Enbridge will gain an option to purchase a stake in Enterprise’s Sea Port Oil Terminal if the offshore Texas project wins a deepwater port license. Enbridge Inc. and Enterprise Products Partners L.P. have agreed to jointly develop and market a deepwater offshore crude oil export terminal capable of fully loading very large crude carrier (VLCC) vessels, Enbridge reported Monday. The companies have signed a letter of intent under which they will finalize an equity participation agreement granting Enbridge an option to purchase an ownership interest in Enterprise’s Sea Port Oil Terminal (SPOT) if SPOT receives a deepwater port license. According to a written statement from Enterprise, the U.S. Maritime Administration (MARAD) is reviewing the SPOT application and the project’s construction hinges on obtaining required approvals and licenses. Enterprise also noted the SPOT project would comprise onshore and offshore facilities including a fixed platform approximately 30 nautical miles off the […]