BHP to export Texas ultralight oil without federal approaval

The largest foreign investor in U.S. shale plans to export ultralight Texas crude oil without formal federal approval, according to The Wall Street Journal.Australia-based BHP Billiton Ltd. NYSE: BHP has a deal to sell about $50 million of ultralight oil, called condensate, although it has not received a federal ruling in its favor. BHP now employs more than 2,000 people in Houston and is building a 30-story tower on 2.7 acres in the Four Oaks Place complex.Thanks to a recent U.S. Department of Commerce ruling, Houston-based Enterprise Products Partners LP NYSE: EPD and Irving-based Pioneer Natural Resources Co. NYSE: PXD are the first two companies with permission to export Eagle Ford condensate, which was banned as part of the 40-year-old crude oil export ban. The Commerce Department essentially ruled, in some cases, that the condensate is a product and not crude oil.

via BHP to export Texas ultralight oil without federal approaval – Houston Business Journal.

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