Houston Independent oil trader Trafigura has acquired a 600,000 barrel storage terminal in Corpus Christi, Texas, to hold fuel oil, crude oil and condensate to support the developing Eagle Ford Shale field in South Texas, the company said January 12.
Oil storage is being expanded in lockstep with booming production in the Eagle Ford, which is currently one of the US' most prolific and active fields with 214 rigs drilling there last week 154 of them directed toward oil projects, according to investment bank Global Hunter Securities. In August 2011, the field produced about 262,000 b/d of crude, up from about 44,000 b/d five years ago, according to Bentek Energy, a unit of Platts. The field should end 2015 at over 1 million b/d, Bentek projections show.
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