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Shell Midstream buys into 3 BP crude, gas pipelines in Gulf

Shell Midstream Partners LP bought small slices of three BP plc pipelines in the Gulf of Mexico, the partnership announced Dec. 28.

The master limited partnership of Shell Pipeline Co. bought a 10% interest in the 71-mile, 425,000-barrel-per-day Proteus Oil Pipeline Co. LLC, which connects the Thunder Horse and Thunder Hawk platforms in the Mississippi Canyon to shore.

Shell Midstream also purchased a 10% stake in Endymion Oil Pipeline Co. LLC, an 89-mile, 425,000-bbl/d crude oil pipeline connecting Mississippi Canyon to Louisiana Offshore Oil Port Services' Clovelly storage tank farm.

The partnership also bought a 1% stake in BP's Cleopatra Gas Gathering Co. LLC. Cleopatra is a 115-mile system in the Southern Green Canyon portion of the Gulf connected to the Holstein, Atlantis, Neptune, Shenzi and Mad Dog platforms. The system will transport new volumes from the Mad Dog 2 field once it comes online, Shell Midstream said.

Shell Midstream CEO John Hollowell said the crude pipelines will connect to the Mattox line being built by Shell Pipeline to serve the new Appomattox platform, "creating a new corridor line, which will transport all of Appomattox's volumes once it comes online toward the end of the decade."

The MLP did not disclose what price it paid for the minority pipeline stakes but said funds for the purchase would come from the partnership's credit revolver. Returns will be immediately accretive to unit holders, Shell Midstream said.