Gibson Energy will construct an additional 900,000 barrels of crude oil storage capacity at its Hardisty Terminal.
The storage will be spread across two tanks – one 400,000 barrel capacity tank and one 500,000 barrel tank. A long-term agreement for the 500,000 barrel capacity tank has been reach with Teck Resources Limited, a new customer for the company.
The tanks are expected to be in service by mid-2017, and are two of nine storage tanks linked to the company’s expansion of its Hardisty Terminal, which started in 2012.
So far, four tanks have been commissioned in the expansion of the terminal – totalling 1.7 million barrels of additional storage capacity. The five remaining tanks under construction will result in a further 2 million barrels of capacity – bringing the total crude oil capacity at the terminal to 8 million barrels.
Rick Wise, CEO, says: ‘Despite today’s depressed oil price environment, a robust growth profile remains in place for oil sands related production volumes.
‘We have confidence in our ability to capture the associated demand for terminal services through the diversified offerings we can provide our customers at the Hardisty Terminal.’