NuStar Energy and ConocoPhillips are preparing to export the first cargo of light crude oil produced in the US.
Last month, the US Government lifted the federal ban on the export of crude oil produced in the US, allowing oil producers in the country to sell crude to international markets.
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Continental Resources and ConocoPhillips urged US Congress to lift the ban on exports for nearly two years, the Wall Street Journal reported.
The companies argued that liberated oil exports would remove distortions in the market and stimulate the country’s economy.
The first cargo has been loaded at NuStar’s North Beach terminal in the Port of Corpus Christi.
ConocoPhillips proposes to sell Eagle Ford light crude oil / condensate to international trading company Vitol.
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By GlobalDataDuring recent years, NuStar has invested to expand its South Texas Crude Oil Pipeline System to shift oil from the Eagle Ford Shale assets to Corpus Christi.
The company has also invested in additional storage tanks, dock space, and automated systems at Corpus Christi terminal operations to better accommodate and provide logistics services.
NuStar Energy president and CEO Brad Barron said: "Based on our investments in Corpus Christi and our South Texas pipeline system, NuStar was well-positioned, equipped and staffed to immediately begin loading cargoes for export.
"And we plan on further expanding our Corpus Christi operations to provide more options to our customers to move Eagle Ford Shale crude oil, whether it is being moved domestically or internationally."
With the new dock, NuStar will have access to four loading docks in the Port of Corpus Christi, including two private docks.
Image: The vessel, THEO T, departs Corpus Christi with the first US export shipment of crude oil in 40 years. Photo: courtesy of The Port of Corpus Christi
