Shell Midstream Partners LP has completed its acquisition of 36% equity interest in Poseidon Oil Pipeline Co. LLC from Equilon Enterprises LLC, a subsidiary of Shell Oil Products US, for $350 million.
Poseidon is a proprietary 367-mile offshore crude oil pipeline with 350,000 b/d capacity transporting to Texas and Louisiana. It includes ownership of strategic platform South Marsh Island 205.
“This marks the second acquisition by Shell Midstream Partners following the initial public offering,” said Peggy Montana, general partner board member (OGJ Online, Apr. 30, 2015).”
She said Poseidon is a “key corridor pipeline” for producers with close proximity to developments in the central and western Gulf of Mexico.