned compression platform, is expected to allow production of an additional gross 50 billion cubic meters of gas and 25 million barrels of condensate. The project is expected to receive first gas in 2029.
Exploration access and progress
In addition to the project approvals, bp today completed an agreement with SOCAR to access two blocks in the Caspian Sea for exploration and development, for the discovered Karabagh oil field and the Ashrafi-Dan Ulduzu-Aypara (ADUA) area. bp will have 35% working interest and become operator of each block, with SOCAR retaining 65%.
Separately, bp and SOCAR also reached agreement for Türkiye’s TPAO to take a 30% interest in the production sharing agreement for the Shafag-Asiman block in the Caspian Sea. This is expected to accelerate evaluation of development opportunities for the block, on which a first well drilled in 2021 encountered gas condensate resources.
These agreements are part of bp’s strategy of accessing discovered resources and reloading its exploration hopper in support of its aim to increase its reserves replacement ratio to around 100% by end 2027.
World Oil
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03 June 20255 min readBp Advances $2.9 Billion Gas Compression Project, Offshore Exploration In Azerbaijan
World Oil
03 June 2025
oil-gas
Brazil Seeks $6.2 Billion From Oil Industry In Push To Boost Finances(Bloomberg) -- Brazil’s energy ministry has proposed measures to raise around 35 billion reais ($6.2 billion) from the oil industry over the next two years to help the government meet its fiscal targets.
On Monday, Mines and Energy Minister Alexandre Silveira presented measures to President Luiz Inacio Lula da Silva that include selling oil exploration licenses and a review of the reference prices used to calculate oil taxes, the ministry said in a message. If approved, it would be an alternative to a controversial increase in tax rates on some financial transactions.
Finance Minister Fernando Haddad has been struggling to deliver on promised fiscal goals due to lower-than-expected revenue and higher spending. Last week, Moody’s Ratings lowered Brazil’s credit outlook to stable from positive on expectations of larger fiscal deficits.
See also: Brazil to grant exploration rights for long sought-after offshore region
The change in reference prices could erode margins for oil companies and have a negative impact on the investment environment, adding to existing concerns about licensing delays and lackluster exploration results, said Marcelo de Assis, an energy consultant.
“These are heavy measures that could cause more problems in the medium and long term,” de Assis said.
The ministry is pushing for the country’s oil regulator, known as the ANP, to review the reference prices used to calculate taxes paid by oil producers, including state-controlled Petrobras, before the end of July.
The oil and gas measures include a bill to authorize the federal government to sell oil production rights in areas of the pre-salt, Brazil’s most prolific offshore oil region, that haven’t been licensed yet. It would include areas near the giant Tupi, Mero and Atapu fields, and could raise 15 billion reais this year if approved by Congress.
World Oil
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03 June 20255 min readBrazil Seeks $6.2 Billion From Oil Industry In Push To Boost Finances
World Oil
03 June 2025
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Adnoc’S Xrg Targets 25 Million Tons Of Lng, Gas Capacity Per Year By 2035(Reuters) — XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), is aiming to have a gas and LNG business with a capacity of between 20 million and 25 million metric tons a year by 2035, the company said in a statement on June 3.
XRG was set up last year as an investment company focused on lower-carbon energy, gas and chemicals, with assets of more than $80 billion.
On June 3, its board, whose members include former BP CEO Bernard Looney and Blackstone's Jon Gray, approved the capacity target and a new five-year business plan. Board members also supported the assessment of potential gas acquisitions and LNG opportunities in North America.
ADNOC's current US investments already sit under XRG, and the oil giant's Chief Executive Sultan Al Jaber said in March that XRG would make a significant investment in U.S. natural gas in coming months.
The United Arab Emirates, a key ally of U.S. President Donald Trump, plans to raise its U.S. energy investments to $440 billion in the next decade from $70 billion, Jaber said last month.
XRG has also changed the name of its low carbon energies platform to Energy Solutions to reflect the full scope of the company's strategy, including energy demand linked to artificial intelligence and the digital economy, a company spokesperson said on Tuesday.
The board "endorsed the company's ambition to create a top three global chemicals platform," XRG said.
ADNOC had agreed in October to buy German chemicals maker Covestro for 14.7 billion euros ($16.73 billion) including debt. Jaber later said it would sit under XRG.
($1 = 0.8787 euros)
Pipeline Gas Journal
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03 June 20255 min readAdnoc’S Xrg Targets 25 Million Tons Of Lng, Gas Capacity Per Year By 2035
Pipeline Gas Journal
03 June 2025
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Billionaire Razon To Acquire 60% Of First Gen’S Gas Assets For $896 Million(Reuters) — Prime Infra, the infrastructure business arm of Filipino businessman Enrique K. Razon Jr., is buying 60% of the gas assets of First Gen Corp. for 50 billion pesos ($896.44 million), the Philippine energy firm said on June 2.
The parties have signed a term sheet, which shows another upcoming facility located in Batangas province, south of Manila, First Gen said in a statement.
First Gen is backed by the influential Lopez family, who will retain a 40% stake in the gas business the company is selling. The Lopez family is also the controlling shareholder of ABS-CBN, the country's largest broadcaster.
The deal marks the latest in the Philippine energy sector, following a $3.3 billion gas and LNG joint venture unveiled by San Miguel Corp. with Aboitiz Power and a unit of Manila Electric Co.
The stake sale will help First Gen go ahead with its plans to quadruple its renewable energy capacity in six years through 2030.
($1 = 55.7760 Philippine pesos)
Pipeline Gas Journal
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02 June 20255 min readBillionaire Razon To Acquire 60% Of First Gen’S Gas Assets For $896 Million
Pipeline Gas Journal
02 June 2025
oil-gas
Trump Wants To Shut 1 Million-Barrel Heating Oil Reserve In Northeast(Reuters) — President Donald Trump's budget proposes to shut as soon as in a few months the Northeast Home Heating Oil Reserve, which stores 1 million barrels of diesel and was designed to protect consumers.
The reserve, created in 2000 by former President Bill Clinton, holds enough for roughly 10 days of heating homes. It has not been tapped since 2012, when it provided fuel to emergency responders in the aftermath of Hurricane Sandy.
The proceeds of a sale of the ultra-low sulfur diesel in fiscal year 2026 would go to U.S. deficit reduction, the proposal said. At current prices, revenues from a sale would be about $86 million, but closing the facility could save on maintenance costs.
U.S. budget proposals lay out an administration's policies, and what lawmakers ultimately adopt often differs from White House requests.
Trump's predecessor, former President Joe Biden, had proposed in November, 2022 to expand the reserve as a protection against spikes in heating oil prices and inflation after Russia's full-scale invasion of Ukraine boosted energy prices.
That plan, never put in place, would have funded purchases from the reserve from revenue from sales from the Strategic Petroleum Reserve, the world's largest emergency stockpile of crude oil.
The Department of Energy did not immediately respond to a request for comment about the proposal to close the heating oil reserve.
Pipeline Gas Journal
oil-gas
02 June 20255 min readTrump Wants To Shut 1 Million-Barrel Heating Oil Reserve In Northeast
Pipeline Gas Journal
02 June 2025
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