InstarAGF Asset Management has acquired US water infrastructure and services firm Oilfield Water Logistics (OWL) for an undisclosed sum.
InstarAGF said it has bought OWL alongside its Canadian and international co-investors from NGP Energy Capital Management and NGP Energy Technology Partners and other private shareholders.
OWL鈥檚 management team will invest in and continue with the business.
Founded in 2014, OWL provides infrastructure supporting oil production across the midstream water value chain, including produced water gathering, transportation, reuse and disposal primarily in the Delaware Basin.
OWL provides midstream water infrastructure and services to the energy industry in Texas, New Mexico, Colorado, Utah and Wyoming, with offices in Midland, Denver and Dallas.
Jonathan Stone, Partner, InstarAGF, said: exploration and production companies increasingly face operational and logistical challenges related to produced water.
鈥淲e are delighted to partner with OWL to address North America鈥檚 growing water management demands through safe, sustainable solutions.
鈥漈his is a unique opportunity to invest alongside a proven, strongly aligned management team to execute the next phase of OWL鈥檚 growth strategy.鈥�
Chris Cooper, president and CEO of OWL, said: 鈥淲ithin North America鈥檚 highest growth production areas, OWL plays a vital role transporting and disposing of the significant water volume created.
鈥淚nstarAGF shares our commitment to safety, quality, sustainability and customer service, and is the ideal partner to help elevate and expand our platform, support North American producers and maintain best practices within the energy sector.鈥�
