For Texas, long term vitality is well within reach with help from the South Texas Eagle Ford shale formation. As totals begin to come in for a 2013 University of Texas San Antonio (UTSA) economic impact study, numbers are up a full $5 billion dollars over 2012. Results from the study show a total of $87 billion in positive economic impact on Texas for 2013.
The UTSA study includes counties surrounding the Eagle Ford Shale which receive a direct economic impact from all associated activity.
These include the counties of Nueces and San Patricio; home of Port Corpus Christi. Port projects and related growth comprise several of those billions.
Oil and gas production in the Eagle Ford Shale continues to climb. The abundance of affordable natural gas is helping fuel growth of billions of dollars in multinational investment surrounding Port Corpus Christi. Corporations including, Tianjin Pipe (TPCO), The voestalpine Group, and M&G are currently in construction phase with state of the art facilities in the works for each.
Texas oil production is currently at a 30 year high.
Read more from the Oil and Gas Journal:
Ground work is underway in preparation of a US $1 billion PET/PTA plant on the shores of the Corpus Christi Ship Channel. The M&G Group, based in Tortona, Italy, is planning what will be the world's largest facility of this type to date.
The US Environmental Protection Agency (EPA) has now granted the necessary greenhouse gas permits that M&G needs to move forward with construction of the facility. M&G Resins will occupy over 400 acres of land on the Inner Harbor at Port Corpus Christi.
Construction of the South Texas M&G facility will generate over 3,000 jobs. Once operational, the plant will create over 250 jobs with some 700 indirect jobs and is slated to open in 2016.
The facility will generate electricity using natural gas, and run it's own desalination plant. M&G is building new docks to front the Corpus Christi Ship Channel, and will utilize Port Corpus Christi's Nueces River Rail Yard, currently under construction.
Click any image to view/download a large version.
Click Below for More News:
Market Report Company - M&G wins final GHG permit for Texas PET project
Hydrocarbon Processing - M&G wins final GHG permit for Texas PET project
Corpus Christi Caller Times - M&G Resins gets greenhouse gas permit from EPA
Month to month, shipments of Eagle Ford Shale crude oil continue to increase. Commodities related to the South Texas shale play began making their way through your Port of the Lone Star State within the last couple of years. The trend for outbound shipments of the light, sweet, Eagle Ford crude continues upward. Along with this upward trend in shipments, revenue at South Texas' Port Corpus Christi continue on an upward surge. Port Corpus Christi is one of the top five busiest ports in the United States. Analysts predict Port Corpus Christi's nationwide rank will continue to improve.
The South Texas sea port, Port Corpus Christi, lies just miles from one of the worlds most prolific oil producing shale formations. Wells from the Eagle Ford continue producing at an astonishing rate. The crude oil flows straight to Port Corpus Christi where US flagged Jones Act tankers are on a constant cycle; filling, transporting, and returning to refill. A decades old law prohibits foreign flagged vessels from transporting crude oil. However, this law may be in the process of relaxing to a point where US product will be set for shipments across the world. Economists say this could expand Port Corpus Christi and the Corpus Christi region's proliferation as a global commodities leader.
Corpus Christi Caller Times: Audit: Crude fueling spike in port revenues
EagleFordTexas.com: Crude fueling spike in port revenues
Eagle Ford Shale crude oil is flowing freely towards the deep water port of South Texas, Port Corpus Christi. Outbound shipments of fully loaded crude oil tankers leave the Port of the Lone Star State on frequent calls to the far northeast corner of North America. After offload at Come by Chance, the now lighter vessel will sail swiftly back to Port Corpus Christi for a refill. The Come By Chance refinery on the Canadian island of Newfoundland has shifted from primarily refining Iraqi feedstock to sweet Eagle Ford Shale crude from South Texas. Thus rendering this cycle of sailings a commonplace necessity.
North American production increasingly sources Texas and other US feedstocks, replacing a traditionally higher flow from Iraq, Nigeria, and other nations.
Related news is available in a Reuters Exclusive: Canada's Far East Refinery Swaps Iraqi Crude for U.S. Shale
Image: Tankers ready for outbound shipments of crude from Corpus Christi.
Representatives from your Port of the Lone Star State will participate in a joint discussion with partners from San Antonio and Mexico as they meet in Corpus Christi this December.
Delegates will discuss regional initiatives for energy, technology, and growth that spans across borders.
Host city, Corpus Christi, will serve as an example offering first hand experience of tremendous energy related growth, and one of the United States' busiest sea ports, Port Corpus Christi.
The San Antonio Business journal has more, click here: San Antonio-Mexico delegation to explore binational economic opportunities