Sentinel Midstream Announces New Deepwater Crude Oil Export Facility
The facility, backed by middle-market energy investor Cresta Fund Management, will be capable of loading one "supertanker" per day.
DALLAS, Feb. 11, 2019 /PRNewswire/ — Sentinel Midstream has announced its planned development of Texas GulfLink, a proposed Deepwater Crude Oil Export Terminal, located near Freeport, Texas. The completed facility will be capable of fully loading Very Large Crude Carrier (VLCC) vessels.
Texas GulfLink will include an onshore terminal with up to 18 million barrels of storage, an offshore 42-in. pipeline, and a manned offshore platform to facilitate port operations with two (2) Catenary Anchor Leg Mooring (CALM) Single Point Mooring (SPM) buoys. Projected export loading rates will be up to 85,000 barrels per hour, with a nominal capacity of 1.2 million barrels per day over the course of a calendar year.
“Texas GulfLink will provide the United States with an economical solution to clear the over-supply barrels destined for the Gulf Coast,” said Sentinel Midstream President and CEO Jeff Ballard. “We have compiled a team of industry leading professionals who possess unique experience in construction and operations of deepwater ports and are well positioned to leverage that experience as prudent operators. Our team of seasoned professionals is committed to developing Texas GulfLink with a specific focus on exceeding industry standards for safety and environmental protection.”
Over the past year, Sentinel Midstream developed Texas GulfLink in conjunction with multiple stakeholders, including federal, state, and local agencies. The project has secured necessary commercial support to justify the capital investment and is preparing its submission of a formal permit with the United States Maritime Administration (MARAD).
Project financing is being provided by Cresta Fund Management. Cresta Managing Partner Chris Rozzell said, “Sentinel has assembled the best-in-class team, with deep experience developing and operating deepwater export solutions. We are excited to partner with them as they bring this critical facility to the Gulf Coast market.” Rozzell added, “We view the company’s value proposition, which provides a neutral infrastructure solution without the inherent conflicts of affiliated marketing, as the best approach to support the interests of U.S. producers and lead to the greatest outcome for all stakeholders.”
About Sentinel Midstream
Sentinel Midstream is headquartered in Dallas, Texas, offering first-class midstream solutions for crude oil gathering, storage, and terminaling. Sentinel’s management has a successful track record of unlocking value for customers by creating tailored commercial solutions. For more information, please visit: www.sentinelmidstream.com
About Cresta Fund Management
Cresta Fund Management is a Dallas-based private equity firm focused on middle market infrastructure investments across energy and related sectors. Cresta was founded in 2016 by energy infrastructure professionals who understand that executing on successful value add investment opportunities requires a unique perspective and a partnership mindset. For more information, please visit: www.crestaenergy.com
