In local development news:

CorEnergy Infrastructure Trust, Inc. announced yesterday that it has entered into a definitive agreement to acquire 100 percent of the Grand Isle Gathering System from Energy XXI USA Inc. for $245 million. The Grand Isle Gathering System is a subsea, midstream pipeline system with related onshore facilities serving oil-producing fields in the shallow portion of the Gulf of Mexico. It consists of 153 miles of undersea pipeline that transports oil and water from six Energy XXI fields and one field operated by ExxonMobil. The 16-acre terminal includes four storage tanks, a saltwater disposal facility with three injection wells, and associated pipelines, land, buildings and facilities. The system currently transports far below capacity at 60,000 barrels/day – total capacity is 120,000 barrels/day.

Read more from CityBusiness here. Read the release from CorEnergy here.

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