Enbridge Inc. and Enterprise Products Partners LP agreed to jointly develop and market a deepwater offshore crude oil export terminal that will be able to load very large crude carriers.

The midstream companies are finalizing an equity participation agreement under which Enbridge may acquire an ownership interest in Enterprise's Sea Port Oil Terminal, or SPOT, subject to SPOT receiving a deepwater port license, according to a Dec. 9 news release.

The companies said initial efforts will be focused on looking for customers for the oil terminal. Enterprise reached a positive final investment decision for SPOT in July, pending federal authorization.

In addition, Enbridge decided to move forward with developing its Jones Creek crude oil storage terminal, which will have up to 15 million barrels of storage. The terminal will also have access to crude oil from major North American basins as well as refineries and export terminals in Houston through Seaway Crude Pipeline Co. LLC's crude pipeline system.

Seaway said in November that it will start a binding open season for committed service on an expansion of its crude pipe system. The expansion is expected to add at least 200,000 barrels per day of light crude capacity.

Enbridge also said it expects Texas COLT, a planned crude oil export terminal on the U.S. Gulf Coast, to be able to proceed with continued growth in the oil export market. Texas COLT is a joint venture between Enbridge and German logistics service provider Oiltanking GmbH.