Andeavor acquires Permian crude oil assets
Published by Anna Nicklin,
Assistant Editor
Tanks and Terminals,
Andeavor is set to acquire 100% of the equity of Rangeland Energy II, LLC. Rangeland owns and operates assets in the Delaware and Midland Basins, including a crude oil pipeline, three crude oil storage terminals and a frac sand storage and truck loading facility.
With this acquisition, the company plans to integrate the obtained 145 000 bpd, 110 mile crude oil pipeline and crude oil storage terminals with its Conan crude oil gathering system, which currently under construction. The combination of the two systems will give producers access to multiple markets by connecting to existing takeaway pipeline systems. The combined system also supports Andeavor’s development of additional gathering systems in the area, as well as enhancing commercial opportunities by providing direct access to the Midland market hub.
Andeavor expects to drop down the pipeline assets to Andeavor Logistics, LP at a later date.
The acquisition, which is subject to customary closing conditions including regulatory approval, is anticipated to close in early 1Q18.
Read the article online at: https://www.tanksterminals.com/storage-tanks/04012018/andeavor-acquires-permian-crude-oil-assets/
You might also like
Hydrocarbon Engineering Podcast
Peter Davidson, CEO of the Tank Storage Association (TSA), joins us to discuss the essential role that the tank storage sector has to play in ensuring supply security and resilience, as well as in facilitating the energy transition.
Storagetech completes external floating roof mechanical seal order for SASREF in Saudi Arabia
Storagetech™ has completed of a tailor-made external floating roof mechanical seal order for Saudi Aramco Jubail Refinery Company (SASREF) in the Kingdom of Saudi Arabia.