Reuters reports that DTE Energy will turn off its gas pipeline business to a publicly listed company, the Michigan utility said on Tuesday, a step that will increase its focus on delivering electricity to customers.
By mid-2021, DTE Midstream will be divided, with ownership awarded to shareholders of DTE Energy through a share dividend, an arrangement that would avoid tax liabilities, the Detroit-based company said in a statement.
The news was welcomed by investors, sending DTE Energy shares 2% higher. According to a DTE presentation, DTE Midstream would produce about $700 million of earnings before interest , tax, depreciation and amortization (EBITDA) in 2020 and bring debt worth about four times that sum.
In Michigan, DTE Energy serves 2.2 million electricity consumers and a further 1.3 million gas users. In Appalachia and Louisiana, DTE Midstream transports natural gas produced from shale basins.
The Department of Petroleum Resources (DPR) says that the bid round process for its 57 marginal oilfields is still underway in the region. At the weekend in Lagos, Mr Paul Osu, Head of Public Relations, DPR, told the Nigeria News Agency (NAN) that the bidding process had not been completed.
More than 600 businesses have applied for the bid rounds that started on June 1st. The DPR had, however, adopted steps to ensure that the prize winners were reputable investors with technological and financial capabilities.
The goal of the 2020 marginal field tender round was to deepen indigenous companies' involvement in the upstream industry segment and to provide investors with technological and financial partnership opportunities.
In cooperation with Scottish Development International (SDI), the UK Department for International Trade (DIT) organized the first virtual energy event to explore business prospects for UK-Scottish companies in the transition to net zero in Egypt, as part of the UK 's initiative to support Egypt in its energy reform program.
Egypt is Africa's biggest non-OPEC oil producer, as well as the second largest producer of natural gas on the continent. With Egypt currently introducing the Modernisation Project of the Petroleum Industry, aimed at the sustainable development of the petroleum sector, UK businesses are keen to participate in the many business opportunities offered.
The event showed the degree of excitement among both UK and Egyptian participants to trigger a new era of Energy Transition.
Reuters reports that In an all-stock deal estimated at C$ 3.8 billion ($2.9 billion) to build Canada's No. 3 oil and gas producer, Cenovus Energy Inc has offers to purchase rival Husky Energy Inc, as a pandemic-driven decline in demand forces the industry to merge.
The acquisition makes Cenovus an integrated refining company in Canada and the United States and adds two U.S. refineries to its current half-ownership.
The Cenovus CEO Alex Pourbaix, opined that acquisition of refineries, pipelines and storage provided a solution to the already congested pipelines of Canada, which generally produced price discounts.
Reuters reports that Russia's monopoly for exporting gas, Gazprom, recently approached the Ukrainian state-owned gas company Naftogaz, reserving more gas transport capabilities to Europe, Naftogaz head said on Thursday.
In 2020, Gazprom had already booked a capacity of 65 billion cubic meters, and Kobolyev did not say how much more he needed. Gazprom aims to complete a pipeline of 11 billion dollars in the Nord Stream 2 pipeline to resolve Ukraine's transit fees. U.S. sanctions stopped the pipeline last year.
Like the Obama administration, the Trump administration has resisted the project, saying it will increase the role of Russia in Europe. Germany and other nations, however, claim that this is a commercial project. U.S. senators are working on new U.S. pipeline sanctions.
IPR Energy Group ('IPR') has reported that it has decided to acquire Nile Delta onshore assets from Dana Gas Egypt, turning IPR into one of the leading autonomous local oil & gas companies in Egypt. The deal is subject to statutory government approval and is due to close at the beginning of 2021.
The acquired properties include a 100 % stake in the concessions of El Manzala, West El Manzala, West El Qantara and North El Salhiya, owned by WASCO JV, a joint venture with EGPC.
Through this strategic and highly advantageous acquisition, IPR with more than 110 million barrels of 2P oil equivalent reserves will become a 64,000 boepd (45,500 equity) producer in Egypt.
In order to further improve its application and encourage investment in the field, Nigeria's downstream gas operators have advised the federal government to domesticate its gas resources as a catalyst.
The operators were critical of Nigeria's long-standing emphasis on its gas exports market, and accepted that it was time to take advantage of the benefits of building economic diversity and resilience.