Page 13 - NorthAmOil Week 49

NorthAmOil
NEWS IN BRIEF
NorthAmOil
commitments for crude oil transportation from Pony Express’ Sterling origin to destinations in Cushing, Okla., in exchange for volume incentive tariff rates.
The open season will run from December 10, 2019, to January 29, 2020.
TALLGRASS ENERGY, December 10, 2019
SERVICES
Gravity Completes acquisition of On Point, creating the largest commercial saltwater disposal company in the Midland Basin
Gravity, a leading water and energy infrastructure company backed by affiliates
of Clearlake Capital Group, today announced it has completed the acquisition of On
Point Oilfield Holdings, creating the largest commercial produced water disposal company by injection volumes in the Midland Basin.
Gravity now owns and manages more than 50 active saltwater disposal wells with more than 1mn barrels per day of permitted disposal capacity.
Trace Hight, founder and CEO of
On Point, has joined Gravity as its chief commercial officer of water infrastructure, reporting to Rob Rice, Gravity’s president and chief executive officer. Financial terms of the transaction were not disclosed.
Vinson & Elkins served as legal counsel
to Gravity and Barclays acted as Gravity’s financial advisor and arranged debt financing for the transaction.
GRAVITY, December 11, 2019
MOVES
Lake Charles LNG receives extension
The US Federal Energy Regulatory Commission (FERC) has granted the developers of the proposed Lake Charles LNG export terminal in Calcasieu Parish, Louisiana, a five-year extension to construct the facility. Energy Transfer and Royal Dutch Shell now have more time to convert the former import terminal into an export facility.
The new export terminal would consist of three liquefaction trains with a combined capacity of 16.45mn tonnes per year (tpy).
Shell acquired its stake in Lake Charles LNG through its takeover of BG Group.
In August, the companies asked the FERC for a five-year extension to complete the project, citing the “complex international merger” that required the renegotiation of agreements.
Week 49 11•December•2019
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