Major U.S. energy companies Dominion, Duke Energy, Piedmont Natural Gas and AGL Resources formed a joint venture (JV) to build and own the proposed Atlantic Coast Pipeline, the companies announced on Sept. 2. The planned $4.5 billion to $5 billion, 550-mile natural gas pipeline would run from Harrison County, W.Va., through Virginia, with an extension to Chesapeake, Va., and south through North Carolina to Robeson County. The main pipeline would have a 42-inch diameter in West Virginia and Virginia, and a 36-inch diameter in North Carolina.
The JV, called Atlantic Coast Pipeline LLC, will own the pipeline initially proposed by Dominion as the Southeast Reliability project. Ownership stakes in the JV are: Dominion, 45%; Duke Energy, 40%; Piedmont, 10%; and AGL Resources, 5%. Subsidiaries and affiliates of all JV partners plan to be customers of the pipeline under 20-year contracts, pending regulatory approvals.
Recommended Reading
Kimmeridge Fast Forwards on SilverBow with Takeover Bid
2024-03-13 - Investment firm Kimmeridge Energy Management, which first asked for additional SilverBow Resources board seats, has followed up with a buyout offer. A deal would make a nearly 1 Bcfe/d Eagle Ford pureplay.
Laredo Oil Subsidiary, Erehwon Enter Into Drilling Agreement with Texakoma
2024-03-14 - The agreement with Lustre Oil and Erehwon Oil & Gas would allow Texakoma to participate in the development of 7,375 net acres of mineral rights in Valley County, Montana.
President: Financial Debt for Mexico's Pemex Totaled $106.8B End of 2023
2024-02-21 - President Andres Manuel Lopez Obrador revealed the debt data in a chart from a presentation on Pemex at a government press conference.
NOV's AI, Edge Offerings Find Traction—Despite Crowded Field
2024-02-02 - NOV’s CEO Clay Williams is bullish on the company’s digital future, highlighting value-driven adoption of tech by customers.
Hess Corp. Boosts Bakken Output, Drilling Ahead of Chevron Merger
2024-01-31 - Hess Corp. increased its drilling activity and output from the Bakken play of North Dakota during the fourth quarter, the E&P reported in its latest earnings.