July 30, 2019 / 8:29 PM / a month ago

Enterprise Products signs deal with Chevron to develop offshore crude oil port

July 30 (Reuters) - Enterprise Products Partners LP signed long-term agreements with a Chevron Corp unit to develop its Sea Port Oil Terminal in the Gulf of Mexico, the companies said in a statement on Tuesday.

Enterprise said the deals with Chevron U.S.A. Inc (CUSA) support its final investment decision for the offshore crude oil terminal.

The project consists of onshore and offshore facilities and will be designed to load Very Large Crude Carriers at rates of about 85,000 barrels per hour, or up to about 2 million barrels per day.

"The SPOT facility provides opportunity to significantly expand our export capacity and access multiple market centers as we increase our crude oil produced out of the Permian," said George Wall, president of Chevron Supply and Trading, a division of CUSA.

The company said construction of the project is subject to the required approvals and licenses from the federal Maritime Administration, which is currently reviewing the application. (Reporting by Shanti S Nair in Bengaluru; Editing by Bernard Orr)

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