Mirage Energy Corp. / Northern Hemisphere Logistics Inc. has signed a $4 billion debt facility with the family office of Bluebell Intl., LLC’s family office, for the development of natural gas pipelines, underground natural gas storage and the Isthmus Corridor Project, according to a statement from the company.
The company’s pipeline provides natural gas supply for Mexico through a new 42-inch pipeline to be built from Agua Dulce/ Banquette Hub to Progresso then into Mexico. From there, natural gas can be stored underground or sent to Station #19 on the Sistrangas system, with a 42-inch line going on to Los Ramones and an interconnect to the San Fernando/Cactus line. This would bring gas all the way to Nuevo Pemex on the Yucatan Peninsula, Mirage said.
At completion, Mirage’s natural gas storage facility will be the largest on the North American continent with the ability to hold 786 BCF of gas, giving Mexico a six-month’s supply in the event natural gas is interrupted.
The Isthmus Corridor project consists of a series of pipelines and storage facilities in Mexico connecting the Port of Pajaritos on the Gulf of Mexico side to Salina Cruz on the Pacific side. The pipelines will provide a faster, more economical way to deliver oil and refined products from the U.S. to Asia, Mexico and the west coast of the U.S.
“One of the biggest problems in oil and gas transportation is the logistical dilemma posed by Supertankers that cannot fit through the Panama Canal, thereby reducing access to the Pacific Ocean or forcing them to take the hazardous and expensive journey around Cape Horn,” said Michael Ward, President and CEO of Mirage. “The Isthmus project is a logical and far more economical alternative, and we are pleased that the family offices of Bluebell International have agreed to partner with us.”
The three projects comprise the following:
- Mirage 1 – Burgos Hub Storage & Natural Gas Pipeline, a US-Mexico development consisting of cross-border transportation and the first underground natural gas storage facility in the country of Mexico.
- Mirage 2 – SAN FERNANDO/CACTUS – 48-inch natural gas pipeline running from Reynosa, Mexico to Nuevo Pemex.
- Mirage 3 – ISTHMUS CORRIDOR – 30-inch and 48-inch bi-directional crude oil pipeline across the Tehuantepec Isthmus of Mexico (connecting the Atlantic and Pacific Oceans).
The terms of the loan include an equity split of 75% to BBI and 25% is no cost to Mirage Energy/Northern Hemisphere Logistics, Inc.
To contact the author, email bertie.taylor@rigzone.com.
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