Business Heats Up in New Mexico
- Published: Friday, 22 March 2013 13:57
Rangeland Energy LLC has agreed to buy up to 770 acres of property near Loving, N.M., to begin the development of a large terminal facility capable of transporting crude oil, frac sand, drill pipe and other materials on behalf of oil customers, according to the San Antonio Business Journal.
The terminal will serve oil producers targeting the Delaware Basin, a geological formation that spans west Texas and southeastern New Mexico.
Rangeland expects the terminal will be in service before the end of the year. BNSF Railways will provide rail access at the facility.
The company also will build a pipeline system in southern Eddy County, N.M., to ensure that the terminal will connect with existing and planned crude oil pipelines.
Rangeland developed a similar system in North Dakota serving oil producers targeting the Bakken Shale. The company was able to sell that system to Inergy Midstream LP last December for $425 million.
Rangeland is a Sugar Land, Texas-based company that was formed in 2009 with a focus on developing, acquiring, owning and operating infrastructure for the delivery of crude oil, natural gas and natural gas liquids. Rangeland is backed by equity commitments from San Antonio-based EnCap Flatrock Midstream.