The Crosstex Energy companies announced that the corporation has agreed to invest approximately $25 million in a third natural gas compression and condensate stabilization facility in the Ohio River Valley. The corporation will make the investment in E2, a company formed in March 2013 with the former management of Enerven Compression Services to provide services for producers in the liquids-rich window of the Utica shale play. The corporation’s initial investment commitment in E2 of approximately $50 million is funding the construction of two similar facilities. The E2 investment complements the partnership’s assets in the Ohio River Valley, which encompass crude oil, condensate and logistics operations in the Utica and Marcellus shale plays.
E2 will build, own, manage and operate all three compressor station and condensate stabilization assets in Noble and Monroe counties in the southern portion of the Utica shale play in Ohio. The counties are located immediately east of the partnership’s assets in the Ohio River Valley. The new facility is expected to have compression capacity of 100 million cubic feet (MMcf) of gas per day and condensate stabilization capacity of 5,000 barrels (bbl.) per day, which brings the total expected capacity for the three facilities to 300 MMcf per day of compression and 12,000 bbl. per day of condensate stabilization. The three facilities are supported by long-term, fee-based contracts with Antero Resources, an exploration and production company operating in the region. It is expected that commercial start-up of the new station will begin in the fourth quarter of 2013.
Recommended Reading
Oceaneering Won $200MM in Manufactured Products Contracts in Q4 2023
2024-02-05 - The revenues from Oceaneering International’s manufactured products contracts range in value from less than $10 million to greater than $100 million.
E&P Highlights: Feb. 5, 2024
2024-02-05 - Here’s a roundup of the latest E&P headlines, including an update on Enauta’s Atlanta Phase 1 project.
CNOOC’s Suizhong 36-1/Luda 5-2 Starts Production Offshore China
2024-02-05 - CNOOC plans 118 development wells in the shallow water project in the Bohai Sea — the largest secondary development and adjustment project offshore China.
TotalEnergies Starts Production at Akpo West Offshore Nigeria
2024-02-07 - Subsea tieback expected to add 14,000 bbl/d of condensate by mid-year, and up to 4 MMcm/d of gas by 2028.
US Drillers Add Oil, Gas Rigs for Third Time in Four Weeks
2024-02-09 - Despite this week's rig increase, Baker Hughes said the total count was still down 138 rigs, or 18%, below this time last year.