Calgary-based Enbridge said Sept. 7 it agreed to acquire Moda Midstream Operating for $3 billion from EnCap Flatrock Midstream to enhance its U.S. Gulf Coast oil export capacity. WorldOil reported, “Enbridge, which already handles about a quarter of all crude produced in North America, is betting on a strong outlook for exports of oil pumped from Permian and Eagle Ford shale basins. The fracking revolution has not only revived U.S. oil production over the past decade, it has turned the country into one of the largest shippers of the commodity.”
The deal includes Ingleside Energy Center near Corpus Christi, North America’s largest crude export terminal. Enbridge also will acquire 20 percent interest in Cactus II pipeline, which connects Permian to Gulf Coast, along with Viola pipeline and Taft terminal. Houston Chronicle said the Ingleside terminal has permits to expand storage capacity from 15.6 million barrels to 21 million barrels and from 1.5 million b/d of export capacity to 1.9 million b/d.