Williams and Brazos Midstream have announced that they have agreed to enter into a joint venture (JV) in the Delaware Basin.
Under terms of the agreement, Williams will contribute its existing Delaware Basin assets to the JV, in exchange for a 15% minority position. The contribution of the Williams assets will expand the footprint of the current Brazos system.
Brazos – with 85% ownership in the JV – will operate pro-forma 725 miles of gas gathering pipelines, 260 million ft3/d of natural gas processing, 75 miles of crude oil gathering pipelines, and 75 000 bbls of oil storage, located across Reeves, Loving, Ward, Winkler, Pecos, and Culberson counties in Texas, US. In addition, Brazos is currently constructing its previously announced 200 million ft3/d Comanche III natural gas processing plant to be fully operational by 1Q19, bringing the JV’s total operated processing capacity in the Delaware Basin to 460 million ft3/d.
As part of the transaction, Williams and Brazos have also entered into an agreement to jointly develop natural gas residue solutions.
Read the article online at: https://www.tanksterminals.com/storage-tanks/16112018/williams-and-brazos-midstream-announce-delaware-basin-jv/
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