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HOUSTON-(BUSINESS WIRE)–Enterprise Products Partners LP (NISE: EPD ) announced today that its Seaport Oil Terminal (“SPOT”) project recently received its Record of Decision (“ROD”) from the U.S. Department of Transportation’s Maritime Administration pursuant to of the Deep Harbor Act of 1974. The adoption of the ROD is a significant milestone in the process of obtaining a SPOT license under the Deep Harbor Act.
The proposed SPOT project consists of a fixed platform deepwater port terminal in the Gulf of Mexico that will be connected to an onshore crude oil storage facility with a capacity of approximately 4.8 million barrels in Brazoria County, Texas. The platform will be located approximately 30 nautical miles off the coast of Texas in approximately 115 feet of water. The platform will be connected to onshore storage by two 36-inch two-way pipelines. SPOT is designed to load Very Large Crude Carriers (“VLCCs”) and other crude oil tankers at speeds of up to 85,000 barrels per hour.
SPOT is one of the world’s most environmentally focused energy infrastructure projects incorporating state-of-the-art pipeline control, steam recovery and leak detection systems. SPOT is designed to reduce carbon dioxide and volatile organic compound (“VOC”) emissions by approximately 65 percent and 94 percent, respectively, compared to current industry practices. It also significantly reduces the risk of spills and collisions and improves overall maritime safety by eliminating the current routine of transporting oil from ship to ship at sea.
The company will begin work immediately to meet the remaining conditions for obtaining a deepwater port permit in 2023. The remaining conditions include routine construction, operational and decommissioning guarantees, public information submissions, wetland restoration and VOC monitoring plans, and other government approvals. The Maritime Administration has announced that it will work with SPOT to resolve and meet the conditions of approval for the issuance of the permit.
The Maritime Administration and the US Coast Guard conducted a comprehensive, nearly four-year environmental review of the project. The ROD includes reviews by more than a dozen federal government agencies, including the Army Corps of Engineers and the Environmental Protection Agency, as well as reviews and approvals by the State of Texas. Some of the significant findings of the ROD are highlighted below:
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“The construction and operation of the Port is in the national interest because the project will benefit employment, economic growth, and the resilience and security of America’s energy infrastructure.” The port will provide a reliable source of crude oil to US allies in the event of market disruptions and have a minimal impact on the availability and price of crude oil in the US domestic market. The construction and operation of an offshore export terminal and the installation of a steam combustion system on the DVP will reduce the number of ship-to-ship transfers of crude oil and reduce emissions from conventional crude oil loading, thereby providing a more efficient, low-impact crude oil transportation facility in coastal waters of the United States.” and
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“The project will be built and operated using the best available technology.” The operational safety and control features of the Project will include autonomous shut-off valves, HIPP, fire and gas detection, emergency shutdown and safety controls, and process control systems.”
Enterprise Products Partners LP is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: collection, treatment, processing, transportation and storage of natural gas; Transport, fractionation, storage and marine terminals of NGL; collection, transportation, storage and marine terminals for crude oil; production of petrochemical and refined products, transportation, storage and marine terminals and related services; and a marine transportation business operating on key US inland and coastal waterway systems. The partnership’s assets include more than 50,000 miles of pipeline; over 260 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 billion cubic feet of natural gas storage capacity. Visit www.enterpriseproducts.com for more information.
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that relate to activities, events, developments or transactions that Enterprise and its general partner expect, believe or predict will occur in the future are forward-looking statements. to the future. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations, including required approvals from regulatory agencies, the possibility that the anticipated benefits of such activities, events, developments or transactions may not be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition and other risk factors included in the Company’s reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their date. Except as required by law, Enterprise does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
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