Crude Oil Storage Capacity News

The Fujairah Oil Terminal is investing an estimated $45 million to upgrade the infrastructure at its storage facilities, betting on a surge in crude trading and storage demand at the United Arab Emirates oil hub, the company's chairman told Reuters.FOT's expansion, financed by a new $280 million debt facility, will connect its terminal to the Port of Fujairah's very large crude carrier (VLCC) loading facility and the Abu Dhabi Crude Oil Pipeline (ADCOP) pipeline, said Steve Bickerton…

Japanese floating production specialist MODEC has developed a pair of next generation new build hull designs for floating production, storage and offloading (FPSO) vessels developed in partnership with Mitsui E&S Shipbuilding, targeting greater production and storage capacity.As a result of increases in required crude oil and gas production capacities, FPSO topsides have become bigger and heavier, which has led to insufficient deck space area and insufficient crude oil storage capacity on on converted very large crude carriers (VLCC), MODEC said.

Buckeye Partners announced the formation of a joint venture with Phillips 66 Partners and Andeavor to develop a new deep-water, open access marine terminal in Ingleside, Texas. The South Texas Gateway Terminal will be constructed on a 212 acre waterfront parcel at the mouth of Corpus Christi Bay. The facility is positioned to serve as the primary outlet for crude oil and condensate volumes delivered off of the planned Gray Oak pipeline from the Permian Basin. The terminal, to be constructed and operated by Buckeye, will offer 3.4 million barrels of crude oil storage capacity, connectivity to the Gray Oak pipeline and two deep-water vessel docks capable of berthing Very Large Crude Carrier (VLCC) petroleum tankers as part of the initial scope of construction.

Enterprise Products Partners LP said on Wednesday that companies using its crude oil storage facility in the Houston Ship Channel must pay extra for dock services, brushing off complaints from client BP Plc . "We believe if you want a service, you pay for it," Enterprise Chief Operating Officer Jim Teague told analysts when asked about concerns, first reported by the Wall Street Journal, that the company's strong position in Gulf Coast storage gives it too much pricing power. Britain's BP has reportedly told the U.S. Federal Trade Commission that Enterprise, a major midstream company, has started charging $1 a barrel in dock fees for crude it handles at the Houston site, on top of storage fees. Since Houston is the top U.S. petrochemicals port, the dock fees could add up to big revenue.

Astano, the Astilleros Españoles offshore construction yard, has sent off Discoverer Spirit to American owner and operator Transocean Offshore. The second of a trio of ultradeep waters dual-drilling monohull vessels, Spirit departed on October 6 for the Gulf of Mexico. The vessel joins Discoverer Enterprise - the first member of the series. The last part of the series, Discover Deep Seas is currently under construction. Scheduled for operation in the Gulf of Mexico by Transocean for U.S.-based Unocal, Discover Spirit boasts the cost-effective Astano design, which is identical to Discover Enterprise. The vessel measures 837 ft. (255 m) and has a breadth of 125 ft. (38 m) with a crude oil storage capacity of 144,000 bb/d.

Astano, the Astilleros Españoles offshore construction yard, has sent off Discoverer Spirit to American owner and operator Transocean Offshore. The second of a trio of ultradeep waters dual-drilling monohull vessels, Spirit departed for the Gulf of Mexico. The vessel joins Discoverer Enterprise - the first member of the series. The last vessel of the series, Discover Deep Seas is currently under construction. Scheduled for operation in the Gulf of Mexico by Transocean for U.S.-based Unocal, Discover Spirit boasts the cost-effective Astano design, which is identical to Discover Enterprise. The vessel measures 837 ft. and has a breadth of 125 ft. with a crude oil storage capacity of 144,000 bb/d.