Tidelands' Mexican Subsidiary Files Permits with CRE
Tidelands Oil & Gas Corporation reports that on March 18, it filed, through its Mexican subsidiary Terranova Energia, S. de R.L. de C.V., for the permitting of the Terranova Oriente pipeline with the CRE (Comision Reguladora De Energia de Mexico). This pipeline will interconnect with two US-Mexico border points at Progreso and Arguelles, as well as with a proposed underground natural gas storage facility in Rio Bravo, Tamaulipas. The pipelines will be 30 and 36 inches in diameter in different sections, approximately 160 miles long, and will have an average capacity to flow natural gas at a rate of 1 BCF per day. This bi-directional pipeline will be capable of transporting natural gas from Texas into Mexico or vice versa. The Terranova Oriente pipeline is part of a larger project which also includes the Dorado HiLoad LNG offshore Regasification Terminal to be built in the Gulf of Mexico.
Once awarded, the permit will afford Tidelands the opportunity to position itself to supply natural gas in the Northern part of Mexico. The permitting process represents a significant milestone in Tidelands' initiatives to bring continued growth and expansion to its business activities while competing with other companies in the construction of the natural gas infrastructure to integrate Northern Mexico and South Texas.
Michael Ward, President and CEO of Tidelands Oil & Gas Corporation, stated, "We continue to move closer to the realization of years of planning and developing projects that have been envisioned by our management team. We remain committed to strengthening our company and exploring opportunities to expand our business activities".
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- Tidelands Files FERC Pipeline Construction Applications (Feb 05)