Oban Energies, LLC is developing an oil storage facility and oil refinery along the Northwest Providence Channel. The facility will be located off the southern tip of Grand Bahamas Island, 35 miles east of Freeport. The terminal will play a key strategic role as one of only two facilities close to the U.S. Gulf and East Coasts for deep water marine terminal servicing of crude and other products that are unloaded from large tankers at the marine terminal and either stored or loaded onto smaller ships that can access the shallower water berths along the East Coast and the Caribbean.
With a current shortage of liquid bulk storage locations in the Caribbean, this project is being embraced by the Bahamas government as providing needed services, employment opportunities and economic growth. Following the lifting of the 40-year crude export ban in December 2015, the US could become a major exporter of light oil providing long term value to Oban.
With a location just 90 miles (145 kilometers) from the U.S. Eastern Seaboard, this complex is ideally suited as a merchant facility for storing and blending liquid products, transshipping and terminal operations for the Arabian Gulf, West African and Northwest European trade to the United States’ East coast and the Gulf coast, as well as for North American trade to Europe, Latin America and the Pacific. Total capital required for the development is $4.5 billion over 4 years.