Talk to oil and gas industry veterans and they'll tell you, the U.S. is in the midst of an energy renaissance, with national oil production at a 12 year high, thanks to the boom in Shale oil production in places like North Dakota.
"It's an amazing amount of crude that's available," says Mike Creel, CEO of Enterprise Product Partners . " I've never seen anything like this."
What has lagged until now is a way to feed all that crude being produced in new parts of the country down to the crude to the major Gulf Coast refiners in Texas and Louisiana, which process nearly half of the oil in the U.S.
"You need more pipeline infrastructure. You need more storage and more midstream services," says Creel, and his firm is reaping the benefits of the new infrastructure demand.
THE BUILDING BOOM
Enterprise Product Partners along with its partner Enbridge have secured multi-year contracts from producers to reverse the flow of the Seaway Pipeline to run from the nation's oil hub in Cushing, Oklahoma down to Texas. Even before the pipeline goes on line in June, the companies have secured enough commitments to build a twin line, which will ultimately provide capacity to transport up to 800,000 barrels of oil a day.
The $4 billion Seaway reversal and expansion project is expected to be completed by the end of 2014. But analysts see the building boom lasting into the end of the decade.Page 1 of 4 | Next Page