For the first time since the lifting of a 40 year export ban, Eagle Ford Shale oil set sail for international waters on Dec. 31 from the Port of Corpus Christi.

NuStar Energy LP (NYSE: NS) and ConocoPhillips (NYSE: COP) said they loaded what they believed to be the nation's first export cargo of U.S.-produced light crude oil since the ban was lifted by Congress on Dec. 18.

Though the Eagle Ford has seen falling production as oil prices have cratered, the shale’s light, sweet crude is expected to command premiums internationally.

ConocoPhillips committed to sell Eagle Ford light crude oil/condensate to international trading company Vitol Group. A Port Corpus Christi spokeswoman said the oil had shipped but did not have figures on the volume of oil.

Other companies, including Enterprise Products Partners LP (NYSE: EPD) have said they are actively engaging in exports. Enterprise said Dec. 23 that it would provide pipeline and terminal services to ship 600,000 barrels from the Houston Ship Channel. Pioneer Natural Resources Co. (NYSE: PXD) said Dec. 18 it would be capable of exporting crude by mid-2016.

In the first 11 months of 2015, Port Corpus Christi outbound cargos included 27.5 million tons of crude oil, or roughly 183 million barrels of oil.

Though West Texas Intermediate (WTI) has for years trailed the price of Brent crude, production from parts of the Bakken and Eagle Ford will likely fetch higher prices internationally.

Kenneth Medlock, senior director of the Center for Energy Studies at Rice University’s Baker Institute for Public Policy, said that some shale oil is superior in quality but has faced discounted prices because it has been locked inside the U.S.

In a study published in March, Medlock found that if the majority of light tight oil produced from U.S. shale formations was exported, it would fetch higher prices than WTI and Brent.

In the international market, the oil’s higher API numbers—signifying lower density—tend to raise the price of crude while higher sulfur content tends to lower the price relative to Brent. WTI typically has a higher API and lower sulfur content than Brent, making it more valuable.

Based on their open market values, Medlock estimated that at a $50 Brent benchmark price, Eagle Ford oil would range from nearly $52.85 per barrel to $55.71. Bakken crude would be priced somewhat lower.

Portside

In recent years, NuStar and the Corpus Christi port have been ramping up their capacity to move oil by water.

Major investments in terminal operations have primed the South Texas port for a position as a leading exporter of U.S. crude oil.

The deepwater port has dock space and abundant storage along with plans for further channel deepening to accommodate some of the world’s largest tankers for efficient movement of crude and condensate from Port Corpus Christi.

The port is connected via intricate pipeline systems to the South Texas Eagle Ford Shale and to the Permian Basin.

“Port Corpus Christi’s deep draft ship channel and strategic location to some of the largest production areas in the U.S. provides a secure and competitive supply chain to markets worldwide,” said John LaRue, executive director of Port Corpus Christi.

NuStar has invested heavily to expand its South Texas Crude Oil Pipeline System to move crude oil from the Eagle Ford Shale play to Corpus Christi.

The company has also made major investments in its Corpus Christi terminal operations with the addition of more storage tanks, dock space and automated systems that allow the company to better accommodate and provide logistics services for its customers, including the ability to load export-size cargoes from its docks.

“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 Brad Barron, president and CEO. “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.”

NuStar is in the process of developing a second private dock at the port, giving the company access to four loading docks including two private docks. NuStar said it would be able to load crude oil onto ships simultaneously on four docks at a maximum rate of 90,000 barrels per hour.

Darren Barbee can be reached at dbarbee@hartenergy.com.