Houston, May 10, 2018 (GLOBE NEWSWIRE) — Noble Energy, Inc. (NYSE: NBL) (“Noble Energy” or “the Company”) today announced that it has finalized an agreement with EPIC Pipeline, LP (“EPIC”) to transport crude oil from the Company’s Delaware Basin acreage position to Corpus Christi, Texas. Noble Energy has secured firm capacity for 100 thousand barrels of oil per day (MBbl/d) for a 10-year period beginning at pipeline start-up. The Company has dedicated substantially all its Delaware Basin acreage position in Reeves County, Texas, to the EPIC crude pipeline, which the operator anticipates to commence operations in the second half of 2019.
Gary W. Willingham, Noble Energy’s Executive Vice President, Operations, commented, “Our strategic agreement with EPIC provides long-term flow assurance for our rapidly growing Delaware Basin oil volumes. With this agreement, we have further diversified our onshore marketing outlets with access to the Gulf Coast and global markets, at an attractive pipeline transport cost.”
The 730-mile EPIC crude pipeline will connect the Permian Basin and Eagle Ford Shale to the Port of Corpus Christi with capacity up to 590 MBbl/d. In addition to Noble Energy’s acreage dedication, the EPIC crude pipeline has received an acreage dedication from Apache Corporation.
As part of the EPIC strategic relationship, Noble Energy has secured options to acquire up to 30 percent ownership in the EPIC crude pipeline and up to 15 percent ownership in the EPIC NGL pipeline. Both options expire in the first quarter of 2019 and can be exercised by Noble Energy or through Noble Midstream Partners LP (NYSE: NBLX).
Noble Energy (NYSE: NBL) is an independent oil and natural gas exploration and production company with a diversified high-quality portfolio of both U.S. unconventional and global offshore conventional assets. Founded more than 85 years ago, the Company is committed to safely and responsibly delivering our purpose: Energizing the World, Bettering People’s Lives®. For more information, visit www.nblenergy.com.