Energy private equity firm First Reserve and a veteran management team have formally launched Century Midstream LLC, a new energy company focused on the development, acquisition and expansion of midstream assets across North America, with an emphasis on emerging liquids and liquids-rich shale plays. First Reserve will support Century with up to US$500 million of equity capital to co-found the company.
Read OGFJ's exclusive interview with First Reserve co-founders William E. Macaulay and John A. Hill.
The new Houston, TX-based company will be led by Joseph A. Blount, Jr. as CEO with John Howard serving as president and COO. Blount and Howard are joined by Jim Avioli, Jr. as senior vice president of business development and Brian Raber as senior vice president of engineering. Most recently, this team designed and implemented a comprehensive strategy and business plan for the development of unregulated midstream assets within NiSource providing comprehensive services to producers and others in underserved portions of the Marcellus and Utica shale plays, including the Pennant Midstream LLC partnership which provides gas gathering and gas processing services for producers in northeast Ohio and western Pennsylvania.
Prior to his role as president and COO of NiSource Midstream & Minerals Group, Blount was the president and COO of Genesis Energy LP.
New drilling techniques and technology have opened previously uneconomic hydrocarbon basins and the application of these technologies is driving significant increases in both natural gas and crude oil production in the US. As such, the midstream sector is marked by a high level of growth, creating numerous opportunities to identify suitable assets around which to build a portfolio.