Basalt to Buy Third Coast Midstream NatGas Assets
Basalt Infrastructure Partners II GP Ltd. plans to acquire Houston-based Third Coast Midstream LLC’s natural gas transmission business. The terms of the deal were not disclosed.
“This investment represents a rare opportunity to invest in a portfolio of demand-driven, regulated 'last-mile' natural gas pipelines serving utilities and other key end-user customers in the Southeastern United States…,” said David Greenblatt, Partner of Basalt Infrastructure Partners LLC.
"We are confident that Basalt brings the right combination of financial strength and strategic experience to continue safe, efficient and growing operations,” stated Matt Rowland, Third Coast's President and CEO. The sale is a further step in Third Coast's strategic repositioning to focus on its core Gulf of Mexico infrastructure platform."
The transmission business includes seven natural gas lateral pipelines with total capacity of over 1,600 MDth per day, stretching approximately 550 miles. The lateral pipelines are connected to eight major long-haul pipelines, ensuring reliable gas supply across Louisiana, Alabama, Mississippi, Tennessee and Arkansas.
Third Coast Midstream is a full-service midstream company headquartered in Houston, Texas. The company’s assets include natural gas transmission and gathering pipelines, crude oil pipelines, natural gas processing plants, NGL fractionation facilities, NGL pipelines, and terminals.
Third Coasts’ primary assets are in several key onshore and offshore producing regions including the Eagle Ford Shale of South Texas, the Deepwater Gulf of Mexico, and the Cotton Valley/Haynesville Shale of East Texas. They include:
- 5,100 miles of onshore and offshore natural gas, crude oil and NGL pipelines
- 17 gathering systems
- 7 natural gas processing plants
- 4 fractionation facilities
- 1 terminal site with approximately 3.0 MMBbls of above-ground storage capacity
To contact the author, email firstname.lastname@example.org
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Vice President of Content | Rigzone