It’s been five years since the Port of Corpus Christi granted lease approval and pipeline easement for Phillips 66 and Trafigura to construct the Bluewater Texas Terminal. The project involves building 55 miles of onshore and offshore crude oil pipeline through San Patricio County, Texas and a deepwater port approximately 15 nautical miles off the coast of Corpus Christi. Today, the project remains a high-risk, improbable endeavor for several reasons.
Regulatory Hurdles: Now six years in, Bluewater Texas Terminal is struggling to get necessary approvals, with no permits issued. Deepwater port projects can stall indefinitely, tying up capital without revenue.
Declining Long-Term Demand: Deepwater ports are built for 30-40 years of service, but the International Energy Agency (IEA) projects peak oil demand before 2030. Massive infrastructure that takes 3-7 years to build could become underutilized within years…