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Genesis Energy to provide transport services for Gulf of Mexico fields

Genesis Energy LP agreed to provide downstream services for crude oil and natural gas from two deepwater Gulf of Mexico fields produced through a floating production system owned by Murphy Oil Corp. unit Murphy Exploration & Production Co. - USA and investment funds managed by Ridgewood Energy Corp.

The King's Quay floating production system, or FPS, will process up to 80,000 barrels of oil per day and up to 100 MMcf/d of gas from the Khaleesi/Mormont and Samurai field developments, according to a Dec. 11 news release. The FPS is in Green Canyon Block 433 in the Gulf of Mexico and can handle additional subsea developments in the future.

The FPS will tie-in subsea to Genesis Energy's Shenzi lateral and crude oil production will be delivered to the Cameron Highway or the Poseidon crude oil system for delivery to shore. Gas production will tie-in subsea and will be gathered on its Anaconda system connected to the Nautilus gas system for shore transport.

Oil and gas deliveries are expected to start in mid-2022.

The contracts for the fields include life of lease dedications and take-or-pay components, but Genesis will not require capital to connect the FPS to its assets.

Subsea engineering and construction contracts for the Khaleesi/Mormont development are yet to be awarded, while pre-front-end engineering design work on the Samurai development is ongoing, Murphy Oil said in a December investor update.

Khaleesi/Mormont is estimated to have a gross resource of about 165 million barrels of oil equivalent, composed of 90% liquids, while Samurai has an estimated gross resource of roughly 60 million boe, also composed of 90% liquids.