EPD To Build Massive Crude Oil Export Terminal -- Houston, TX -- Making America Great Again -- July 19, 2018

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Title : EPD To Build Massive Crude Oil Export Terminal -- Houston, TX -- Making America Great Again -- July 19, 2018
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EPD To Build Massive Crude Oil Export Terminal -- Houston, TX -- Making America Great Again -- July 19, 2018

Wow, things are moving quickly. Just hours ago we posted the likelihood that Houston is going to become the largest crude oil trading hub in the universe.

Now this, sent by a reader: Houston looks to have a massive offshore terminal to export Permian oil. Remember, even without this terminal, the US is exporting 3 million bopd while producing 11 million bopd. Data points from the linked houstonchronicle story:
  • EPD
  • will take years to complete
  • cost: $1 billion to $2 billion (seems like quite a spread)
  • impetus, two things:
  • the Permian
  • the Panama Canal expansion (you know, the project that The NYT thought would fail)
  • currently, even with dredging, Texas ports are not deep enough for very large crude carriers (VLCCs)
  • EPD plans to build pipelines from its Houston network to an offshore terminal where the water is naturally deeper; distance: 80 miles
  • federal permitting process: will take at least a year in EPD's estimation
  • EPD estimates US production will grow to 13 million bopd (from current 11 million bopd) by 2022
Also, this:
Enterprise’s announcement came the same day the Intercontinental Exchange Inc. commodities firm said it will base a new U.S. oil pricing benchmark on Permian oil that’s piped to Houston. The decision was made precisely because the Texas coast has become the key region for crude exports. The exchange, called ICE, said Houston makes for more accurate futures pricing than the traditional West Texas Intermediate benchmark that’s delivered to the Cushing, OK, storage hub.




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