So much oil is flowing out of the Permian Basin in West Texas and Southeast New Mexico, more pipelines are being constructed and now there’s the possibility of another crude oil terminal to be built in the Port of Corpus Christi.
Harvest Pipeline Company, an affiliate of Hilcorp Energy Company and Vitol Inc. have joined forced to explore a joint development of such a terminal. They have decided on the location for the terminal development and dock access. Further, the two firms are reviewing the option of constructing a private dock for their use at the oil terminal facility.
The project would create a new waterborne outlet for the growing number of Permian barrels that are seeking access to international markets.
“Crude demand, particularly in emerging markets, continues to grow and U.S. shale has an important role to play in satisfying this demand,” said Mark Couling, head of Crude Oil for Vitol. “Our new pipeline and terminal will facilitate the efficient delivery of U.S. crude to global markets, thereby increasing marketing opportunities and optimizing value for U.S. producers.”
