Enterprise Products Partners L.P. and Chevron U.S.A. Inc., a wholly owned subsidiary of Chevron Corporation has signed along-term agreements supporting the development of Enterprise's Sea Port Oil Terminal in the Gulf of Mexico.
Enterprise's SPOT project consists of onshore and offshore facilities, including a fixed platform located approximately 30 nautical miles off the Brazoria County, Texas coast in approximately 115 feet of water. SPOT is designed to load Very Large Crude Carriers (VLCCs) at rates of approximately 85,000 barrels per hour, or up to approximately 2 million barrels per day. The SPOT design also meets or exceeds federal requirements and, unlike existing and other proposed offshore terminals, is designed with a vapor control system to minimize emissions. The long-term agreements with Chevron support Enterprise's final investment decision. Construction of SPOT is subject to obtaining the required approvals and licenses from the federal Maritime Administration, which is currently reviewing the SPOT application.
We are very pleased to announce these agreements with Chevron, said A.J. Jim Teague, Chief Executive Officer of Enterprise's general partner. As a result, we are announcing our final investment decision for our offshore crude oil terminal, subject to government approvals.
With the flexibility to allocate loading across multiple export facilities, Enterprise will optimize its Houston Ship Channel facilities by creating additional capacity to load growing LPG, ethane and petrochemical export...