ExxonMobil Acquires Stake in Two Gulf of Mexico Pipeline Systems
ExxonMobil subsidiary, ExxonMobil Pipeline Company, has acquired a 25 percent ownership interest in both the Proteus Oil Pipeline Company, LLC and the Endymion Pipeline Company, LLC.
Pending the completion of permitting activities, the two companies will begin constructing a pipeline to carry crude oil from the Thunder Horse field located approximately 150 miles southeast of New Orleans to onshore storage and distribution facilities later this year. The combined system will have an initial capacity of approximately 420,000 barrels per day and will offer attractive transportation for future oil production from other fields in this area of the Gulf of Mexico.
Mardi Gras Transportation System Inc. a wholly owned subsidiary of BP America Inc., will manage construction, start-up and operation of the Proteus and Endymion oil pipelines. The project is scheduled to be completed in 2005 to coincide with the start of oil production from the Thunder Horse facilities.