Phillips 66 and Trafigura Form JV To Build US Gulf Crude Terminal
Phillips 66 and Trafigura Group Pte announced on Friday that they have formed a 50/50 joint venture, known as Bluewater Texas Terminal LLC, which will develop an offshore deepwater port project located approximately 21 nautical miles east of the entrance to the Port of Corpus Christi in Texas.
The JV comes almost 2 years after Trafigura withdrew its application to develop the Texas Gulf Terminals deepwater port facility that was submitted to the United States Maritime Administration in July 2018.
The proposed JV project will be constructed by Phillips 66 and will comprise up to two single-point mooring buoys capable of fully loading very large crude carriers (VLCCs) to export crude oil. Both companies said the project is currently in the permitting stage and they expect to make a final investment decision later this year, pending permit approval and customer volume commitments that support economic return thresholds.
Both companies said the Bluewater Texas JV is also working with the Port of Corpus Christi Authority to provide a safe and environmentally sustainable infrastructure for the export of crude oil to global markets while benefitting the regional economy.
Decommissioning Work To See Increased Spending; North Sea Region To Lead the Way
Even before the global pandemic impacted markets, decommissioning work in the North Sea region was expected to increase. One research group estimates global decommissioning projects could reach $24 million by 2024.
UPDATE: Total Faces $12 Billion Shortfall as it Continues $20 Billion Mozambique LNG Project
Construction on Mozambique LNG stopped in April due to COVID-19, but Total continues work on the project even amid a $12 Billion shortfall. Financing for the Mozambique LNG project follows engineering contracts awarded by Total in the past few months.
Mammoet Awarded Unloading, Transport, Installation Contract for Arctic LNG 2
The contract is Mammoet’s biggest in terms of aggregate tonnage. The Arctic LNG 2 project reached FID in September 2019.
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20 May 2020
20 May 2020