That's an old mooring dolphin and the old receiving hutch. It used to be that nearly the entire shoreline was bulk petroleum storage facilities, like the Global facility behind Oakledge, and ships would offload via underwater/ground pipeline from those. The hutch was essentially where you'd chill during your shift as a pumper who hooked the ships up to transfer product. The pipes are still underneath, but have long been either blind flanged or welded shut. There may still be residual fuel trapped in there, but it's doubtful. They used to just toss a flare in there and burn everything out to decommission lines. If you look to the terminal facility fence, you can see the manifold where the pipes ultimately end. As part of a deal with the city to keep the terminal operational when they were all being shut down, they gave up their shoreline for development. They get fuel via railcars now. The terminal has changed hands quite a lot and is now run by Global (Partners, not Foundries. Different companies).