Subscribe to our free daily newsletters
  Oil and Gas News from OilGasDaily.Com  




Subscribe to our free daily newsletters



OIL AND GAS
Texas looks to port overhaul to keep pace with oil and gas exports
by Daniel J. Graeber
Washington (UPI) Dec 1, 2017


Texas needs capital support to expand the port infrastructure necessary to help keep up with the increase in U.S. oil and gas exports, a commissioner said.

The port at Corpus Christi is the fourth largest sea port in the country by tonnage, the largest crude oil export terminal and, by 2020, could be one of the largest points for liquefied natural gas leaving the United States.

The port authority there started working on improvements to the regional shipping channel in the 1990s. A partnership agreement was signed with the U.S. Army Corps of Engineers in September for improvements, but the Texas Railroad Commission, the state's energy regulator, told UPI they were still waiting for funding.

"The project would widen and deepen the port, allowing million barrel supertankers to load American crude and providing $100 million in annual transportation cost savings," Commissioner Ryan Sitton said. "The project has been in the works for decades but held up due to bureaucratic red tape."

Port authorities say increasing the depth and width of the shipping channel would let larger vessels in and improve the efficiency for crude oil and natural gas transportation. That, in turn, would make U.S. energy products more competitive on the global market, they said.

West Texas Intermediate, the U.S. benchmark for crude oil, is trading at a discount to other benchmarks, which means it's cheaper to buy on the open market. As of early Friday, WTI was trading at $3.24 per barrel less than the basket of crude oils from the Organization of Petroleum Exporting Countries.

For natural gas, European allies are seeing LNG derived from U.S. shale basins as a way to diversify a market that depends in large part on Russia for natural gas.

For crude oil exports alone, Sitton said a record was set in early November when more than 2 million barrels per day left ports like Corpus Christi, Houston and Beaumont.

"Upgrades at Corpus Christi, Houston and Beaumont are how we take advantage of our energy opportunities," he said. "When we invest in Texas infrastructure, we invest in our economic and national security."

Port infrastructure was damaged from the series of hurricanes that hit southern U.S. states this summer. Hurricane Harvey hit the southern coast of Texas and the largest density of refineries on the southern Gulf Coast in late August, though respondents to a survey from the Federal Reserve Bank of Dallas said Harvey would have only a modest, but lingering, impact on the energy sector.

The bank said in November that "positive signs are starting to reappear for the Texas oil and gas sector" as crude oil prices held above $50 per barrel for much of the third quarter. The price for WTI is up more than 25 percent since the start of July.

Dallas Fed Assistant Economist Amy Jordan last month said the market is tightening up, however, and there might not be too much room left for further economic growth overall.

"And given Texas is highly dependent on trade with Mexico, uncertainty surrounding ongoing trade negotiations is another headwind," she said.

OIL AND GAS
Russia sees poverty as a "striking problem" despite oil wealth
Washington (UPI) Nov 30, 2017
Russia, whose economy relies heavily on oil and natural gas revenue, needs to take "real steps" at combating poverty, the prime minister said. "It is important that with our consolidated efforts we take real steps aimed at combating poverty," Russian Prime Ministry Dmitry Medvedev was quoted by Russian news agency Tass as saying. The World Bank found the Russia's poverty level la ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Cleaning Okinawan pig farm wastewater with microbial fuel cells

Breakthrough process for directly converting methane to methanol

Brazilian ethanol can replace 13 percent of global crude oil consumption

Convert methane to hydrogen without forming carbon dioxide at low-cost

OIL AND GAS
Burkina, France launch W.Africa's biggest solar plant

Gore Mountain ski resort completes massive solar farm

Windows of opportunity: Solar cell with improved transparency

Improving solar cells by watching atoms move in hybrid perovskite crystals

OIL AND GAS
U.S. wind turbines getting taller and more efficient

New wind farm in service off the British coast

End tax credits for wind energy, Tennessee Republican says

New York sets high bar for wind energy

OIL AND GAS
For Gabon's sickly uranium miners, a long quest for compensation

Belarus nuclear power plant stirs fears in Lithuania

Lightbridge and AREVA NP Sign Agreements to Immediately Advance Fuel Development

UK made grave errors over Hinkley nuclear project: MPs

OIL AND GAS
Europe backing climate ambitions with capital

Canada to explore trade, climate change fight, with China

Moroccans pray for rain as 'mercy from God'

Spain, Portugal struggle with extreme drought

OIL AND GAS
GM recalling 1 million cars in China

SoftBank offer for Uber shares to cut valuation: reports

Traffic-weary Chinese man fined for repainting road lines

GM sees 2019 launch for self-driving taxi fleet

OIL AND GAS
The world 'owes' Iraq a Marshall Plan, says FM

Britain's May tours Mideast amid Islam row with Trump

Baghdad cafe marks 100 years as intellectual hub

Suicide bombers kill 11 in Iraq attack claimed by IS

OIL AND GAS
Greenpeace sounds alarm on nuclear safety with new break-in

UN Security Council faces calls for more N.Korea sanctions

US calls for isolation of NKorea after missile test

DPRK Missile Launch: Frequency over Amplitude




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement