Enterprise Products Partners expands operations in Permian basin - Yahoo Finance
Enterprise Products Partners expands operations in Permian basin
Oct 31 (Reuters) - Energy infrastructure company Enterprise Products Partners said on Tuesday it is developing four new projects in the Permian basin, the largest U.S. oil patch.
Permian is a prime target for producers looking to increase their inventory. The shale patch, which lies between Texas and New Mexico, has the necessary infrastructure and is known for high productivity and large undeveloped reserves.
Enterprise Products' new projects include two natural gas processing plants in the Delaware and Midland basins, that are expected to start service in 2025.
"The organic investments ... are necessary to facilitate the next phase of Permian production growth, and will also complement our expansions of downstream pipelines and marine terminals," Enterprise Products co-CEO AJ Teague said.
The company aims to move back to transporting natural gas liquids through its Seminole Red pipeline, with a capacity of 210,000 barrels per day (bpd), and is estimated to come online by December 2023.
Enterprise Products forecast its crude oil production in the Permian will increase by more than 700,000 bpd in 2023, growing by nearly 1.5 million bpd by the end of 2025 and extending to 7.5 million bpd by the end of 2030. (Reporting by Seher Dareen in Bengaluru; Editing by Shounak Dasgupta)
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