Williams Partners L.P. and other investment partners agreed to invest $800 million in a joint venture with Caiman Energy II aimed at supporting oil and gas production in the Utica Shale region.
Williams Partners anticipates investing $380 million over the next several years, with the remaining funding coming from EnCap Flatrock Midstream, Highstar Capital and Caiman management. The joint venture will be aimed at developing oil and gas gathering and processing infrastructure in parts of Ohio and northwest Pennsylvania.
Williams Partners holds interests in three interstate gas pipelines, as well as other assets related to transporting and processing oil and gas.
"Our producer customers will benefit from introducing the kind of comprehensive large-scale midstream solutions to the area that will make their positions in the liquids- and oil-rich Utica Shale even more valuable," said Alan Armstrong, chief executive of Williams Co., the majority holder of Williams Partners.
Copyright (c) 2012 Dow Jones & Company, Inc.
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