If there is one sector of the oil and gas industry that might be smiling during the current oil industry downturn, it’s those who provide storage for the products sitting around waiting for customers.
So, the timing of Houston-based liquids terminaling and logistics provider Moda Midstream LLC is pretty good.
Moda on April 28 announced it has placed into service the final 495,000-barrel tank from its 10-million-barrel crude oil expansions at the Moda Ingleside Energy Center (MIEC) in Ingleside, Texas, and the Moda Taft Terminal in Taft, Texas. The completion of this storage expansion brings total storage capacity at MIEC and the Moda Taft Terminal to approximately 12 million barrels.
“At a time when there is a pressing need for additional crude oil storage, the early delivery of the tanks is another example of Moda’s ability to consistently provide solutions to our customers,” said Moda President and CEO Bo McCall. “Bringing 10 million barrels of storage online in just over a year and a half is a major accomplishment.”
Construction has begun at MIEC on a new expansion phase of an additional 3.5 million barrels of crude oil storage. Moda expects to begin placing storage tanks from this expansion into service later this year. MIEC will have total storage capacity in excess of 15.5 million barrels upon completion of construction.
Moda also has obtained permits to construct additional crude oil storage capacity at both MIEC and the Moda Taft Terminal and is discussing further expansions with customers.
– Robert Francis