Tuesday, December 10, 2019

Enbridge Joins EPD -- SPOT -- Texas -- December 10, 2019

Some of this has been reported previously, but if I understand this correctly, what was once a sole EPD project, Enbridge has now been brought on. Posted elsewhere:
December 10, 2019: from Rigzone --
Enbridge Inc. and Enterprise Products Partners L.P. have agreed to jointly develop and market a deepwater offshore crude oil export terminal capable of fully loading very large crude carrier (VLCC) vessels, Enbridge reported Monday, December 9, 2019.
The companies have signed a letter of intent under which they will finalize an equity participation agreement granting Enbridge an option to purchase an ownership interest in Enterprise’s Sea Port Oil Terminal (SPOT) if SPOT receives a deepwater port license.
Enterprise also noted the SPOT project would comprise onshore and offshore facilities including a fixed platform approximately 30 nautical miles off the Brazoria County, Texas, coast in approximately 115 feet of water. The company added that SPOT would be designed to load VLCCs at rates of approximately 85,000 barrels per hour – equating to approximately 2 million barrels per day.
Enbridge’s involvement in SPOT will help the company provide its North American light and heavy crude customers with access to the Houston-area refining market and growing global demand.
That last paragraph is why this gets a stand-alone post: this is an important development for the Bakken. 

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