Azure completes purchase of TGGT Midstream for $910 million

Azure Midstream Holdings LLC has completed its purchase of TGGT Holdings LLC from EXCO Resources Inc. and BG Group PLC for $910 million a month after the companies reported entering into a definitive agreement (OGJ Online, Oct. 18, 2013).

In the transaction, Energy Spectrum Partners VI LP, a group of co-investors affiliated with Energy Spectrum and an affiliate of Tenaska Capital Management LLC, contributed cash for an ownership stake in Azure. The East Texas Gathering System, an asset managed by Tenaska Capital, is being contributed for an additional ownership interest. EXCO and BG will collectively own 7% of Azure.

Azure will operate more than 1,300 miles of gathering pipelines transporting natural gas from North Louisiana and East Texas supply basins to more than 20 major intrastate and interstate pipelines in the region. The systems are currently gathering and delivering 1.3 bcfd, with a combined delivery capacity of 4 bcfd, including 2.7 bcfd of treating capacity.

Tenaska Capital stated that the consolidation of the Haynesville shale will give the producers on its ETG and TGGT systems more market options for gas and more potential for on-system processing as the company completes its Fairway processing plant.

Related Articles

Study: EPA overlooks large methane sources

10/14/2014 Methane inventories by the US Environmental Protection Agency, which underlie efforts to regulate emissions from hydraulic fracturing and other oil...

IEA reduces global oil demand forecast again on slower economic growth

10/14/2014 The International Energy Agency’s Oil Market Report (OMR) for October continues to reduce its forecast of global oil demand for 2014 by 200,000 b/d...

Woodside farms into offshore Cameroon block

10/14/2014 Woodside Petroleum Ltd., Perth, has farmed into the Tilapia production-sharing contract offshore Cameroon under an agreement with Glencore and Nobl...

Northeast Australia gas line link contemplated

10/14/2014 The Northern Territory government has put its weight behind a proposal to build an Alice Springs-to-Moomba natural gas pipeline. This would link th...

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