Oneok Partners to buy Powder River basin assets

Oneok Partners LP reported it will invest $440 million in the natural gas liquids-rich area of Wyoming’s Powder River basin. The natural gas distributor intends to purchase a 50-MMcfd natural gas processing facility in western Converse and Campbell counties for $305 million from Merit Energy and invest $135 million to upgrade and construct gas gathering and processing related infrastructure, NGL gathering pipelines, and well connections.

The partnership expects to close the transaction during this year’s third quarter and complete the related infrastructure projects in second-half 2014.

As part of the acquisition, Oneok Partners will receive long-term acreage dedications and fee-based and percent-of-proceeds agreements with producers.

In addition to the Bakken NGL pipeline, Oneok Partners currently operates 1,000 miles of gas gathering pipelines in the Powder River and Wind River basins.

Related Articles

IAGC appoints new president

09/19/2014 The board of the International Association of Geophysical Contractors has reported that Ken Wells has been named as the organization’s president.

MARKET WATCH: Crude oil futures down more than $1 in New York, London

09/19/2014 The New York Mercantile Exchange October crude oil contract lost $1.35 to $93.07/bbl on Sept. 18. The November contract declined $1.22 to $91.98/bbl.

ExxonMobil ‘winding down’ Arctic well, complying with US, EU sanctions on Russia

09/19/2014 ExxonMobil Corp. released a statement that the company is complying with all US sanctions on Russia after news reports that the operator had halted...

ExxonMobil, Linn to make second asset exchange this year

09/19/2014 ExxonMobil Corp. has agreed to trade interest in 500 net acres from South Belridge field near Bakersfield, Calif., to Linn Energy LLC, Houston, in ...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected