ArcLight Capital Partners, LLC announces the formation of North Sea Midstream Partners and the acquisition of Teesside Gas Processing Plant Limited
Wednesday, Jan 09, 2013
BOSTON, Jan. 8, 2013 /PRNewswire/ -- ArcLight Capital Partners, LLC ("ArcLight") today announces the recent formation of North Sea Midstream Partners ("NSMP") and the acquisition by NSMP of Teesside Gas Processing Plant Limited ("TGPP") on 19 December 2012.
NSMP was formed by affiliates of ArcLight in a partnership with the senior management of TGPP and with Mike Wagstaff, previously the CEO of Venture Production plc. NSMP will focus on the ownership and commercial development of large scale midstream oil and gas infrastructure assets in and around the North Sea. Daniel Revers, managing partner and co-founder of ArcLight, stated, "The ownership of significant, high-value, network-critical midstream infrastructure assets is a compelling opportunity in today's energy industry. Management at TGPP have done an outstanding job over the last five years repositioning TGPP as a truly independent, customer-focused asset providing reliable, value added services to a host of majors, utilities and independent producers in the North Sea. We are looking forward to working with management to continue the development of the business and are particularly pleased to have the opportunity to work again with Mike Wagstaff."
TGPP is a highly efficient natural gas processing plant located at Seal Sands on Teesside, England that is capable of high levels of natural gas liquids extraction. The plant has current processing capacity of 450 mmscfd serving customers delivering gas via the CATS pipeline system from the Central North Sea. The company is completing the construction of a second processing train which will add an additional 225 mmscfd of capacity initially dedicated to serving the RWE-operated Breagh project in the Southern Gas Basin. TGPP is the only independently owned and managed gas processing plant in the UK.
Andy Heppel and David O'Donnell will continue to serve as the CEO and Commercial Director of TGPP, respectively. Mike Wagstaff will serve as the non-executive chairman of NSMP. All three will be equity owners in NSMP with ArcLight. TGPP will continue to be operated by affiliates of px Group.
Andy Heppel said, "We are very pleased to have found in ArcLight a partner who understands the value of and the opportunity in independent midstream services in the North Sea. Working with ArcLight will enhance our ability to further develop TGPP and to pursue new opportunities involving assets where value can be created for NSMP and for producers through the commercial development and efficient and reliable operation of midstream infrastructure assets."
About ArcLight Capital Partners, LLC
ArcLight is an energy-focused private equity investment firm, having invested over to $10 billion since its inception over a decade ago. Since its establishment in 2001, the Firm has raised five funds with cumulative capital commitments totaling $10.1 billion. ArcLight has successfully sourced, managed and realized investments through multiple energy industry cycles. The Firm's investment team has extensive energy expertise, investing experience, industry relationships, and specialized asset level value creation capabilities. ArcLight is headquartered in Boston, Massachusetts with offices in New York and Luxembourg.
More information about ArcLight can be found at http://www.arclightcapital.com or by contacting ArcLight at firstname.lastname@example.org.
SOURCE ArcLight Capital Partners, LLC
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