A roller coaster ride Thursday for Royal Dutch Shell (NYSE:RDSA): first, the company is reported to be in talks to build a terminal on the west coast of Canada, and then come reports of ‘light sheen’ in the Gulf. The terminal, a $12.35 billion liquefied natural gas installation, would be built within a partnership with Mitsubishi Corp., China National Petroleum and Korea Gas Corp. Nikkei reports that a broad agreement could be reached during the current month. Subsequently, shares fell on the (false) sighting on the ocean surface sheen, until Shell’s inspection of its area assets revealed that all operations were going on as normal with no indications of leaks.
Forum Energy (FET) makes its initial price offering on the NYSE at $20, and was trading up over 14 percent at $22.90 early Thursday. Forum manufactures products and services for the oil and natural gas industries on a worldwide basis.
Kinder Morgan Partners’ (NYSE:KMP) Trans Mountain pipeline, which transmits crude oil to the west coast of Canada, will be expanded by a $5 billion project that should double KMP’s capacity. Completion of the expansion would increase the volume shipped from Alberta to Vancouver to 850 thousand barrels per day from the current 300 thousand, and will enable Asian buyers to load the Canadian crude in significant volumes.