Shell Midstream acquires interests in Gulf of Mexico gas pipeline
HOUSTON -- Shell Midstream Partners, L.P. announced it has acquired a 1% interest in Cleopatra Gas Gathering Company, LLC from BP.
"This acquisition builds on our corridor pipeline strategy in the Gulf of Mexico," said John Hollowell, CEO of Shell Midstream Partners.
The acquisition was funded with borrowings under Shell Midstream Partners' revolving credit facilities and is expected to be immediately accretive to unitholders.
Cleopatra is a 115-mile gas gathering pipeline in Southern Green Canyon, with access to Atwater Valley, Walker Ridge, and Lund areas in the Gulf of Mexico. Cleopatra is currently connected to the Holstein, Atlantis, Neptune, Shenzi and Mad Dog platforms. The system will transport new volumes from the Mad Dog 2 field once it comes online.
The terms of the acquisition were approved by the Board of Directors of the General Partner of Shell Midstream Partners.
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