Getting your player ready...
NEW YORK — Venoco said Monday that a subsidiary has received final approval to build a pipeline in California.
The Denver energy company said the pipeline will reduce transportation costs from the South Ellwood field in the Santa Barbara Channel and reach more refineries. That will allow the company to receive $5 to $7 more for every barrel of oil it produces.
Venoco also said capital spending will range between $200 million and $250 million this year. That amount includes the construction of the pipeline and retaining rigs for various drilling projects.
