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Monday, July 22, 2013

Halcon's Big Utica Shale Plans Include $70 Million Oil Terminal in Lordstown

From the Tribune Chronicle:
Plans for a $70 million oil storage and rail-loading terminal are in the works for Lordstown with the first part of the three-phase project expected to be complete in 2014.
A subsidiary of Houston-based Halcon Resources plans to build the terminal inside the Ohio Commerce Center industrial rail park along state Route 45 in Lordstown. The village's board of zoning appeals this month approved a variance requested by property owner George Bakeris allowing construction of up to six tanks, each able to hold up to 90,000 barrels of crude or other petroleum-based products extracted from the Utica Shale Play.
The crude would be transported by truck, rail or pipeline to the center, where it would be stabilized and stored for rail shipment to the East and Gulf coasts, where there is higher demand and refineries able to handle lighter crudes like those expected from the Utica Shale.
"The facility will make it possible for Halcon and other operators to ship the oil they're producing to markets outside the production area for sale," a fact sheet released by local Halcon spokesman Vince Bevacqua stated. The company said the Ohio Commerce Center is the only existing midstream facility in the district able to accommodate the company's needs.
Read the entire article here.

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