Private US player Venoco is shutting up shop after filing for bankruptcy with an asset fire sale in the offing, writes Eoin O'Cinneide.
The Denver, Colorado-based company, which has onshore and offshore producing assets in the US, was forced into winding up after a third-party pipeline carrying much of its output remained offline for an extended period.
Chief operating officer Mike Wracher highlighted the ongoing closure of Plains All American Pipeline’s number 901 line as one of a series of “unfortunate circumstances” that had hit the company’s finances.
