Tivoli Services LLC, a subsidiary of Tivoli Midstream LLC, has closed an acquisition of the Barnett Shale's NTX oil pipeline system from affiliates of Phillips 66 Co., Tivoli Midstream said in an Aug. 28 press release. Financial details of the transaction were not disclosed.
The pipeline system includes approximately 140 miles of gathering and transportation pipelines in the North Texas Barnett. The pipeline system extends through sections of Young, Archer, Clay, Jack, Palo Pinto, Wichita and Stephens counties and will be supported by a long-term transportation services contract with Phillips 66.
“We welcome our long-term partnership with Phillips 66 and look forward to working with the existing team at NTX to continue to provide the best-in-class solutions for which NTX is known,” said Tivoli President Rance Fromme in the press release.
To fund the acquisition, Tivoli Services used proceeds from the closing of an investment fund managed by Intrepid Investment Management LLC. Intrepid Investment Management is the investment arm of Intrepid Financial Partners LLC.
Headquartered in Houston, Tivoli is a midstream, logistics and services company.
Recommended Reading
Deepwater Roundup 2024: Americas
2024-04-23 - The final part of Hart Energy E&P’s Deepwater Roundup focuses on projects coming online in the Americas from 2023 until the end of the decade.
Sinopec Brings West Sichuan Gas Field Onstream
2024-03-14 - The 100 Bcm sour gas onshore field, West Sichuan Gas Field, is expected to produce 2 Bcm per year.
Stena Evolution Upgrade Planned for Sparta Ops
2024-03-27 - The seventh-gen drillship will be upgraded with a 20,000-psi equipment package starting in 2026.
Tech Trends: Halliburton’s Carbon Capturing Cement Solution
2024-02-20 - Halliburton’s new CorrosaLock cement solution provides chemical resistance to CO2 and minimizes the impact of cyclic loading on the cement barrier.
Orange Basin Serves Up More Light Oil
2024-03-15 - Galp’s Mopane-2X exploration well offshore Namibia found a significant column of hydrocarbons, and the operator is assessing commerciality of the discovery.