July 5, 2018 / 11:50 PM / 4 months ago

Bankrupt energy producer Venoco seeks to abandon offshore pipelines

Bankrupt energy producer Venoco LLC has asked for court permission to abandon a series of pipelines linking drilling platforms off the California coast after Chevron Corp declined to exercise an option to buy them.

Denver-based Venoco said in papers filed on Tuesday in U.S. Bankruptcy Court in Delaware it had no use for the pipelines as it winds down operations and “no viable buyers” had emerged because the five pipelines are not generating revenue.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2NqySYS

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