Sentinel Midstream to develop offshore oil export terminal in Texas
Crude oil gathering, storage, and terminal operating company Sentinel Midstream has revealed the planned development of Texas GulfLink, a deepwater crude oil export terminal near Freeport, Texas.
Sentinel said on Monday that the completed facility would be capable of fully loading very large crude carrier (VLCC) vessels.
According to the company, Texas GulfLink will include an onshore terminal with up to 18 million barrels of storage, an offshore 42-inch pipeline, and a manned offshore platform to facilitate port operations with two catenary anchor leg mooring single point mooring buoys.
Projected export loading rates will be up to 85,000 barrels per hour, with a nominal capacity of 1.2 million barrels per day over the course of a calendar year.
Sentinel midstream president and CEO Jeff Ballard said: “Texas GulfLink will provide the United States with an economical solution to clear the over-supply barrels destined for the Gulf Coast. Our team of seasoned professionals is committed to developing Texas GulfLink with a specific focus on exceeding industry standards for safety and environmental protection.”
The company added that the Texas GulfLink was developed over the past year in conjunction with multiple stakeholders, including federal, state, and local agencies.
The project also secured necessary commercial support to justify the capital investment and was preparing its submission of a formal permit with the United States Maritime Administration.
Sentinel stated that project financing was being provided by Cresta Fund Management. Cresta managing partner Chris Rozzell said: “We are excited to partner with them as they bring this critical facility to the Gulf Coast market.”