AQUA BOOK 2016 - Page 22

NEW ECONOMIC PARADIGM C NEW ECONOMIC PARADIGM orpus Christi and especially its deep-sea port are unlocking their logistical and geographic advantages as the nation’s gateway to the rest of the world, from Europe and Asia to Central and South America. The Port Authority is positioning Corpus Christi to be “the energy port of the Americas.” 20 . . . its geographic proximity to an abundant supply of oil and natural gas. . . SAILING INTO FUTURE At the end of 2015, the U.S. federal government repealed a 40-year ban on the export of crude oil and condensates to foreign countries. On the New Year’s Eve, the Theo T oil tanker left Port Corpus Christi with the first U.S. export shipment of crude oil in four decades. Meanwhile, the Port is about to undergo a facelift. In addition to a commitment of $1 billion in capital improvement projects for the next 10 years, including new docks, storage expansion and infrastructure improvements, a new and taller Harbor Bridge is scheduled to be constructed beginning in 2016, along with the deepening and widening of its ship channels. As the nation’s fifth largest port by tonnage, Port Corpus Christi’s rapid development in recent years hinged on its geographic proximity to an abundant supply of oil and natural gas from the Eagle Ford region. The pipeline infrastructure in South Texas is also part of the most sophisticated network in North America. Oil exports from Corpus Christi will potentially grow with the increased supply of oil and gas from the Eagle Ford and Permian formations. Annual Review of South Texas Economy