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Friday, January 18, 2013

UGI and Tenaska Resources to jointly develop Marcellus shale resources In Potter & Tioga Counties

UGI and Tenaska Resources to jointly develop Marcellus shale resources In Potter & Tioga Counties


Oil & Gas Journal

Valley Force, Pa.-based UGI Corporation [NYSE: UGI] announced Jan. 14 that it has entered into agreements with Tenaska Resources LLC, a natural gas exploration and production affiliate of independent energy company Tenaska, to jointly develop gas resources in the Marcellus Shale region in north-central Pennsylvania.

UGI Energy Services Inc. will construct and operate about 20 miles of new gathering pipelines and related gas processing and compression facilities for wells that Tenaska intends to drill in Potter County, Pa., with the first phase of construction targeted for late 2013 or early 2014.

The initial investment in the proposed gas gathering system is estimated to be up to $25 million, with the total investment in gathering for full development of Tenaska’s Potter County acreage estimated to be in the range of $65 million over ten years. In addition to the gathering opportunity, UGI announced that it has invested $25 million for an approximate 19% non-operating working interest in acreage that Tenaska operates near Mainesburg in Tioga County, Pa. Both projects are located in proximity to UGI’s midstream and distribution assets, including 14.7 billion cubic feet (bcf) of natural gas storage.  Read more...

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