Keyera Corp. reached an agreement to acquire a 70.79% ownership interest in the Ricinus deep-cut gas plant in west central Alberta for CA$65 million (US$56 million). The agreement is subject to closing conditions, including the waiver or expiration of rights of first refusal held by the other owners of the plant.
The Ricinus plant is located 22 kilometers south of Keyera’s Strachan deep-cut gas plant, which is a sweet gas processing plant that extracts a C3+ mix of NGL. It currently processes about 124 million cubic feet per day, as only one of its two NGL processing trains is in operation.
Keyera plans to increase utilization at the Strachan plant in the future. It also plans to build a new pipeline between the Ricinus plant and Strachan plant, and to invest in associated gas gathering systems.
Recommended Reading
1Q24 Dividends Declared in the Week of April 29
2024-05-03 - With earnings season in full swing, upstream and midstream companies are declaring quarterly dividends. Here is a selection of dividends announced in the past week.
Analyst Questions Kimmeridge’s Character, Ben Dell Responds
2024-05-02 - The analyst said that “they don’t seem to be particularly good actors.” Ben Dell, Kimmeridge Energy Partners managing partner, told Hart Energy that “our reputation is unparalleled.”
Tellurian Reports Driftwood LNG Progress Amid Low NatGas Production
2024-05-02 - Tellurian’s Driftwood LNG received an extension through 2029 with authorization from the Federal Energy Regulatory Commission and the U.S. Army Corps of Engineers.
Zeta Energy Appoints Michael Everett as COO
2024-05-02 - Prior to joining Zeta Energy, a lithium-sulfur battery developer, Michael Everett previously served as president and COO at Advanced Battery Concepts.
Shell Launches $3.5 Billion Share Buyback Program
2024-05-02 - Shell, which posted first-quarter adjusted earnings of $7.7 billion, will cancel all of the shares it buys.