Awesome Products will invest $44 million and add 240 employees as it expands its east Arkansas operation. The company already employs 80 people at its West Memphis facilities, which will be upgraded. In addition, it will build a new plant in Marked Tree.
Gulf Coast Fractionators, a partnership among ConocoPhillips, Devon Energy Corp., and Targa Resources Partners LP, will expand the capacity of its natural gas liquids fractionation facility in Mont Belvieu, Texas. The maximum gross fractionation capacity will be expanded to 145,000 barrels/day. The expansion is expected to be operational during the second quarter of 2012, subject to regulatory approvals.
Offshore Drilling Ban
The Obama administration is lifting the six-month moratorium on deep water oil drilling in the Gulf of Mexico imposed after the BP oil spill. The administration has been under heavy pressure from the industry, regional officials, political leaders and businesses to lift the moratorium on the grounds it has thrown workers off their jobs and damaged the economy. The move to lift the moratorium will include new requirements for those seeking to drill exploratory wells.
Apache Corp. has completed its $3.25 billion acquisition of most of BPís upstream natural gas assets in Canada. The transaction is part of Apacheís previously announced $7 billion acquisition of BP assets in Texas, Canada and Egypt. Apache has already closed the $3.1 billion deal for oil fields and gas processing plants in Texas and southeast New Mexico. The oil exploration and production assets in Egypt are worth about $650 million. Apache will take control of the Canadian properties on November 1.