MarkWest, EMG ink condensate deal with Gulfport - WOWK 13 Charleston, Huntington WV News, Weather, Sports

MarkWest, EMG ink condensate deal with Gulfport

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MarkWest Energy Partners and The Energy & Minerals Group have executed definitive agreements with Gulfport Energy Corporation to handle condensates produced in southeastern Ohio's Utica shale play.

Gulfport, rapidly developing its acreage within the wet gas, retrograde condensate and oil windows of the emerging Utica Shale, currently has more than 147,000 net acres under lease.

Under the agreements, MarkWest and EMG would provide stabilization services and potential gathering services for condensate produced in southeastern Ohio's Utica shale play through a new joint venture, Ohio Condensate Company, LLC, related to the development of industry-leading facilities and services to support the rapid growth of condensate production in liquids-rich areas of the Utica Shale.

MarkWest and EMG are already in discussions with other Utica producers about the joint venture's condensate solutions.

Initial infrastructure development will consist of a new condensate stabilization facility, with associated logistics and storage terminal capabilities to be constructed in Harrison County, Ohio, and placed in service by the third quarter of 2014. The facility will have initial stabilization capacity of 23,000 barrels per day (Bbl/d) and an immediate 30,000 Bbl/d expansion is anticipated. The facility will be co-located and fully integrated with condensate storage, and a truck and rail loading terminal that will be constructed and operated by a subsidiary of Ohio-based Midwest Terminals that will exclusively serve the joint venture.

Raw condensate will be delivered by truck and stabilized at the facility. Once stabilized, the condensate will be transported by truck and rail to local refinery markets as well as Canadian export markets. Down the road, they said a condensate gathering system and regional pipelines may be constructed to support additional deliveries to the facility.

The facility also will serve as the origin for MPLX LP's previously announced Cornerstone Pipeline, a condensate pipeline project that will terminate near Canton, OH, and is scheduled to be operational by late 2016.

MarkWest and EMG are currently developing the largest fully integrated midstream solution in the Utica Shale, which includes hundreds of miles of gas and natural gas liquids gathering pipeline, up to three large-scale complexes totaling more than 1 billion cubic feet of processing capacity and 138,000 Bbl/d of ethane and heavier fractionation capacity.

In announcing the agreement with Gulfport, MarkWest Chairman, President and CEP Frank Semple said they were "very excited to continue expanding our relationship with Gulfport Energy and provide a critical new service offering for the stabilization and marketing of condensate."

"Together with EMG, the formation of an integrated condensate solution is a significant milestone in our ongoing development of full-service midstream infrastructure in the Utica Shale and will provide producers with the ability to capture additional uplift from their growing liquids production," he said. "We believe the increased use of condensate as a feedstock for refineries, and the growing demand from Canada for diluent, will support local, regional and international consumption of Utica condensate."