TDPA (Texas Deepwater Port Authority) adjusts project plans; LOOP (Louisiana Offshore Oil Port Inc. ) costs rise
Sponsors of the proposed TDPA project have a new financial plan for raising the $843 million required for construction of the complete 2.5 million bbl/day facility. According to G.A. Jackson (Tex. Deepwater Port Auth.), TDPA abandoned the plan to build the project piecemeal after a study showed that a 40% reduction in the superpost's size would save only 2% of the cost. The project remains stalled, since underwriters feel that present bond market conditions will not favor the sale of project bonds. Meanwhile, LOOP Inc. faced with a $20 million cost overrun for the drilling of a salt dome storage facility in Lafourche Parish, h, La., has received authorization to seel $135 million in bonds to cover higher costs. The project is four months behind schedule, but the project officials think that the 1.4 million bbl/day Phase 1 capacity will go on stream in the first quarter spring of 1981 as scheduled, although only three of the eight salt dome cavities will be ready to receive crude at that time. The costs will exceed $600 million, compared with the original $513 million estimate. With regard to another project, Energy Analysts Inc., in a study requested by the EPA, gave a high safety rating to Pelican Terminal Corp. and Galveston Wharves' proposed deepdraft channel and crude terminal facility in Galveston.
- OSTI ID:
- 5704252
- Journal Information:
- Oil Gas J.; (United States), Journal Name: Oil Gas J.; (United States) Vol. 78:11; ISSN OIGJA
- Country of Publication:
- United States
- Language:
- English
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Related Subjects
022000* -- Petroleum-- Transport
Handling
& Storage
024000 -- Petroleum-- Storage-- (-1989)
CAVITIES
CONSTRUCTION
COST
COST OVERRUNS
DEEP WATER OIL TERMINALS
DRILLING
ENERGY SOURCES
FEDERAL REGION VI
FINANCING
FOSSIL FUELS
FUELS
INLAND WATERWAYS
LOUISIANA
NORTH AMERICA
PETROLEUM
PLANNING
SAFETY
SALT CAVERNS
SCHEDULES
STORAGE FACILITIES
TERMINAL FACILITIES
TEXAS
UNDERGROUND FACILITIES
USA