National Grid has joined with Eversource Energy and Spectra Energy to construct a $3 billion pipeline project through New England that will expand the region's natural gas capacity. The project was originally announced in September, but National Grid's inclusion increases the size and scope of the project. Meanwhile, Kinder Morgan plans to build a new 80-mile natural gas pipeline. It's unclear if the two projects will be in competition for federal approval.
Spectra Energy and Northeast Utilities recently unveiled a plan for a $3 billion expansion project for the Algonquin and Maritimes pipelines that would allow for an additional 1 billion cubic feet of gas to flow into New England daily. Should the Access Northeast project be approved by the Federal Energy Regulatory Commission, it could be finished in 2018, according to officials.
Phillips 66 is spending $3 billion to build midstream facilities in Brazoria County, Texas. The company's board of directors on Friday approved a plan to build a liquefied petroleum gas export terminal and a fractionation plant in the county.
Occidental Petroleum and Qatar Petroleum will upgrade the Idd El Shargi North Dome oil field off the coast of Qatar. The project, worth over $3 billion, involves the drilling of more than 200 water injection wells, Occidental said.
ConocoPhillips CEO Jim Mulva said the company would consider investing another $3 billion in ethanol. He told Wall Street analysts that any acquisition or investment would likely focus on ethanol made from sources other than corn. The company also said it expects proceeds of up to $4 billion from asset sales this year.