Page 12 - NorthAmOil Week 23 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM The sale is expected to close upon the development and growth of our high quality,
receipt of required regulatory approvals. independent infrastructure business.”
Valaris announces floater this transaction consistent with its stated in Third Coast Midstream. The transaction
Magellan intends to use the proceeds from
“ArcLight welcomes this new partnership
contract award capital allocation priorities. is a strong validation of the offshore
infrastructure strategy that the company
MAGELLAN MIDSTREAM PARTNERS, June 10,
Valaris announced today that it has been 2021 has executed over the last several years and
awarded a three-year contract with Chevron enables the integration of King’s Quay, one of
in the US Gulf of Mexico for drillship, Third Coast Midstream the most exciting new developments in the
VALARIS DS-18 (Relentless). The contract deepwater Gulf of Mexico,” added Josef Alves,
is expected to commence in the first quarter completes sale of a Managing Director at ArcLight.
of 2022 in direct continuation of the current The terms of the transaction are not being
contract. significant minority interest disclosed.
VALARIS, June 08, 2021 THIRD COAST MIDSTREAM, June 07, 2021
to global infrastructure
investor
MIDSTREAM DOWNSTREAM
Magellan Midstream Third Coast Midstream, an affiliate of Cryopeak LNG Solutions
ArcLight Capital Partners, announced today
announces sale of that it has sold an approximately 50% interest announces new LNG
in its subsidiary, Lighthouse Super Holdings,
independent terminals to an affiliate of a global infrastructure production facility in Fort
investment vehicle. Lighthouse owns Third
Magellan Midstream Partners announced Coast’s existing offshore-focused midstream Nelson, BC now in operation
today an agreement to sell its independent assets and a 50% interest in King’s Quay
terminals network comprised of 26 Infrastructure, which owns a new floating Cryopeak LNG Solutions, a Richmond,
refined petroleum products terminals with production system to be deployed in the BC based company, has announced the
approximately 6mn barrels of storage located deepwater Gulf of Mexico. commencement of operations at its new
primarily in the southeastern US to Buckeye “We are pleased to have a new partner liquefied natural gas (LNG) production
Partners, for $435mn. to support our premier Gulf of Mexico facility in Fort Nelson, BC. Phase 1
“The sale of our independent terminals infrastructure platform that provides critical production capacity is 27,000 LNG gallons per
demonstrates Magellan’s continued focus flow assurance services to low cost, low day and the plant is scalable to approximately
on utilizing all available options, including GHG-intensity deepwater production,” said 100,000 gallons per day under its current
optimisation of our asset portfolio, to Matthew W. Rowland, Third Coast’s president permit.
maximise unitholder value,” said Michael and chief executive officer. “This new Cryopeak’s new facility is the most
Mears, chief executive officer. “We would partnership positions Third Coast to build off Northern LNG production plant in Canada.
like to express Magellan’s gratitude to all our solid, fee-based foundation and execute The plant will supply LNG to Northern
employees dedicated to these facilities for our disciplined growth agenda. The entire Canadian communities as well as remote
their contributions and efforts through the Third Coast team is excited to embark with mines and other industrial applications for
years.” our new, trusted partner on the continued heat and power generation. The strategic
location in Fort Nelson places the facility as
close as possible to end use consumers.
The location and efficiency of new facility
when paired with Cryopeak’s pioneering
B-train transport trailers, capable of
hauling 20,000 gallons of LNG, results in a
lowest available cost of supply for off grid
communities and industrial customers.
Combining these two optimised platforms
also minimises Cryopeak’s environmental
footprint.
“We are thrilled to now have an LNG
production facility available to us in the far
north of the Province,” says Rick Loughery,
purchasing logistics manager for Coeur
Silvertip Holdings, the owner of the Silvertip
Mine. “Cryopeak has been a reliable supplier
of LNG to the Silvertip Mine for several
years now, and this new facility will allow
it to deliver LNG from a location that is
much closer to our site, which will result in

P12 www. NEWSBASE .com Week 23 10•June•2021