Qatar Invests in US Midstream Crude firm

Shailaja A. Lakshmi
Friday, August 9, 2019

Qatar's sovereign wealth fund Qatar Investment Authority (QIA) has purchased a significant stake in US-based Oryx Midstream Services, the largest privately held crude midstream provider in the Permian Basin.

The stake was acquired from an affiliate of Stonepeak Infrastructure Partners. Oryx serves clients in the Permian Basin.

Additionally, QIA has pledged to invest in the development of Oryx alongside Stonepeak. The total investment by QIA will be $550m.

Since its founding in 2013, Oryx has established itself as one of the leading midstream operators in the Permian Basin in the Southwest US. The Oryx system transports crude oil to market hubs for ultimate delivery to the Gulf Coast.

The system helps supply domestic refineries and the growing US export market. Upon completion of the remaining part of the system under construction, Oryx’s total transportation capacity will exceed 900,000 barrels per day and access multiple takeaway options, providing customers the differentiated service flexibility they need to maximize the value of their production.

The Oryx team is committed to a high standard of safety and environmental responsibility as it provides consistent, reliable service for its customers.

The CEO of QIA, Mansoor Al-Mahmoud, commented: “We believe that Oryx represents a strong midstream platform with tremendous growth potential, and we look forward to working with our new partners at Stonepeak. This acquisition is a further demonstration of QIA’s strategy to increase the size of our US portfolio, and to invest more in major infrastructure projects.”

The partnership is the latest in a series of investments undertaken by QIA across the US where QIA aims to increase investment to $45 billion in the coming years.

The CEO of Oryx, Brett Wiggs, commented, "The significant investment and commitment from QIA alongside Stonepeak’s strong operational and capital support will allow us to continue to grow our footprint in the Permian Basin and deliver the highest level of service to current and future customers. We are thrilled to lead Oryx in partnership with these world-class investors.”

Categories: People & Company News Energy Investment Midstream

Related Stories

Floating Wind and the Taming of Subsea Spaghetti

MacArtney Asia Named Regional Reseller for Select Teledyne Products

DOF Subsea Grows Its APAC Backlog

IK Group Spins Off Norclamp

A Hydrogen Balancing Act in Offshore Energy

Environmental Group Backs Out of Scarborough Litigation

‘World’s Largest’ Floating Wind Platform on Its Way to Offshore Site in China

CNOOC’s Deepwater Field Boasts Over 100 bcm Proven Gas Reserves

ADNOC Signs LNG Supply Agreement with Osaka Gas for Ruwais LNG Project

South Korea's KOMIPO Cancels Plans for LNG Import Terminal

Current News

Velesto Completes Removal of Wrecked Naga 7 Jack-Up Rig Off Malaysia

BP Greenlights $7B CCUS Scheme Tied to Indonesia LNG Facility

Sapura Scoops Petrobras Contract for Pan-Malaysia Offshore Services

Velesto’s Drilling Rigs Up for Automatization Overhaul Under New Tech Alliance

US Firm Finds Chinese Partner to Deliver Mobile Offshore Drilling Units

TotalEnergies and Oil India to Jointly Tackle Methane Emissions Issues

Keppel Reclaiming Control of 13 Rigs to Cash In on Offshore Drilling Market's Growth

Global Offshore Wind Stumbles to the End of '24

Seatrium Delivers Fifth Jack-Up to Borr Drilling

Malaysia's FPSO Firm Bumi Armada Eyes Merger with MISC’s Offshore Unit

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com