EPIC Midstream Holdings on Monday said Noble Midstream Partners exercised its option for a 30% equity stake in the EPIC Crude Pipeline Project, and a 15% equity stake in the EPIC NGL Pipeline.
In addition, an Altus Midstream unit (itself founded by Apache) and Diamondback Energy subsidiary Rattler Midstream exercised options for 15% and 10%, respectively, in the EPIC Crude Pipeline Project.
“The strategic value of these projects to our shippers is clear through the exercising of the options by our partners,” said Phillip Mezey, CEO of EPIC. “Both projects remain on schedule and are critical to the continued development of the Permian Basin and Eagle Ford Shale.”
The EPIC Crude Oil Pipeline will extend from Orla in West Texas to the Port of Corpus Christi, Texas, Kallanish Energy reports. The project includes terminals in Orla, Pecos, Saragosa, Crane, Wink, Midland, Helena and Gardendale, with Port of Corpus Christi connectivity and export access.
It will service the Delaware and Midland basins and the Eagle Ford Shale play. Construction began in the fourth quarter of 2018, with the crude system expected to be in service in the second half of 2019.
The EPIC NGL Pipeline is a 700-mile natural gas liquids pipeline linking NGL reserves in the Permian and Eagle Ford to Gulf Coast refiners, petrochemical companies, and export markets.
Closing of the equity interest in each project is anticipated in February 2019.
This post appeared first on Kallanish Energy News.