Latest news with #gasprocessing
CTV News
03-07-2025
- Business
- CTV News
Tidewater selling Sylvan Lake gas processing facility to Parallax for $5.5M
Tidewater Midstream and Infrastructure plans to sell its Sylvan Lake gas processing facility. CALGARY — Tidewater Midstream and Infrastructure Ltd. has signed a deal to sell its Sylvan Lake gas processing facility to Parallax Energy Operating Inc. for $5.5 million. The company says the facility is a non-core asset located in central Alberta. Proceeds from the sale are expected to be used to repay debt. Tidewater chief executive Jeremy Baines says the sale represents another milestone for the company as it looks to optimize its asset portfolio and improve financial flexibility. The sale is expected to have an immaterial impact on Tidewater's 2025 operating results. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions and regulatory approvals. This report by The Canadian Press was first published July 3, 2025.
Globe and Mail
03-07-2025
- Business
- Globe and Mail
Tidewater selling Sylvan Lake gas processing facility to Parallax for $5.5M
CALGARY - Tidewater Midstream and Infrastructure Ltd. has signed a deal to sell its Sylvan Lake gas processing facility to Parallax Energy Operating Inc. for $5.5 million. The company says the facility is a non-core asset located in central Alberta. Proceeds from the sale are expected to be used to repay debt. Tidewater chief executive Jeremy Baines says the sale represents another milestone for the company as it looks to optimize its asset portfolio and improve financial flexibility. The sale is expected to have an immaterial impact on Tidewater's 2025 operating results. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions and regulatory approvals. This report by The Canadian Press was first published July 3, 2025. Companies in this story: (TSX:TWM)
Yahoo
03-07-2025
- Business
- Yahoo
Tidewater selling Sylvan Lake gas processing facility to Parallax for $5.5M
CALGARY — Tidewater Midstream and Infrastructure Ltd. has signed a deal to sell its Sylvan Lake gas processing facility to Parallax Energy Operating Inc. for $5.5 million. The company says the facility is a non-core asset located in central Alberta. Proceeds from the sale are expected to be used to repay debt. Tidewater chief executive Jeremy Baines says the sale represents another milestone for the company as it looks to optimize its asset portfolio and improve financial flexibility. The sale is expected to have an immaterial impact on Tidewater's 2025 operating results. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions and regulatory approvals. This report by The Canadian Press was first published July 3, 2025. Companies in this story: (TSX:TWM) The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CTV News
20-06-2025
- Business
- CTV News
Competition Bureau reaches deal with Canadian Natural Resources over gas processing
A flare stack burns off excess gas at a processing facility near Crossfield, Alta., Tuesday, June 13, 2023. (Jeff McIntosh / The Canadian Press) OTTAWA — The Competition Bureau says Canadian Natural Resources Ltd. has agreed to sell 75 per cent of its interest in its Seiu Lake natural gas processing plant to address competition concerns related to its proposed acquisition of Schlumberger N.V.'s (SLB) interest in the Palliser Block joint venture. Under a consent agreement with the regulator, Canadian Natural will sell a majority interest in the plant to North 40 Resources Inc., an oil and natural gas exploration company operating in the area. Financial terms of the agreement were not immediately available. North 40 will be the operator of the plant, while Canadian Natural will hold a non-operating 25 per cent interest in the facility. The SLB assets being acquired by Canadian Natural include SLB's 87.5 per cent stake in 16 natural gas processing plants in southeastern Alberta. The Competition Bureau had raised concerns the deal would reduce competition for gas processing services in the region. --- This report by The Canadian Press was first published June 20, 2025.
Arabian Business
10-06-2025
- Business
- Arabian Business
ADNOC Gas announces $5bn contracts for Rich Gas development project
ADNOC Gas has awarded $5bn in contracts for the first phase of its Rich Gas Development (RGD) Project. This marks the start of ADNOC Gas' largest-ever capital investment, aimed at expanding its gas processing capacity and supporting the UAE's growing market demands. The RGD project is designed to optimise and increase throughput across several key ADNOC Gas facilities, including: Asab (onshore) Buhasa (onshore) Habshan (onshore) Das Island liquefaction facility (offshore) The first phase will focus on expanding the capacity of existing facilities while also developing new gas reservoirs that will enhance liquid gas exports, support gas self-sufficiency in the UAE, and supply essential feedstock to the country's burgeoning petrochemical industry. $5bn ADNOC Gas investment to drive growth The contracts awarded for the first phase of the RGD project are split into three major tranches: The largest, valued at $2.8bn, has been awarded to Wood for the Habshan facility $1.2bn in contracts for the Das Island liquefaction facility $1.1bn for the Asab and Buhasa facilities have been awarded to two consortia—Petrofac and Kent Plc These contract awards are set to boost ADNOC Gas' operational efficiency, enabling the company to meet increasing market demands with enhanced processing capacity. Fatema Al Nuaimi, CEO of ADNOC Gas, said: 'The FID and contract awards for the first phase of the Rich Gas Development project mark a significant milestone in ADNOC Gas' strategy to deliver +40 per cent EBITDA growth between 2023 and 2029. 'This strategic investment is expected to deliver significant new value for our shareholders and enable continued sustainable growth for the company, our employees, and the UAE.' Unlocking new gas streams to support the UAE's economic growth Phase 1 of the RGD project is set to optimise ADNOC Gas' existing gas assets while unlocking new and valuable gas streams. This will increase the company's capacity to meet the growing demand for gas and its derivatives. The project is also in line with ADNOC Gas' long-term growth strategy, which focuses on positioning the company for sustainable success between 2025 and 2029. The RGD project will not only support the UAE's economic development but will also contribute to the country's energy security and its goal of achieving gas self-sufficiency. In addition, ADNOC Gas is committed to enhancing its In-Country Value (ICV) by creating hundreds of new, field-based technical positions by 2029, further fuelling the UAE's continued economic progress. Looking further ahead, ADNOC Gas plans to take final investment decisions (FIDs) on two additional phases of the RGD project at Habshan and Ruwais. These phases will further expand production capacity to meet the growing global market demands for natural gas and its by-products.
