Two Texas-based companies claim to have beaten to the punch another firm from the Lone Star State in being the first to export US oil since the 40-year ban was lifted.
Houston-based ConocoPhillips and San Antonio-based NuStar said on Wednesday that they plan to finish loading 1978-built tanker Eagle Ford on Thursday at NuStar’s North Beach Terminal at the Port of Corpus Christi. The cargo, of unspecified quantity, will be sold to Swiss trader Vitol Group, which will probably send it to Europe.
The federal government ban on US oil exports was lifted on December 18 with the passing in the US Congress of an omnibus spending bill that included a measure to axe the ban.
ConocoPhillips is a multinational energy corporation and the world’s largest independent exploration and production company. NuStar is one of the largest independent liquids terminal and pipeline operators in the US.
The two firms’ announcements come less than a week since Houston-based Enterprise Product Partners appeared to lock down the first export of US oil since the lifting of the ban. It announced on December 23 that it would load a 600,000-barrel cargo of domestic light crude at the Enterprise Hydrocarbon Terminal (EHT) on the Houston Ship Channel during the first week of January 2016. That cargo is also to be shipped for Vitol.