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Global Energy Advisory – 11th July 2014

Regulatory Alerts

The US Federal Energy Regulatory Commission (FERC) has approved a second natural-gas export terminal in Louisiana, authorizing Cameron LNG LLC, a unit of San Diego-based Sempra Energy, to operate and construct an LNG export facility in Hackberry. The project has passed its environmental assessment, the last regulatory hurdle for Cameron. The $10-billion project will begin construction later this year and will export up to 1.7 billion cubic feet of natural gas a day by 2019.

North Dakota’s Industrial Commission, with regulates the oil and gas industry, has endorsed a policy setting goals for reducing flaring in incremental steps through 2020 and allowing regulators to set production limits on oil companies in flare reduction targets are not met. The reason for flaring is that production is outpacing the development of pipeline and processing facilities, which means companies have to flare about 30% of their gas. Flaring must be reduced 26% by 1 October 2013 and 90% within six years, taking into account planned infrastructure development. North Dakota says it is losing $1 million per month in tax revenues due to flaring.

Deals, Mergers & Acquisitions, Management

•    Houston-based Linn Energy has agreed to acquire assets—around 900,000 net acres and 4,500 wells-- in five US operating areas from Devon Energy Corp. for $2.3 billion. The agreement should close in the third quarter of this year. The acreage…

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