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Tuesday, June 25, 2019

Occidental Petroleum Corp News

A VLCC alongside in the port of Corpus Christi, TX (CREDIT: port of Corpus Christi)

Moda Midstream Eyes Second TX VLCC Berth

Moda Midstream LLC is considering building a second berth at its Ingleside, Texas, crude export terminal to accommodate booming shale oil production on the Gulf Coast, the company's chief executive said on Thursday.The expansion to the terminal that loads oil tankers will come as three major pipelines open in the second half of 2019, CEO Bo McCall said in an interview. Moda is also increasing the facility's crude storage capacity to 10 million barrels from 2 million."When these new pipelines come online…

Moda Midstream Loads First Supertanker at South Texas Terminal

Moda Midstream LLC, owner of a U.S. Gulf Coast crude export terminal, on Thursday began partially loading the first supertanker at its Ingleside, Texas, facility, the company said.The Houston-based operator, which purchased the facility from Occidental Petroleum Corp. in August, recently installed equipment capable of loading up to 80,000 barrels of crude oil per hour onto Very Large Crude Carriers, or VLCCs, which carry up to 2 million barrels.At a depth of 47 feet, the waterway near the terminal is deep enough to allow the company to load only 1.2 million barrels onto supertankers.

Photo: Occidental Petroleum Corp

U.S. Pipeline Operators Reap Hefty Profits from Bottlenecks in Texas

Some of the biggest pipeline operators in the United States have supercharged earnings this year by buying deeply discounted shale in West Texas oilfields and selling it at a premium at Gulf Coast ports.These companies are taking advantage of extraordinary markdowns in West Texas where surging production and a lack of pipeline space sent the regional price for oil in late August $23 per barrel below the coastal price in Houston.Record profits illustrate the divide between the haves - those with guaranteed pipeline space - and the have nots, producers that must sell oil at the wellhead.

Photo: Jupiter MLP LLC

Dallas Company Secures Permits to Expand Crude Export Hub at Texas Port

Jupiter MLP LLC, a Dallas-based logistics company, has secured permits to expand a crude export dock at the Port of Brownsville in Texas, the latest in a series of moves made by U.S. companies to tap into booming overseas shipments.The expanded dock space will be able to accommodate Suezmax-size vessels, the company said in a statement Thursday.Privately-held Jupiter has also begun the permitting process to build an offshore supertanker loading facility six miles (9.6 km) off the coast of Texas.The facility will be connected to the expanded dock…

Courtesy Chevron Corporation

Ecuador Pays $112 mln Award to Chevron

Ecuador has paid $112 million to energy company Chevron Corp over a four-decade-old contract dispute, even though it remains in disagreement, the head of the central bank has said. A Hague arbitration court awarded the U.S. company $96 million in 2011 in a dispute stemming from a 1973 deal that called for Texaco, later acquired by Chevron, to develop fields in exchange for selling oil to Ecuador at below-market rates. Various appeals by Ecuador against the ruling failed. "We have today paid around $112 million," the central bank head Diego Martinez told a local radio station late on Friday.