Epic Crude has commissioned a 700-mile crude oil pipeline extending from Orla to the Port of Corpus Christi in Texas, US.
The 30in diameter permanent crude oil pipeline will serve the Delaware, Midland and Eagle Ford Basins. It will have an initial capacity of 600,000 barrels of oil per day (bopd), with throughput expected to ramp up during the first quarter of this year.
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Epic Crude CEO Phil Mezey said: “Epic’s ability to provide crude oil transport out of the Permian Basin and into the Corpus Christi market highlights the strategic value of our assets.”
The company will have around 7.5 million barrels of storage across the system.
Epic Crude expects the pipeline’s operational storage capacity to increase to 5.4 million barrels from the current 2.3 million barrels by early April.
The remaining work on the project will bring the pipeline’s total storage capacity to 7.5 million barrels.
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By GlobalDataPlans also include completion of the East Dock. Epic Crude expects this to begin operations in the second half of 2020, adding loading capability to Suezmax vessels.
The West Dock began loading operations in December and lies next to the East Dock.
Epic Crude has started the cleanout process and transition of the Y-Grade pipeline back to natural gas liquids (NGL) service.
In a separate development, Epic Crude announced it will increase its existing term loan. It will add a $100m incremental to its existing Term Loan B, bringing the total to $1.1bn. The company has also closed on a new, $75m Term Loan C.
The company will use the combined proceeds to fund further capital expenditures.
