Noble Midstream Partners has purchased a 30 percent stake in the EPIC Crude Oil Pipeline as well as a 15 percent stake in the EPIC Y-Grade Pipeline. The stakes purchased are part of projects that will move crude oil and natural gas liquids from the Permian Basin to the Port of Corpus Christi.
Natural gas liquids from the Permian Basin of New Mexico and West Texas will be moved to a facility in Robstown through the 700-mile EPIC Y-Grade Pipeline project. Crude oil from seven terminals in the Permian Basin and Eagle Ford Shale of South Texas will be moved to a facility in Robstown through 650-mile EPIC Crude Oil Pipeline project.
The company will be investing between $330 million and $350 million in cash for its stake of the crude oil pipeline and another $165 million to $180 million for its stake of the EPIC Y-Grade Pipeline.
San Antonio pipeline operator EPIC Midstream Holdings LP will be developing the two Permian Basin-to-Corpus Christi projects.
By January 2020, construction of the crude oil pipeline is expected to be completed.
"Both projects remain on schedule and are critical to the continued development of the Permian Basin and Eagle Ford Shale," EPIC Midstream Holdings CEO Phillip Mezey said in a statement.