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Messer's Bid for Federal Helium System Accepted by BLM

Updated: Mar 11

The US Bureau of Land Management (BLM) approved Messer's bid for the Federal Helium System following regulatory reviews. The Federal Helium System, auctioned by the General Services Administration on January 25, 2024, gives Messer access to to ~1bcf of crude helium and the Federal Helium System with 800mmcf of crude helium and 144bcf of native gas with 1.8% helium content, along with associated facilities, wells, and pipelines. Messer bid US$21mm for the 1bcf of helium (implying US$21/mcf of the helium), and US$353mm for the other assets and reserves. Later, the offer price was negotiated and increased to a total of US$423mm for both the lots. Since May 2022, Messer has managed the System's Cliffside Gas Plant. The bid's approval triggers an antitrust review by the Department of Justice and necessitates compliance with state regulations. It is also notable that production at the BLM facility has been at lower levels in the last week, averaging ~1,390 mcf/d compared to regular levels of about 1,800 mcf/d (-22%). Pipeline pressure, on the other hand, has increased over the last week to ~1,425 psia compared to average levels of 1,100 psia (+29%).

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