US-based energy-focused private equity investment firm, ArcLight Capital Partners has formed a midstream company called North Sea Midstream Partners (NSMP), through which it has acquired Teesside Gas Processing Plant (TGPP).
The newly formed midstream company will concentrate on ownership and commercial development of large scale midstream oil and gas infrastructure assets in and around the North Sea.
ArcLight Capital Partners managing partner and co-founder Daniel Revers said ownership of midstream infrastructure assets is a "compelling opportunity in today’s energy industry".
"Management at TGPP have done an outstanding job over the last five years repositioning TGPP as a truly independent, customer-focused asset providing reliable, value added services to a host of majors, utilities and independent producers in the North Sea," Revers added.
"We are looking forward to working with management to continue the development of the business and are particularly pleased to have the opportunity to work again with Mike Wagstaff."
TGPP is the only independently owned and managed natural gas processing plant situated at Seal Sands on Teesside, England. It has a processing capacity of 450mmscfd.
Andy Heppel and David O’Donnell will serve as CEO and Commercial Director for TDPP, respectively, while Mike Wagstaff will act as its non-executive chairman.