Oct 1 Triangle Petroleum has formed a
U.S. pipeline joint venture with private equity firm First
Reserve Corp to transport oil and gas in North Dakota and
Montana, it said on Monday.
Triangle and First Reserve will jointly invest about $180
million in the Denver-based limited partnership called Caliber
Midstream Partners, Triangle said, with First Reserve to invest
$150 million and Triangle to provide the remaining $30 million
in equity commitments.
Caliber plans to begin transportation and processing
operations in November, with all business lines expected to be
in service by August 2013.
North Dakota became the second-largest oil-producing state
in the country this year after output from the Bakken and Three
Forks prospects surpassed Alaskan production.
Output in the Bakken shale - which spans North Dakota,
Montana and Canada - is expected to double to about 1.2 million
barrels per day by 2015. Output there was only 6,000 barrels per
day six years ago, according to data from North Dakota.