Sentinel Midstream, a portfolio company of Cresta Energy Capital, has unveiled its plans to develop a deepwater crude oil export terminal in Texas, dubbed as Texas GulfLink.
To be built near Freeport, Texas GulfLink, upon its completion, will be able to fully load very large crude carrier (VLCC) vessels.
The project will feature an onshore terminal with a capacity of up to 18 million barrels of storage. Also included in the project is an offshore 42inch pipeline and a manned offshore platform to enable port operations with two catenary anchor leg mooring (CALM) single point mooring (SPM) buoys.
Sentinel Midstream said that the projected export loading rates for Texas GulfLink will be up to 85,000 barrels per hour, with a nominal capacity of 1.2 million barrels per day through 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.
“We have compiled a team of industry leading professionals who possess unique experience in construction and operations of deepwater ports and are well positioned to leverage that experience as prudent operators. Our team of seasoned professionals is committed to developing Texas GulfLink with a specific focus on exceeding industry standards for safety and environmental protection.”
Sentinel Midstream said that it has been working on the crude oil export terminal over the past year in conjunction with various stakeholders like federal, state, and local agencies among others.
The company said that the project has received necessary commercial support to justify the capital investment. Currently, the midstream company is preparing to submit a formal permit for the project with the US Maritime Administration (MARAD).
The financing for the Texas GulfLink terminal will be provided by Cresta Fund Management.
Cresta managing partner Chris Rozzell said: “Sentinel has assembled the best-in-class team, with deep experience developing and operating deepwater export solutions. We are excited to partner with them as they bring this critical facility to the Gulf Coast market.
“We view the company’s value proposition, which provides a neutral infrastructure solution without the inherent conflicts of affiliated marketing, as the best approach to support the interests of U.S. producers and lead to the greatest outcome for all stakeholders.”