Plains All American Pipeline LP (NYSE: PAA) launched an open season for a Permian crude pipeline that could potentially add up to 350,000 barrels per day of takeaway capacity in the prolific basin, the Houston-based company said April 18.
A subsidiary of Plains is conducting the open season for committed crude oil pipeline capacity from the Permian Basin to Cushing, Okla. Origin points will be Midland and Colorado City, Texas, and deliver to Plains' terminal in Cushing.
Depending on the results of the open season, committed volumes will move on a combination of new and existing pipelines. The open season provides an opportunity for potential shippers to offer long-term volume commitments in exchange for firm transportation on the pipeline, according to the company release.
Plains said it expects the pipeline to be operational in mid-2019, subject to sufficient commitments from shippers and receipt of any necessary permits and regulatory approvals. The open season is set to end on May 30.
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