Vivakor, Inc. (NASDAQ: VIVK) is significantly expanding its crude oil storage, logistics, and marketing operations in the Permian and Eagle Ford Basins, areas critical to U.S. oil production. The Permian Basin alone contributes over 40% of the nation's oil output, making Vivakor's expansion a strategic move to meet the escalating demand for efficient energy transportation and storage solutions.
The company's current infrastructure includes 10 pipeline injection stations in the Permian Basin, essential for aggregating crude from well sites and linking to major pipelines like Centurion, Plains Basin Pipeline, and the West Texas System. James Ballengee, Vivakor's Chairman and CEO, highlights that these assets not only bolster the company's market stance but also ensure producers have vital market access, optimizing their revenue and returns.
Vivakor's growth reflects its commitment to the U.S. energy sector's expansion, offering comprehensive services such as crude oil and produced water gathering, storage, and transportation under long-term contracts. Additionally, the company is preparing to launch oilfield waste remediation facilities, aimed at recovering, reusing, and disposing of petroleum byproducts and oilfield waste, showcasing its focus on sustainability.
This expansion marks a pivotal development for both Vivakor and the U.S. energy industry, enhancing the ability to efficiently transport and market the Permian Basin's increasing oil production. Vivakor's initiatives are poised to positively influence the energy sector, supporting the U.S. oil industry's stability and growth.
