The GIGS includes 153 miles of undersea pipeline that transports oil and water from six Energy XXI Gulf Coast fields and one field operated by ExxonMobil in the Gulf of Mexico. The 16-acre terminal includes four storage tanks, a saltwater disposal facility with three injection wells, and associated pipelines, land, buildings and facilities. At the time of acquisition, the GIGS system transports approximately 60,000 barrels/day (18,000 oil and 42,000 water) and has a total capacity of 120,000 barrels/day.
- 153 miles of undersea pipeline and onshore terminal with separation, salt water disposal and storage facilities
- Essential system to transport crude oil and produced water from 44 offshore platforms
- Triple-net operating lease with Energy XXI Gulf Coast subsidiary
- System permits shore access to seven oil fields
- Estimated to transport ~40% of EXXI’s production
- Real Property Asset I 11-year triple net lease
- Lessee – Subsidiary of Energy XXI Gulf Coast Inc.
- Acquired: June 2015 for $245 million
- ~38% of CorEnergy total assets