Hess First to Sell Bakken Crude Overseas After US Oil Export Ban Lifted
Hess Corporation Logo
SEARCH

Hess First to Sell Bakken Crude Overseas After US Oil Export Ban Lifted

  • Hess operations in the Bakken

On April 3, 175,000 barrels of Hess light crude left St. James Parish, La. for a refinery in Rotterdam, Netherlands. The shipment was the first reported sale of Bakken crude outside the United States since a 40-year ban on exporting U.S. crude was lifted by Congress and signed into law by the president last December.

Hess CEO John Hess was a leading advocate of lifting of the ban, going on record to say that it inhibited fair trade by keeping U.S. crude out of the free market. "By putting more crude in the open marketplace, you're going to create more energy security," Hess said. Lifting the ban will create jobs and ultimately lower fuel prices, he explained.

The company's call to lift the ban was joined by other industry leaders and government officials, especially North Dakota senators John Hoeven, a member of the Senate Energy Committee and Heidi Heitkamp.

Following the announcement of Hess' first Bakken crude export to Europe, Hoeven and Heitkamp each issued releases hailing the Hess shipment overseas.

Hoeven said: "For over a decade we worked to build North Dakota’s oil and gas industry by building a strong business climate in our state, and today we're the second largest oil-producing state in the nation. Now, we mark another important milestone for North Dakota. Lifting the ban on crude oil exports will create jobs, grow our economy and keep the price of gasoline lower at the pump for consumers. Importantly, it will also bolster national security by providing our allies with alternative sources of oil and free them, as well as us, from reliance on energy from unstable parts of the world. We are just beginning to see the benefits to our state and our nation."

And in her statement, Heitkamp added: "Just four months after Congress lifted the 40-year-old ban on exporting oil, we're already seeing the impact for North Dakota as Hess Corporation exported its first shipment of Bakken crude. Lifting the oil export ban was my top priority in Congress because of the effect it would have on enabling North Dakota oil to reach new markets around the world, both in the short term and for years and decades to come."

Latest Hess News
  • Hess in the Media: Stampede, North Malay Basin Highlighted as Upcoming Cash Generators in Hess CAPEX Budget

    A Subsea Engineering News article reported that “Stampede stays on track for 2018 first oil” and provided updates on the Stampede and North Malay offshore development projects.
    Full story
  • Hess in the Media: E&P Magazine Features Innovation, Collaboration at Stampede

    E&P Magazine featured Stampede as its February 2017 cover story on “Innovation through Collaboration.” The article examined how Hess and Heerema Marine Contractors collaborated to install 12 piles in 12 days leveraging Lean thinking to create value and improve safety, quality, delivery and cost.
    Full story
  • Hess Reports Estimated Results for the Fourth Quarter of 2016

    “We see 2017 as the start of an exciting new chapter of value-driven growth for our company and our shareholders,” Chief Executive Officer John Hess said. “We are increasing activity in the Bakken, our two offshore developments at North Malay Basin in the Gulf of Thailand and Stampede in the Gulf of Mexico are on track to come online in 2017 and 2018, and the Liza Field in Guyana is one of the industry’s largest oil discoveries in the last 10 years.”
    Full story