The joint venture of Hess Corporation and the Global Infrastructure Partners (GIP), Hess Infrastructure Partners LP, has signed a Memorandum of Understanding (MoU) to acquire Hess’ existing Bakken water services business for US$225 million in cash, subject to customary adjustments and regulatory approvals. 

The agreement covers all the produced water, gathering assets, and saltwater disposal services in North Dakota, which currently consist of over 150 miles of existing Hess water gathering pipelines capturing about 24,000 barrels per day of produced water.

The transaction is expected to close by the first quarter of 2019.