ConocoPhillips, NuStar Rush to Export 1st US Crude Oil
- Business & Finance
On the heels of the U.S. government’s recent lifting of the ban on the export of crude oil produced in the United States, NuStar Energy and ConocoPhillips announced they were loading what is believed to be the first export cargo of U.S.-produced light crude oil since the 40-year-old ban was lifted on December 18.
The cargo is expected to complete loading at NuStar’s North Beach Terminal located in the Port of Corpus Christi on December 31, 2015.
The duo beat Enterprise Products Partners L.P. which announced its intention to load the first post-ban export cargo in January.
What is believed to be now the second 600,000 barrel cargo of domestic light crude oil is scheduled to load at the Enterprise Hydrocarbon Terminal (EHT) on the Houston Ship Channel during the first week of January 2016.
Both cargoes have been secured by oil trader giant Vitol SA.
“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,” said NuStar President and CEO Brad Barron.
“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. In fact, we are currently in the process of developing a second private dock in the Port of Corpus Christi.”
Barron noted that with the new dock, NuStar would have access to four loading docks in the Port of Corpus Christi, including two private docks, and would be able to load crude oil onto ships simultaneously on all four docks at a maximum rate of 90,000 barrels per hour.