Velocity Central Oklahoma Pipeline LLC, a wholly owned subsidiary of Velocity Midstream Partners LLC, will construct a crude oil gathering and transportation system in the fairway of the prolific SCOOP play in central Oklahoma. Continental Resources Inc. (NYSE: CLR) has executed an agreement to be the customer of the system. Oklahoma City-based Continental is a Top 10 independent oil producer in the United States and is the dominant leaseholder in the SCOOP with approximately 471,000 net acres.
Velocity's system will gather crude oil from points designated by Continental Resources, Inc. in Grady, Stephens, Garvin, and McClain counties, and provide transportation and interconnections to downstream pipelines with direct access to Cushing. The crude oil pipeline and terminals are under construction and will be placed into service early second Quarter of 2015. This is the first phase of Velocity's infrastructure development plans to serve key producers involved in the rapidly developing Woodford and Springer shales underlying the SCOOP play.
Velocity is based in Tulsa, Okla.
Recommended Reading
Tech Trends: Safety, Speed, Savings: Automation is Transforming Drilling
2024-03-26 - Drilling is getting smarter through automation, delivering efficiency, consistency and reliability.
AI Advancing Underwater, Reducing Human Risk
2024-03-25 - Experts at CERAWeek by S&P Global detail the changes AI has made in the subsea robotics space while reducing the amount of human effort and safety hazards offshore.
CERAWeek: Large Language Models Fuel Industry-wide Productivity
2024-03-21 - AI experts promote the generative advantage of using AI to handle busywork while people focus on innovations.
Geothermal ‘Could Save the World,’ but Faces Familiar Subsurface Risks
2024-03-20 - CERAWeek panelists discussed hurdles to widespread use of Earth’s heat to generate power — problems familiar to oil and gas operators.
CERAWeek: AI, Energy Industry Meet at Scary but Exciting Crossroads
2024-03-19 - From optimizing assets to enabling interoperability, digital technology works best through collaboration.