Business is booming in the oil fields of the Permian Basin, and construction crews in Texas are working hard to expand the state’s oil transportation infrastructure in response to the surge in production. There are at least three new pipelines under construction that will carry crude oil from the Permian Basin to refineries on the Gulf Coast, but these aren’t the only new oil infrastructure projects headed to the Lone Star State.
Earlier this month, the Port of Corpus Christi and the Carlyle Group revealed plans to build a crude oil export terminal on the 256-acre Harbor Island in Corpus Christi Bay.
Once complete, the $1.2 billion terminal will be the first onshore facility in the nation to be able to accommodate fully-loaded very large crude oil carriers. The terminal is designed to improve Texas oil producers’ access to the global market, and preliminary estimates suggest that it could contribute to a reduction in the national trade deficit of up to $50 billion per year. It could also generate thousands of new jobs for workers throughout the region. In addition to the terminal’s construction, the project will involve a significant dredging operation to achieve a main channel depth of 75 feet.
The deal is still in the final stages of negotiation, but it’s expected to receive approval from the Carlyle Group following a standard due diligence investigation. In just a few years, the Texas Gulf Coast could be home to one of the most modern and well-equipped oil export facilities in the country.
To learn more about all the infrastructure improvements coming to our area, stay tuned for the latest updates from our blog at Ritter Forest Products.
