Genesis Energy, L.P. Signs New Deepwater Gulf of Mexico Transportation Agreements
April 13 2020 - 7:00AM
Business Wire
Genesis Energy, L.P. (NYSE: GEL) announced today that it has
entered into agreements with Fieldwood Energy LLC (“Fieldwood”),
Ridgewood Katmai, LLC and ILX Prospect Katmai, LLC, two entities
managed by Ridgewood Energy Corporation, to provide downstream
transportation services for 100% of the crude oil production
associated with the deepwater Gulf of Mexico Katmai field
development through the existing Tarantula production platform
(“Tarantula Platform”), owned by Fieldwood.
The Tarantula Platform, located in South Timbalier block 308,
has the capability to process up to 25,000 barrels per day of oil
from the Katmai field development. The Katmai field development is
located in Green Canyon blocks 39 and 40.
The Tarantula Platform is currently connected to our 100% owned
Tarantula lateral and the crude oil production will then be
delivered to our 64% owned Poseidon crude oil system for delivery
to shore.
The contracts for the Katmai field include life of lease
dedications and no capital was required by Genesis to connect the
Katmai production to our assets. First deliveries of oil are
anticipated in the second quarter of this year.
Grant E. Sims, the Chief Executive Officer of Genesis,
commented, “The dedication of the Katmai production is an exciting
opportunity for us, and we look forward to working with Fieldwood,
and the other interest owners, as they develop the Katmai fields.
This project, which follows our most recent December announcement
of the dedication by Murphy Exploration & Production Company –
USA of its crude oil and gas production from its Khaleesi / Mormont
and Samurai field developments, is yet another example that
illustrates the strategic positioning of our offshore footprint and
how our available capacity and multi-market delivery options will
allow us to provide Fieldwood and other producers in the Gulf of
Mexico with attractive transportation alternatives for many years
ahead.”
Genesis Energy, L.P. is a diversified midstream energy master
limited partnership headquartered in Houston, Texas. Genesis’
operations include offshore pipeline transportation, sodium
minerals and sulfur services, onshore facilities and transportation
and marine transportation. Genesis’ operations are primarily
located in the Gulf Coast region of the United States, Wyoming and
the Gulf of Mexico.
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version on businesswire.com: https://www.businesswire.com/news/home/20200413005127/en/
Genesis Energy, L.P. Ryan Sims SVP – Finance and Corporate
Development (713) 860-2521
Genesis Energy (NYSE:GEL)
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