ATP Oil & Gas Increases Ownership in Canyon Assets

ATP Oil & Gas Corporation has increased its ownership interest from 16.67% to 66.7% in Mississippi Canyon block 348 and from 45.08% to 55.09% in the Canyon Express pipeline system.

ATP has acquired the ownership interest pursuant to a sale and purchase agreement with an independent energy company. ATP is already the operator of the Canyon Express pipeline system (CEPS) and, as part of the transaction, will become the designated operator of the Mississippi Canyon block 348.

The CEPS provides the closest pipeline interconnect for the offshore deepwater leases that were offered at sale 205 for the first time. Camden Hills is located in 7,112 feet of water and connected to the CEPS which consist of two 12″ pipelines capable of transporting 500 million cubic feet per day.

George Morris, vice president of acquisitions at ATP, said: “ATP now operates CEPS and all of the properties (Camden Hills, Aconcagua and King’s Peak) connected to the CEPS which provides ATP with the operational control of the entire system.”