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"ConocoPhillips will supply the first cargo of U.S. shale oil to be exported since a 40-year ban on such shipments was lifted less than two weeks ago.
The cargo will come from wells in the Eagle Ford Shale formation in South Texas, according to a statement by the Houston-based company this week. ConocoPhillips expected the shipment to finish loading at NuStar Energy LP's Corpus Christi, Texas, terminal Thursday.
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The cargo will be sold to merchant trader Vitol Group, which last week announced plans for a separate 600,000-barrel shipment of domestic crude that will load from Enterprise Products Partners LP's Houston terminal during the first week of January. The producer of the oil for the first cargo was not identified.
Overseas demand for U.S. crude is expected to remain muted because of a worldwide glut that has pushed oil prices the lowest in more than a decade.
A 64 percent surge in American oil production over the past five years driven by technological breakthroughs in shale drilling has compounded an oversupply by OPEC nations, Russia and other producers".
http://www.omaha.com/money/first-export-of-u-s-shale-oil-is-setting-sail/article_fd7c69c5-2444-5dc9-a091-7073b158aa05.html
The cargo will come from wells in the Eagle Ford Shale formation in South Texas, according to a statement by the Houston-based company this week. ConocoPhillips expected the shipment to finish loading at NuStar Energy LP's Corpus Christi, Texas, terminal Thursday.
Click Here!
The cargo will be sold to merchant trader Vitol Group, which last week announced plans for a separate 600,000-barrel shipment of domestic crude that will load from Enterprise Products Partners LP's Houston terminal during the first week of January. The producer of the oil for the first cargo was not identified.
Overseas demand for U.S. crude is expected to remain muted because of a worldwide glut that has pushed oil prices the lowest in more than a decade.
A 64 percent surge in American oil production over the past five years driven by technological breakthroughs in shale drilling has compounded an oversupply by OPEC nations, Russia and other producers".
http://www.omaha.com/money/first-export-of-u-s-shale-oil-is-setting-sail/article_fd7c69c5-2444-5dc9-a091-7073b158aa05.html
