By Arathy Somasekhar

HOUSTON, April 30 (Reuters) - Enterprise Products

Partners ( EPD ) on Tuesday said it expects to have two

contracts for its proposed deepwater oil export terminal by May

31 and reach a final investment decision before year-end.

Enterprise's ambitious Sea Port Oil Terminal (SPOT),

proposed off for a site off the coast of Texas, would be able to

load two supertankers at a single time. It received a key

government license this month, but is yet to sign any commercial

customers.

The cost of the project has soared to about $3 billion,

Reuters reported this month, citing industry experts.

Commercialization of the project is continuing, Co-Chief

Executive Officer Jim Teague said on call to disussion first

quarter earnings.

He declined to provide the cost of building SPOT, but said

the $3 billion capital estimate for SPOT was high.

Enterprise expects organic growth capital investments to

range between $3.25 billion and $3.75 billion in 2024 and 2025.

The company will not move forward with the SPOT project

until it has contracts to support it, Chief Commercial Officer

Brent Secrest said on the call.

The company transported about 2.38 million barrels per day

(bpd) of crude oil on its pipelines in the three months ended

March 31, about 3.5% higher than a year earlier.

Total crude oil marine terminal volumes were a record 1.1

million (bpd) in the quarter, a 30% increase compared to the

same quarter last year.

Net income rose by 4.3% to $1.48 billion in the first

quarter. Adjusted earnings of 66 cents, missed analysts

expectations by 1 cent.

Shares of the company were down 1.4% at $28.18 in morning

trade.

(Reporting by Arathy Somasekhar in Houston)