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Pembina's Stake in Key Access Pipeline System Is Sold to Stonepeak Partners
02/15/2023
Canadian pipeline operator Pembina Pipeline Corp.'s joint venture with KKR & Co. is selling for C$662.5 million ($484.89 million) its 50% stake in the Key Access Pipeline System to private equity firm Stonepeak Partners.
The agreement allows Stonepeak to maintain a pipeline system that conveys NGL to processing facilities for export to Asia, a market with a raising appetite for North American LNG as it refuses to use coal and as the decrease in Russian exports leaves a void in global supply.
The joint venture PGI, which was formed in March through deals and estimated at C$11.4 billion, is possessed 60% by Pembina while KKR's global infrastructure funds have the rest.
Being a 560-km pipeline system, KAPS conveys NGL between western Canada's Montney and Duvernay fields to Keyera's processing facilities in Fort Saskatchewan.
Keyera Corp. will continue possessing the rest 50% stake in KAPS and will maintain the asset. The sale is anticipated closing in the first quarter of 2023.
Pembina owns pipelines that convey hydrocarbon liquids and natural gas products produced primarily in Western Canada. It also possesses gas gathering and processing facilities and an oil and natural gas liquids infrastructure and logistics business. Its operations along the hydrocarbon value chain allow it to offer a full slate of midstream and marketing services to its customers in the energy industry.
Stonepeak’s renewables portfolio is expected to produce almost 2,500-gigawatt hours of annual renewable capacity, which is enough to power about 235,000 US households per year.
West Texas Gas has surveyed roughly 5,000 miles of pipe, made improvements, and avoided almost 8.5 million cubic feet per day of emissions. Its renewables portfolio companies have avoided 157k metric tons of lifetime carbon emissions, which equals taking 124k cars off the road for 1 year.
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Tokyo Gas Is Set to Buy Rockcliff Energy: One of the Top Haynesville's Producers
On January 3, U.S. natural gas producer Rockcliff Energy from private equity firm Quantum Energy Partners was set to be sold to a unit of Tokyo Gas Co. Ltd. for roughly $4.6 billion, including debt. The all-cash agreement with Houston-based TG Natural Resources, which is 70% possessed by the Japanese energy firm, is decided to be claimed this month, according to anonymous resources, as the discussions were requested to be confidential. Castleton Commodities International (CCI) owns the rest of TG Natural Resources.
US LNG Market: TOP 10 Terminals, Export, LNG Pause, Sabine Pass, Corpus Christi, Freeport and others
In December 2023, the U.S. set a new record by exporting 8.6 million tonnes of LNG. This spike was primarily fueled by two developments: the full return of Freeport LNG, which contributed an additional 6 million tonnes, and an increased output from Venture Global LNG’s Calcasieu Pass facility, adding 3 million tonnes over the previous year. Europe remained the main destination for U.S. LNG, receiving 61% of the exports in December, but this decreased from 68% in November. Asia also increased its imports significantly, taking in 26.6% of the exports, up from 18.5% in November. Latin America accounted for 6% of the exports.
The pipeline industry in the USA faced and still faces a range of regulatory challenges, including permitting delays, environmental requirements, and public opposition to pipeline projects. In recent years, pipeline projects like the Keystone XL and Dakota Access pipelines had legal and regulatory obstacles that delayed or canceled their construction. Keystone XL Pipeline, proposed by TransCanada in 2008, aimed to transport crude oil from Canada (around Calgary and Edmonton) to refineries on the Gulf Coast (Port Arthur). The project faced opposition from environmental groups and indigenous communities, who argued that it would contribute to climate change and pose a risk to water resources. In 2015, President Obama rejected the project, citing concerns about its environmental impact. However, in 2017, President Trump revived the project, leading to further legal challenges. In June 2021, U.S. President Joe Biden officially canceled the project on his first day in office.
The renewable natural gas (RNG) industry in the United States is showing promising signs of growth. As of 2019, the U.S. consumed 261 billion cubic feet (BCF) of RNG, primarily utilized by independent power producers, electric utilities, and various commercial and industrial entities. However, this figure represents only a small fraction of its potential. Research indicates that the U.S. could theoretically produce up to 2,200 BCF of RNG through anaerobic digestion alone, which would equate to about 11% of daily national natural gas consumption.
Recently, the progress toward an energy transition is hitting a snag. Sales of electric vehicles are decelerating, and the growth in wind and solar power needs to be keeping pace with expectations. To make matters more challenging, electricity prices are climbing when they were expected to fall. Amidst these setbacks, the oil and gas sectors are proving resilient. According to BP's latest energy outlook, not only are these energy mainstays here to stay, but their demand is expected to remain relatively high even after reaching a peak. Interestingly, BP forecasts that oil demand will reach its zenith next year, marking a critical moment in energy consumption trends. This isn't the first time BP has projected a peak in oil demand. Back in 2019, their review anticipated a decline in demand growth, but the prediction fell flat. Instead, oil demand surged to unprecedented levels following the end of the global pandemic lockdowns, defying previous forecasts and underscoring the enduring dominance of traditional energy sources in the global market.