The Wall Street Journal recently reported that the largest new oil-storage facility along the Texas Gulf Coast is slated for construction in Houston, TX. The designer/builder has been identified as Houston-based Haddington Ventures LLC. Haddington is a midstream oil and gas investment firm and is currently offering to sell a majority stake in the Pierce Junction crude oil storage project. RBC Capital Markets has been hired by Haddington to find a purchaser of the stake. Majority control is expected to sell for a maximum of $200 million.
According to the 2014 Crude Oil Forecast, Markets and Transportation published by the Canadian Association of Petroleum Producers (CAPP), Canadian oil production is projected to grow an average of 4% annually until 2030. This projected growth would mean that by 2030, 6.4 million barrels of oil per day (b/d) would be produced. Daily Canadian oil production in 2013 was 3.5 million b/d.
Midland Manufacturing, the global leader in railroad tank car safety valves and equipment, and a division of OPW, will now offer repair services of railcar valves in addition to its Valve Remanufacturing & Repair Program. Standard repair services of general and pressure railcar valves will consist of testing, cleaning, collecting of data, replacing soft goods (i.e., gaskets), assembling and final testing.
The United States’ historically high level of daily oil and natural gas production, which is being driven in large part by the returns that are being experienced in the nation’s shale plays in North Dakota (Bakken), Texas ( Eagle Ford) and Ohio/Pennsylvania (Marcellus), will have long-reaching positive effects for the nation in terms of energy supply, independence and security. continue reading
On April 23, Transport Canada, the departmental agency that is responsible for Canada’s transportation policies and programs, announced the creation of an Emergency Directive with new regulations governing crude-by-rail (CBR) transport through the country. The most noteworthy is that, effective immediately, trains pulling 20 or more tank cars loaded with crude oil or ethanol must not exceed a speed of 50 miles per hour, and that limit may be lowered after specific risk assessments are completed for particular urban populations or areas with sensitive assets, such as water resources. continue reading