In June, Thai oil and gas company PTT Pcl said it delayed making a final investment decision to build the ethane cracker, which analysts estimate will cost $5.7 billion.
The unprecedented decline in demand forced producers to make record output cuts and pump hundreds of millions of barrels of oil into storage.
Terminal in the Port of Corpus Christi could potentially expand to 10 MMbbl of storage.
Energy Spectrum-backed Tivoli to focus on acquiring and constructing strategic storage assets and optimizing oil, gas and petrochemical logistics.
U.S. Energy Secretary Dan Brouillette had planned to visit the Big Hill Strategic Petroleum Reserve, or SPR, site in Texas on July 10.
U.S. crude oil production is expected to fall by 600,000 bbl/d in 2020 to 11.63 million bbl/d, the EIA said July 7, a smaller decline than the 670,000 bbl/d it forecast previously.
The deal reflects a strategic repositioning by Dominion Energy on its regulated utility operations, according to CEO Thomas F. Farrell II, and also follows the company’s decision to cancel the Atlantic Coast Pipeline.
Mars Sour, the benchmark for sour U.S. Gulf Coast grades, was trading at a $1.05 premium to U.S. crude futures on July 1.
Even for the leanest, meanest oil and gas producer sitting on the best assets in the land, fate hinges on the nature of the recovery.