LNG

While the US state of California has shunned the LNG market in terms of exports and imports, Australian exploration and production company Sacgasco is aiming to revitalize western supplies through its stakes in eight Californian natural gas fields in the Sacramento Basin in the north of the state.

Australian exploration and production company Sacgasco has seen its shares rise by as much as 80 percent since it issued a report on a gas project in the Sacramento Basin of the US state of California suggesting the well could be coming on stream soon and that the area could support LNG exports.

March 20 (LNGJ) - Sacgasco, the Australia-listed natural gas exploration and production company, said it had significantly strengthened its position in the US Sacramento Basin through the acquisition of five new operated gas wells from various private Californian firms. The assets also include all associated leases, production facilities, meter stations and pipelines at two gas fields. The assets are in the Rancho-Capay field, adjacent to existing Sacgaso production, and the East Rice Creek field. “Current gross production from just two wells in the latest acquisition amount to 120 mcf per day. In total Sacgasco now has a portfolio of 25 wells in the Sacramento Basin with 10 in production and a further 15 that have the potential to be brought back into production,” the company said.

Feb 7 (LNGJ) - Australian company Sacgasco Ltd is pushing ahead with its acquisition of natural gas wells in the Sacramento Basin of the US state of California. Sacgasco has signed an agreement to acquire 13 additional operated natural gas wells in the basin from ABA Energy Corp. of Bakersfield, California. “This transaction adds complementary and strategic value to Sacgasco as it gives us access to additional operated leases, production, gas infrastructure facilities and top quality seismic data to pursue our goal of becoming a major producer of natural gas in energy-hungry California,” said Sacgasco’s Managing Director Gary Jeffery.