Sentinel Midstream has announced plans to develop Texas GulfLink, a deepwater crude oil export terminal off the Freeport coast in Texas, which will be capable of fully loading a VLCC
As the US continues to enjoy record crude oil production, the pressure is growing on supply chain infrastructure to distribute crude to global markets.
This flourish of crude oil production coupled with the country’s rapidly growing export market is supporting various pipeline and storage development and expansion projects to help unlock the country’s crude to international markets.
According to recent Energy Information Administration data, US exports of crude oil rose to 2 million barrels per day in 2018, almost double that of 2017 figures. Likewise, US crude oil production increased 17% to 10.9 million barrels per day in 2018, with US Gulf Coast states, which are the departure point for more than 90% of US crude oil exports, producing 7.1 milion barrels per day.
Recognising future demand for efficient export capabilities and to help mitigate bottlenecks at some of the country’s key production basins, Sentinel Midstream has announced plans for a deepwater crude oil export terminal more than 30 miles off the coast of Freeport, Texas.
The company, which is being funded by Cresta Fund Management, will leverage its combined commercial and operational expertise to develop the facility. Between them the team has over 200 years of combined experience in the midstream sector, and more than 115 years of direct related offshore deepwater operations experience.