Enterprise to Develop Offshore Texas Crude Oil Export Terminal
17 July 2018 - 10:00PM
Business Wire
Enterprise Products Partners L.P. (NYSE: EPD) today announced it
is planning to develop an offshore crude oil export terminal off
the Texas Gulf Coast. The terminal would be capable of fully
loading Very Large Crude Carriers (“VLCC”), which have capacities
of approximately 2 million barrels and provide the most efficient
and cost-effective solution to export crude oil to the largest
international markets in Asia and Europe.
Enterprise has started front-end engineering and design (“FEED”)
and preparing applications for regulatory permitting. Based on
initial designs, the project could include approximately 80 miles
of 42-inch diameter pipeline to an offshore terminal capable of
loading and exporting crude oil at approximately 85,000 barrels per
hour.
Today, Enterprise is completing the second partial loading of a
VLCC tanker at its jointly owned Seaway marine terminal in Texas
City. The Eagle Victoria is loading approximately 1.1 million
barrels of crude oil at the Texas City facility.
“On the heels of our second successful loading of a VLCC at the
Texas City terminal, we are now planning to expand our capabilities
to load crude oil faster and more cost efficiently without the need
for lightering vessels,” said A.J. “Jim” Teague, chief executive
officer of Enterprise’s general partner. “Given the long-term
outlook for growing supplies of U.S. crude oil production,
increasing global demand requiring super tankers, and the future
limitations of Gulf Coast port and lightering capacities, we are
confident this project will be embraced and supported by both
domestic and international customers. In addition to our best in
class reliability, Enterprise’s crude oil supply aggregation
capabilities of over 4 million barrels per day, including from the
Permian, Cushing, Eagle Ford and numerous third party connections,
provide unmatched diversification, supply and quality optionality
for international markets.”
“Capital and infrastructure to support our project would be
solely provided by private capital and would not be reliant nor
contingent upon state or federal government agency financial
support or infrastructure development. We believe this would enable
us to deliver this project in a timely manner once permits are
granted and the project is underwritten,” stated Teague.
A final investment decision will be subject to receiving the
requisite state and federal permits and customer demand.
Enterprise Products Partners L.P. is one of the largest publicly
traded partnerships and a leading North American provider of
midstream energy services to producers and consumers of natural
gas, NGLs, crude oil, refined products and petrochemicals. Our
services include: natural gas gathering, treating, processing,
transportation and storage; NGL transportation, fractionation,
storage and import and export terminals; crude oil gathering,
transportation, storage and terminals; petrochemical and refined
products transportation, storage and terminals; and a marine
transportation business that operates primarily on the United
States inland and Intracoastal Waterway systems. The partnership’s
assets include approximately 49,000 miles of pipelines; 250 million
barrels of storage capacity for NGLs, crude oil, refined products
and petrochemicals; and 14 billion cubic feet of natural gas
storage capacity.
This press release includes “forward-looking statements” as
defined by the Securities and Exchange Commission. All statements,
other than statements of historical fact, included herein that
address activities, events, developments or transactions that
Enterprise Products Partners L.P. expects, believes, or anticipates
will or may occur in the future, including anticipated benefits and
other aspects of such activities, events, developments or
transactions, are forward-looking statements. These forward-looking
statements are subject to risks and uncertainties that may cause
actual results to differ materially, including required approvals
by regulatory agencies, the possibility that the anticipated
benefits from such activities, events, developments or transactions
cannot be fully realized, the possibility that costs or
difficulties related thereto will be greater than expected, the
impact of competition and other risk factors included in the
reports filed with the Securities and Exchange Commission by
Enterprise Products Partners L.P. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of their dates. Except as required by law, Enterprise
Products Partners L.P. does not intend to update or revise their
forward-looking statements, whether as a result of new information,
future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20180717005295/en/
Enterprise Products Partners L.P.Randy Burkhalter, 713-381-6812
or 866-230-0745Investor RelationsorRick Rainey, 713-381-3635Media
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