Global Leader in International LNG Industry News

posted in:

Prometheus Energy and Seneca Resources sign LNG services agreement

Friday, Oct 26, 2012

HOUSTON, Oct. 25, 2012 /PRNewswire/ -- Prometheus Energy Group Inc. ("Prometheus Energy"), a leading supplier of liquefied natural gas (LNG) to the industrial sector, today announced it has entered into a long-term master agreement with Seneca Resources Corporation ("Seneca"), the wholly-owned exploration and production subsidiary of National Fuel Gas Company (NYSE:NFG) ("National Fuel"), to supply LNG and related equipment and services for Seneca's initiative to utilize clean-burning natural gas in its drilling operations.

Under the agreement, Prometheus will be Seneca Resources' exclusive turnkey LNG solutions provider, supplying LNG fuel through its established North American LNG network, providing onsite mobile LNG storage and vaporization equipment, and providing skilled local technician support to ensure operational reliability of LNG equipment.  In addition, the agreement will provide Seneca with an immediate reduction in fuel costs and air emissions (CO2, SO2, NOX), coupled with the operational flexibility required in today's dynamic E&P market.

"Prometheus developed the world's first LNG-fueled drilling rig solutions, and our market leading experience in the LNG-fueled drilling space makes us uniquely capable to address the major challenges of an evolving E&P operation while providing demonstrable value for our customers", said Ron Bertasi, CEO of Prometheus Energy.  "We are extremely pleased to partner with a leader like Seneca Resources in providing a lower cost, cleaner burning natural gas alternative for their operations."

"We are proud to be the first operator in the Pennsylvania Marcellus to launch such a program using dedicated natural gas engine technology. And we are equally proud to partner with industry leaders such as Prometheus Energy and our drilling equipment partner Ensign Energy Services Inc.," said Steven Conley, Vice President of Drilling in Seneca's Pittsburgh office.

Ensign, one of the world's leading land-based drillers and well servicing providers for crude oil, natural gas and geothermal, operates 15 drilling rigs exclusively on natural gas in the United States.

About Prometheus Energy

Prometheus Energy is one of the largest and fastest growing suppliers of liquefied natural gas (LNG) to the industrial sector in North America.  Prometheus provides turnkey fuel solutions to convert industrial users of diesel, propane and other crude-derived fuels to clean, domestic, secure LNG, resulting in reduced fuel cost and environmental footprint.  The company is vertically integrated from LNG production through distribution, onsite storage, and vaporization. A pioneer in the industrial LNG market, Prometheus developed first-of-their-kind conversions of industrial fuel consumers to LNG in numerous sectors, and was named a Finalist in the 2012 Platts Global Energy Awards in recognition of its industry leadership. Prometheus Energy is privately held by Shell Technology Ventures Fund 1 B.V. and Black River Asset Management LLC, a wholly owned but independently managed subsidiary of Cargill.

For more information, please visit www.PrometheusEnergy.com

About Seneca Resources Corporation, subsidiary of National Fuel Gas Company

Seneca Resources Corporation, the exploration and production segment of National Fuel Gas Company explores for, develops, and purchases natural gas and oil reserves in California and Appalachia. Additional information about Seneca Resources and National Fuel Gas Company is available at www.nationalfuelgas.com or through the Company's investor information service at 1-800-334-2188.

Contacts
Roger Dillon
Laurie Nix Garberg
info@PrometheusEnergy.com
www.PrometheusEnergy.com

Rob Boulware
boulwarer@srcx.com
www.srcx.com


SOURCE Prometheus Energy Group Inc.

To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today

posted in:

Other LNG News

ConocoPhillips approved for Alaska LNG exports 17-04-2014
Höegh LNG - signing of USD 412 million senior secured credit facility 14-04-2014
Magnolia LNG Project technical services agreement signed with SKEC Group 14-04-2014
Cheniere and Endesa sign 20-year LNG sale and purchase agreement 08-04-2014
Yamal LNG and Fluxys sign cooperation agreement on LNG transshipment 07-04-2014
Canada's West Coast can benefit from marine use of liquefied natural gas (LNG) 03-04-2014
Cheniere and Endesa sign 20-year LNG sale and purchase agreement 03-04-2014
Yokogawa to participate in Gastech 2014 −your global partner in LNG automation 31-03-2014
LNG market development – one of core businesses 28-03-2014
Gazprom and Kuwait addressing cooperation options, including LNG supplies 28-03-2014