Enterprise Purchases Property to Expand ECHO Crude Oil Storage Facility

abarrelfullabarrelfull wrote on 14 Feb 2012 08:02
Tags: enterprise midstream usa

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Enterprise Products Partners L.P. (NYSE: EPD) announced today that it has purchased a 37-acre tract of land adjacent to its Enterprise Crude Houston (ECHO) crude oil terminal, which is currently under construction, in southeast Harris County. The acquisition will allow the partnership to increase its crude oil storage capacity at ECHO to approximately 6 million barrels. The ECHO facility is expected to begin service in the second quarter of 2012.

“This additional acreage builds on our plan to establish ECHO as the premier Gulf Coast delivery hub for growing North American crude oil production, providing shippers with the opportunity to maximize the value of their production,” said A.J. “Jim” Teague, executive vice president and chief operating officer of Enterprise’s general partner. “Strategically located near two large-diameter crude oil pipelines, including the Seaway system, the ECHO terminal gives shippers the flexibility to access the largest concentration of refineries in the world, as well as the Cushing storage and trading hub. With its growing importance as an access point to the liquid Gulf Coast crude oil market, the ECHO terminal is being developed as a regional pricing point for the U.S. Gulf Coast crude market.”

ECHO will also serve as the receipt point for delivery of crude oil from the Eagle Ford Shale play in South Texas. Enterprise is nearing completion of a 147-mile pipeline that is expected to begin service in the second quarter of 2012 and will have 350,000 BPD of crude oil capacity. Phase II of the system, which includes an 80-mile pipeline extending the partnership’s crude oil system into the far southwest portion of the Eagle Ford Shale, is expected to be in service during the first quarter of 2013. Both phases are anchored by long-term contracts with shippers.

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