Delphi Midstream Partners LLC has acquired Laser Midstream Energy LP, which is developing a natural gas gathering project in northeastern Pennsylvania and southern New York.
Laser Midstream is now called Laser Northeast Gathering LLC, Delphi said Monday. The firm's gathering project is proposed to run 21 miles from Susquehanna County, PA, to the New York border, then another nine miles within Broome County, NY, to a connection with the Millennium interstate pipeline in New Windsor. The cost of the project is estimated at $50 million.
Delphi also holds the rights to construct and operate midstream infrastructure related to certain acreage leased by Carrizo Oil & Gas Inc. in northeast Pennsylvania. Last October Delphi acquired the Mansfield gas gathering and compression system in Tarrant County, TX from Carrizo. The Mansfield System has operating capacity of 70 MMcf/d and can be expanded to 90 MMcf/d with additional compression.
Delphi was founded by Thomas Karam and Michael Walsh with an equity commitment from American Securities LLC to invest in and acquire up to $2 billion of midstream companies and assets. Karam most recently was president and COO of Southern Union Co. Walsh was a partner and founding member of Highstar Capital where he was responsible for Highstar's investments in the midstream sector.
©Copyright 2010 Intelligence Press Inc. All rights reserved. The preceding news report may not be republished or redistributed, in whole or in part, in any form, without prior written consent of Intelligence Press, Inc.