On Dec. 23, energy-focused private-equity and infrastructure investment firm First Reserve said it acquired Navigator Energy Services LLC with an equity commitment of up to $250 million.
Navigator will continue developing the Big Spring Gateway system.
Construction on Big Spring is scheduled for 2015’s first quarter, and it will supply crude oil gathering and transportation to the Midland Basin’s core, the firm added. Navigator is expected to create up to 250 miles of gathering pipeline and 140 miles of transportation mainline.
Navigator’s management team has a combined total of more than 90 years’ experience in energy. John O'Shea will be CEO; he is currently the managing director of Tenaska Capital Management, First Reserve said.
"We are privileged to partner with First Reserve who will provide the necessary financial and development resources to assist us in getting BSGS operational during the second half of 2015," O’Shea said.
"The relationships that we have developed with the area marketers and producers as we have developed this project are outstanding, and we are very pleased with the market optionality that we can provide operators. We view this new relationship with First Reserve as critical to our long-term success and look forward to continuing to expand our system size, scope and number of service offerings," said Matt Vining, Navigator’s vice president and chief commercial officer.
First Reserve is based in Greenwich, Conn.
Recommended Reading
Where, When and How to Refrac—Weighing All the Options
2024-07-12 - Experts weigh in on strategic considerations when deciding how to rejuvenate production from a tired well.
Genesis Energy: First Oil at GoM Field Pushed Back to 2Q 2025
2024-08-02 - Genesis Energy’s is awaiting a floating production vessel to connect its SYNC pipeline in the Gulf of Mexico to the delayed Shenandoah deepwater project.
E&P Highlights: June 17, 2024
2024-06-17 - Here’s a roundup of the latest E&P headlines, including Woodside’s Sangomar project reaching first oil and TotalEnergies divesting from Brunei.
Industry Consolidation Reshapes List of Top 100 Private Producers in the Lower 48
2024-06-24 - Public-private M&A brings new players to top slots in private operators list.
Beetaloo Juice: US Shale Explores Down Under
2024-06-28 - Tamboran Resources has put together the largest shale-gas leasehold in Australia’s Beetaloo Basin, with plans for a 1.5+ Bcf/d play. Behind its move now to manufacturing mode are American geologists and E&P-builders, a longtime Australian wildcatter, a U.S. shale-rig operator and a U.S. shale pressure-pumper.