Production in the South Texas Eagle Ford Shale ran with a steadily increasing rate since the oil boom began in 2010. Along with this, the city of Corpus Christi and its surrounding region are experiencing phenomenal growth.
Crude bearing vessels frequent docks at Port Corpus Christi, loading up sweet Eagle Ford crude for transport to US and Candadian refiners. Product is offloaded and the vessels promptly sail back to Corpus Christi for more.
Mid-December prices of US oil are running in the mid $50 mark, down from a peak at $107/barrel in June of 2014. Oil exploration companies are planning to scale back operations for 2015.
Despite this shift in the South Texas oil boom, Corpus Christi and the surrounding region stand ready for the future. Though it will differ from rates at the peak of the oil boom, oil exploration and well production will continue.
Abundant natural gas production in the Eagle Ford Shale will provide several new industries surrounding Port Corpus Christi with affordable efficient power.
Diversified, multi-national companies continue to invest billions of dollars in South Texas, and will continue to support prosperity for the region well into the future.
Port Corpus Christi takes a large role in logistics for the Eagle Ford Shale. The South Texas port is also well diversified for efficient logistics in dry cargo, project cargo, and more. The La Quinta Trade Gateway, a new general cargo terminal with deep-water access is in the works, and will ensure efficient logistics while further enhancing world trade for the region and world.
The City of Corpus Christi is also well diversified with a burgeoing tourism economy with millions of annual visitors, a growing medical center, and important military installations.
Though the Eagle Ford Shale boom may reach a leveling point, Your Port of the Lone Star State, and our region are poised and ready for a prosperous future.
Vessels sail the Corpus Christi Ship Channel.
A Wall Street Journal Article, 'Plunge in Oil Prices Brings Jitters to Texas City', covers this topic in detail. Click here.
For Texas, long term vitality is well within reach with help from the South Texas Eagle Ford shale formation. As totals begin to come in for a 2013 University of Texas San Antonio (UTSA) economic impact study, numbers are up a full $5 billion dollars over 2012. Results from the study show a total of $87 billion in positive economic impact on Texas for 2013.
The UTSA study includes counties surrounding the Eagle Ford Shale which receive a direct economic impact from all associated activity.
These include the counties of Nueces and San Patricio; home of Port Corpus Christi. Port projects and related growth comprise several of those billions.
Oil and gas production in the Eagle Ford Shale continues to climb. The abundance of affordable natural gas is helping fuel growth of billions of dollars in multinational investment surrounding Port Corpus Christi. Corporations including, Tianjin Pipe (TPCO), The voestalpine Group, and M&G are currently in construction phase with state of the art facilities in the works for each.
Texas oil production is currently at a 30 year high.
Read more from the Oil and Gas Journal:
Ground work is underway in preparation of a US $1 billion PET/PTA plant on the shores of the Corpus Christi Ship Channel. The M&G Group, based in Tortona, Italy, is planning what will be the world's largest facility of this type to date.
The US Environmental Protection Agency (EPA) has now granted the necessary greenhouse gas permits that M&G needs to move forward with construction of the facility. M&G Resins will occupy over 400 acres of land on the Inner Harbor at Port Corpus Christi.
Construction of the South Texas M&G facility will generate over 3,000 jobs. Once operational, the plant will create over 250 jobs with some 700 indirect jobs and is slated to open in 2016.
The facility will generate electricity using natural gas, and run it's own desalination plant. M&G is building new docks to front the Corpus Christi Ship Channel, and will utilize Port Corpus Christi's Nueces River Rail Yard, currently under construction.
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Click Below for More News:
Market Report Company - M&G wins final GHG permit for Texas PET project
Hydrocarbon Processing - M&G wins final GHG permit for Texas PET project
Corpus Christi Caller Times - M&G Resins gets greenhouse gas permit from EPA
Month to month, shipments of Eagle Ford Shale crude oil continue to increase. Commodities related to the South Texas shale play began making their way through your Port of the Lone Star State within the last couple of years. The trend for outbound shipments of the light, sweet, Eagle Ford crude continues upward. Along with this upward trend in shipments, revenue at South Texas' Port Corpus Christi continue on an upward surge. Port Corpus Christi is one of the top five busiest ports in the United States. Analysts predict Port Corpus Christi's nationwide rank will continue to improve.
The South Texas sea port, Port Corpus Christi, lies just miles from one of the worlds most prolific oil producing shale formations. Wells from the Eagle Ford continue producing at an astonishing rate. The crude oil flows straight to Port Corpus Christi where US flagged Jones Act tankers are on a constant cycle; filling, transporting, and returning to refill. A decades old law prohibits foreign flagged vessels from transporting crude oil. However, this law may be in the process of relaxing to a point where US product will be set for shipments across the world. Economists say this could expand Port Corpus Christi and the Corpus Christi region's proliferation as a global commodities leader.
Corpus Christi Caller Times: Audit: Crude fueling spike in port revenues
EagleFordTexas.com: Crude fueling spike in port revenues
Eagle Ford Shale crude oil is flowing freely towards the deep water port of South Texas, Port Corpus Christi. Outbound shipments of fully loaded crude oil tankers leave the Port of the Lone Star State on frequent calls to the far northeast corner of North America. After offload at Come by Chance, the now lighter vessel will sail swiftly back to Port Corpus Christi for a refill. The Come By Chance refinery on the Canadian island of Newfoundland has shifted from primarily refining Iraqi feedstock to sweet Eagle Ford Shale crude from South Texas. Thus rendering this cycle of sailings a commonplace necessity.
North American production increasingly sources Texas and other US feedstocks, replacing a traditionally higher flow from Iraq, Nigeria, and other nations.
Related news is available in a Reuters Exclusive: Canada's Far East Refinery Swaps Iraqi Crude for U.S. Shale
Image: Tankers ready for outbound shipments of crude from Corpus Christi.