Page 11 - NorthAmOil Week 29 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM the debt facility was provided by Community ethane cracker, an important milestone for
National Bank (CNB) of Midland. us as we are expanding our global footprint
Lodestone Energy Partners LODESTONE ENERGY PARTNERS II, July 20, through Baystar. We are pleased to bring
Borealis’ proprietary Borstar technology to
2022
II announces its strategic North America for the first time, allowing
Baystar to produce enhanced polyethylene
acquisition of Midland DOWNSTREAM products for the most demanding
applications,” said Borealis CEO, Thomas
Basin assets Baystar announces the Gangl.
“This is an important milestone for Baystar
Lodestone Energy Partners II today start-up of new ethane as we become a fully integrated polyethylene
announced it has acquired assets from company. Our focus is on growing the
Hibernia Resources III to be operated by BCP cracker in Port Arthur, polymers market in North America and
Resources. leveraging the power of partnership with
Lodestone Energy is a vertically integrated Texas TotalEnergies and Borealis,” said Diane
fund focused on opportunities in the Chamberlain, Baystar president.
conventional oil and gas space. These assets Bayport Polymers, a 50/50 joint venture (JV) BAYPORT POLYMERS, July 21, 2022
are considered an ideal acquisition for the between TotalEnergies and Borealis, today
company due to an excellent financial profile announces the start-up of a new ethane
and top-tier performance in the Midland cracker with an annual production capacity of SERVICES
Basin. The assets span Reagan and Upton 1mn tons of ethylene.
Counties, Texas, with 85 conventional and 21 This almost $2bn project built on the site Gravity signs two new
legacy horizontal wellbores comprising over of and operated by the TotalEnergies refinery
2,000 mboe of net PDP reserves with 63% in Port Arthur, Texas, represents 14mn hours gathering and disposal
liquids. worked with more than 2,500 workers at peak
“The Hibernia assets are an excellent fit construction. agreements in the Bakken
with our strategic objective to expand our The ethylene produced by the cracker
footprint of operated conventional assets in will be used as feedstock to supply Baystar®’s Gravity, a growth-oriented water and power
the Permian Basin,” stated Barry Portman, existing polyethylene (PE) units, as well as infrastructure company backed by affiliates of
Lodestone’s Managing Partner and BCP a new Borstar technology polyethylene unit Clearlake Capital Group, today announced it
Resources CEO. “We’re privileged that currently under construction in Bayport. has signed two new produced water gathering
Hibernia has placed their trust in us and “After significant investments in US LNG and disposal agreements backed by long term
we’re thrilled to continue the high-quality and renewable electricity in 2022, the start- commitments in McKenzie County, North
operation and expansion of these assets up of this new cracker is another milestone Dakota.
alongside Hibernia as they continue their strengthening TotalEnergies’ presence in the To service the contracts, Gravity will
growth strategy as a leading oil producer in United States. This investment is in perfect construct over 11 miles of new pipelines to
the Midland Basin.” alignment with our strategy to develop gather produced water from two of the largest
The acquisition was funded by partners petrochemicals at our integrated platforms. operators in the Bakken. The new pipelines
local to West Texas, combining private equity At Port Arthur, we take advantage of the will connect to Gravity’s existing disposal
placement with a senior energy debt facility. abundance of ethane in the US,” said Bernard system in McKenzie County allowing for
AggieTech Capital (ATC) based in Midland Pinatel, president, refining and chemicals, bilateral flow of produced water for reuse
and Masked Rider Capital (MRC) based in TotalEnergies. or disposal solutions. In conjunction with
Lubbock anchored the equity placement and “I am excited to see the start-up of this new the new pipelines, Gravity is applying for
new saltwater disposal permits near these
fields that will provide optionality to expand
capacity to over 100,000 barrels per day.
“We are very excited with these new
agreements, which are expected to double
our volumes in the Bakken within the next 12
months and allow for us to organically expand
our systems into strategic Tier 1 acreage
growth areas that are in need of even more
water midstream infrastructure to support
future development,” stated Trace Hight,
Gravity’s chief commercial officer of Water
Midstream.
Gravity now owns and manages more
than 50 active saltwater disposal wells with
more than 1.5mn barrels per day of permitted
disposal capacity in the United States. With
the addition of its cost-effective produced
water reuse services, Gravity has provided

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