Forumchem - Forum with AI(ALICE BOT & HAL9000) and TTS

Kinder Morgan Inc. has cancelled both its Northeast Energy Direct (NED) natural gas and Palmetto liquids pipeline projects, citing insufficient contractual commitments for the former and unfavorable action by the Georgia legislature regarding eminent domain for the latter.

The New York State Department of Environmental Conservation (DEC) denied a water-quality certificate required for construction of the proposed Constitution natural gas pipeline, saying it failed to meet the Empire States water-quality standards.

The US Pipeline & Hazardous Safety Administration is moving ahead with the US Department of Energy to address natural gas storage problems exemplified by the late-2015 leak at Southern California Gas Co.s Aliso Canyon facility near Los Angeles that took months to stop, PHMSA Administrator Marie Therese Dominguez said.

Light, sweet crude prices touched above $46/bbl on the New York market May 5 before settling at about $44.30/bbl upon lingering world oil oversupply concerns despite fires in Canada that threaten oil sands producers.

Mid-Con Energy Partners LP, Dallas, through its wholly owned subsidiary Mid-Con Energy Properties LLC, reported that it has entered into a definitive agreement to sell oil and natural gas assets in the Hugoton area for $18 million. The assets are being acquired by an undisclosed and unaffiliated buyer.

Near-term prospects for oil and gas producers are deteriorating along with expectations for prices of crude oil and natural gas.

Prolonged LNG oversupply in the face of slowing Asian demand will be the biggest factor affecting the industry in 2016. Continuing low oil prices will also affect the LNG industry in expected ways (delays and cancellations in export projects) and unexpected ways (takeovers between major players in an already consolidated industry).

Chinook Energy Inc. has divested most of its oil and natural gas properties in Alberta to privately held Tournament Exploration Ltd. and made a payment of $925,000 for common shares representing about 70% of Tournaments issued and outstanding share capital. Both companies are based in Calgary.

A year characterized by persistently low crude oil and natural gas prices, decreased capital expenditures, and falling revenues included dramatic downward reserve revisions by the 50 largest exploration and production firms in the US, according to Ernst & Young LLPs US oil and gas reserves study 2016.

Two US Senate Energy and Natural Resources Committee members from New England joined a witness from the Environmental Defense Fund in questioning how major natural gas pipeline projects are financed. Markets and priorities have changed to a point that relying on purchasers capacity commitments to raise construction capital may no longer be appropriate, they said at a June 14 hearing examining pipeline economics and other issues.