Noble Midstream provides update, in pact with with Salt Creek Midstream for JV
Noble Midstream Partners provided a commercial and business development update for its operations in the Permian Basin in Texas. Highlights include: Noble Midstream has entered into a letter of intent with Salt Creek Midstream to form a 50/50 joint venture on a crude oil pipeline and gathering system in the Delaware Basin. The Joint Venture will be underpinned by acreage contributions from Noble Midstream and Salt Creek of approximately 180,000 dedicated acres from Noble Energy and five other Southern Delaware Basin producers, with a line of sight to additional dedications totaling approximately 100,000 acres Reached long-term agreement for the Advantage Pipeline system to service a major producing company's facilities on such customer's Southern Delaware position totaling approximately 20,000 net acres. First flow is expected to commence in October 2018.Noble Midstream connected its first Delaware Basin well for a third-party producer during September. "Since our IPO, we have continued to expand our Permian service offerings beyond infield gathering and have materially enhanced our third-party platform," stated Terry R. Gerhart, Chief Executive Officer of Noble Midstream. "These opportunities build on our strategy and provide Noble Midstream additional pathways to our stated goal of 50% net EBITDA contribution from the Permian by the end of 2020."