By Duncan Sutherland – Exclusive to Gas Investing News

Post-Ike news

In the wake of Hurricane Ike, a steady flow of updates on production, refining and transportation infrastructure has been forthcoming. Overall, it seems the storm was relatively gentle to energy companies, reserving its wrath for the population centres of the Texas Gulf Coast.

Natural gas, however, did not fully escape. Some 11.3 billion cubic feet per day of processing capacity remains shut according to Forbes. Additionally, some gas rigs and plants are almost certainly damaged. (Let us hope that none of them are insured with AIG.)

Finally, Sabine Pipe Line LLC, the operator of the Henry Hub gas transfer point announced it would start lifting force majeure on some parts of the complex, allowing deliveries to resume. The New Orleans Times-Picayune is reporting that 84 per cent of Gulf gas production was closed as of Tuesday morning (September 16).

Though Gulf energy projects are largely okay, it appears the Texas and Louisiana coastlines have been damaged quite badly. (If you have some money left after what the markets are doing this week, please donate to the Red Cross here.) Apart from these general problems, I have compiled some company-specific news below from MarketWatch.

Copano Energy (NASDAQ:CPNO) has confirmed that no major damage has been incurred and its operations should continue without much problem. Bonanza Oil & Gas (OTC:BGOI) has similar news, with no major difficulties. Gulfport Energy’s (NASDAQ:GPOR) preliminary inspections are more cautious, noting “no major structural damage apparent”. Obviously, further assessment will be needed.
Rowan Companies (NYSE:RDC) has a rig-specific assessment here.

Elsewhere….

European energy giant Gas Natural (MCE:GAS) is awaiting a ruling from Spanish regulators on whether it can acquire part of Union Fenosa, (MCE:UNF) pushing its total stake past 10 per cent and making the company third largest utility in Spain.

BP Canada (NYSE:BP) and Secure Energy Incorporated have concluded an agreement whereby BP will buy up to 67 million cubic feet per day from Secure once its Decatur, Illinois coal-gasification plant is finished.

Good news in Australia, as Essential Petroleum Resources (ASX:EPR) has found natural gas near Port Campbell near Adelaide. The region already has gas plants, so developing the field will be relatively simple.

Landi Renzo SpA, (BIT:LR) the European natural gas vehicle engine maker is seeking to expand into the America. It has concluded a deal with CNG Outfitters, a US engine conversion company to help the august European company enter North America’s small CNG vehicle market. Landi Renzo already operates in Europe and South America.

Landi Renzo appears to have good foresight, as the American House of Representatives began debate Tuesday (September 16) on the Comprehensive American Energy Security and Consumer Protection Act. The Act creates a series of incentives for expansion of natural gas fueled vehicles. Though the final text of the bill may change significantly as it wends its way through the legislative process, the current form calls for tax credits and other financial incentives for new natural gas fuelling stations and a “mandate that by 2018, each retail fueling station owned by a major integrated oil company shall have at least one natural gas or alternative fuel pump”.