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LOOP Seeks Customer Feedback For VLCC Exports From 2018

Oil

The Louisiana Offshore Oil Port (LOOP) has said that it is seeking customer feedback for a proposal to enable VLCC's to load crude export cargoes from its deepwater marine terminal as soon as early 2018, newswires report. The new service proposes connecting existing logistics equipment from LOOP’s hub in Clovelly, Louisiana to its deepwater port offshore from Port Fourchon.

The latest move follows last week’s announcement of a long-term lease by the port of Corpus Christi, Texas with Maverick Terminals Corpus LLC, for a new oil terminal which is expected to include a dock (named “Oil Dock 20”) which will be aimed at crude exports to international markets and capable of loading Suezmaxes.

The plans to expand the US’ crude export capacity come amid resurgent domestic oil production, which is forecast to rise by 457K b/d in 2017 and 572K b/d in 2018 to 9.33M b/d and 9.90M b/d respectively, according to the US Energy Information Administration (EIA).