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Laser Northeast Pipeline Selling to Williams for $750M
Laser Northeast Gathering, a 33-mile natural gas pipeline that cost $55 million to build and stretches from the very active Marcellus Shale drilling area of Susquehanna County (in northeastern PA) to Broome County (in New York’s Southern Tier), connecting to the interstate Millennium Pipeline, announced yesterday the company is selling itself to Williams Partners for $750 million. The deal covers Laser’s contracts to expand the pipeline and commitments from customers already signed on. When the project is fully completed it will have 75 miles of pipeline. Laser is a subsidiary of Delphi Midstream Partners.
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After a 3 1/2 hour public hearing and a short recess, Binghamton (NY) City Council last night convened in regular session to vote on several matters, including Local Law 11-7, a law “to effect a prohibition of natural gas and petroleum exploration and extraction activities, underground storage of natural gas, and disposal of natural gas or petroleum extraction, exploration and production wastes.” City Council members voted 6-1 in favor of the two-year ban on fracking, joining other cities around the state like Buffalo and Syracuse that have done the same.
This week will be important for the effort to get shale gas drilling moving in New York State. The state Department of Environmental Conservation (DEC) is conducting a series of four public hearings nominally to accept comments on the most recent changes to the draft drilling regulations, also known as the SGEIS (Supplemental Generic Environmental Impact Statement). MDN says “nominally” because each of the four events will be used by both those for and against drilling to try and show their side has the most support.
An excellent commentary in today’s New York Post by Abby Wisse Schachter addresses the fear mongering and just plain kookiness heard from anti-drillers. From the opening:
As many of you have heard via the national media, the Binghamton, NY (Broome County) area—where much of the drilling in New York State is likely to occur once drilling begins—was just hit with the worst flooding in its history, after the previous “worst ever” flooding occurred only five years ago, in 2006. This type of flooding is referred to as a “100-year flood” and it causes the government to re-draw floodplain maps to indicate where such areas are capable of extreme flooding.