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Sentinel Midstream Final Decision for US Oil Export Project

AMERICAS OIL
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Sentinel Midstream Eyes Final Investment Decision for US Oil Export Project: Reuters

  • Oil transportation and storage company Sentinel Midstream expects to make a final investment decision on its deepwater oil export project off the Texas coast as soon as it receives a US government license, CEO Jeff Ballard told Reuters.
  • The move comes as President Trump pushes for faster approvals of projects that will help bolster the US energy industry, including fossil fuel production.
  • The record of decision approved the project with conditions. Sentinel must meet state and federal and other requirements to receive a license to begin construction.
  • The offshore project, expected to be situated about 30.5 miles off Freeport, Texas, aims to be able to fully load a supertanker with about 2 mb/d in oil.
  • Currently only one US port, the Louisiana Offshore Oil Port, can fully load supertankers. Other facilities can only load a supertanker partially due to draft restrictions, requiring them to use smaller ships to ferry crude to the larger vessel to fill it.
  • "If commercial discussions proceed as we expect them to, then our final investment decision timeline should coincide with the receipt of the license," Ballard said in an interview on Wednesday. He declined to provide a specific timeline.
  • The last US deepwater project, Enterprise Products Partners' Sea Port Oil Terminal (SPOT), took just over 17 months from record of decision to license under the administration of former president Joe Biden, which was less supportive of energy development than the Trump administration.
  • Prices for exporting from Texas GulfLink will likely also be competitive with facilities in Ingleside near Corpus Christi in South Texas, Ballard said. Corpus Christi is currently the top U.S. oil export region.
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Sentinel Midstream Eyes Final Investment Decision for US Oil Export Project: Reuters

  • Oil transportation and storage company Sentinel Midstream expects to make a final investment decision on its deepwater oil export project off the Texas coast as soon as it receives a US government license, CEO Jeff Ballard told Reuters.
  • The move comes as President Trump pushes for faster approvals of projects that will help bolster the US energy industry, including fossil fuel production.
  • The record of decision approved the project with conditions. Sentinel must meet state and federal and other requirements to receive a license to begin construction.
  • The offshore project, expected to be situated about 30.5 miles off Freeport, Texas, aims to be able to fully load a supertanker with about 2 mb/d in oil.
  • Currently only one US port, the Louisiana Offshore Oil Port, can fully load supertankers. Other facilities can only load a supertanker partially due to draft restrictions, requiring them to use smaller ships to ferry crude to the larger vessel to fill it.
  • "If commercial discussions proceed as we expect them to, then our final investment decision timeline should coincide with the receipt of the license," Ballard said in an interview on Wednesday. He declined to provide a specific timeline.
  • The last US deepwater project, Enterprise Products Partners' Sea Port Oil Terminal (SPOT), took just over 17 months from record of decision to license under the administration of former president Joe Biden, which was less supportive of energy development than the Trump administration.
  • Prices for exporting from Texas GulfLink will likely also be competitive with facilities in Ingleside near Corpus Christi in South Texas, Ballard said. Corpus Christi is currently the top U.S. oil export region.