Noble Midstream and Plains All American complete pipeline deal
Published by Anna Nicklin,
Assistant Editor
World Pipelines,
Noble Midstream Partners LP (Noble Midstream) and Plains All American Pipeline, L.P. (PAA) have announced the completion of the Advantage Pipeline, L.L.C. (Advantage) acquisition for US$133 million through a newly formed 50/50 joint venture. Noble Midstream contributed US$66.5 million of cash, funded by available cash on hand and their credit facility, and Plains contributed approximately 1.3 million PAA units and US$26.3 million of cash.
Noble Midstream serves as the operator of the Advantage system, which includes a 70 mile crude oil pipeline in the southern Delaware Basin from Reeves County (Texas) to Crane County (Texas) with 150 000 barrels of daily shipping capacity (expandable to over 200 000 bpd) and 490 000 barrels of storage capacity.
In addition to existing customers, throughput growth is expected from an acreage dedication from Noble Energy, Inc. and a volume commitment from Plains Marketing, L.P. Connections to the Advantage Pipeline from Noble Midstream’s first central gathering facility and Plain’s Wolfbone Ranch Station remain on schedule for completion in the second quarter of this year.
Read the article online at: https://www.worldpipelines.com/business-news/04042017/noble-midstream-and-plains-all-american-complete-pipeline-deal/
You might also like
World Pipelines Podcast: Going global with IPLOCA
In this episode, Elizabeth Corner speaks to Georges Hage, Executive Secretary at IPLOCA, about IPLOCA's insights on the culture and characteristics of the pipeline contractor community, and how it works to support sustainable energy infrastructure.
Oil and gas companies add renewable fuels to low-carbon portfolio, says GlobalData
Share of fossil fuels in the world’s energy mix declined from 82% in 2022 to 81.5% in 2023.
