ATP Enters Into $78 Million Agreement to Sell Gomez Pipelines

abarrelfullabarrelfull wrote on 06 May 2014 06:40

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September 22, 2009

ATP Oil & Gas Corporation (NASDAQ: ATPG) today announced that it has executed an asset purchase and sale agreement for $78 million with an affiliate of ArcLight Capital Partners, LLC for both the oil and natural gas pipelines that service ATP’s Gomez Hub at Mississippi Canyon Block 711 in the deepwater Gulf of Mexico.

The oil pipeline is 28 miles long and has the capacity to transport up to 25 thousand barrels of oil per day to the Amberjack pipeline system. The gas pipeline, 28 miles long, has the capacity to transport 100 million cubic feet of natural gas to the Discovery Gas Pipeline. ATP will remain the operator of Mississippi Canyon Block 711 and will remain as operator of both pipelines.

T. Paul Bulmahn, Chairman and CEO of ATP, stated, “ATP continues executing its monetization program and continues reducing debt. With this transaction ATP will have reduced its $600 million Asset Sale Facility by almost $400 million in ten months. We welcome ArcLight as a strategic purchaser of one of our infrastructure assets and an investor in the deepwater Gulf of Mexico.”

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