Chevron sells first condensate cargo from Australia's Wheatstone LNG
SINGAPORE (Reuters) - Chevron Corp has sold the first condensate cargo to be exported from the Wheatstone LNG project in Australia to Thailand’s PTT, three sources with knowledge of the matter said on Monday.
The 650,000-barrel cargo will load in February and was likely done at a small discount to dated Brent, they said.
Chevron has chartered an Aframax-sized oil tanker Maersk Princess to load condensate from Australia on Feb. 21 and that is likely to be for the PTT sale, according to one of the sources and shipping data on Thomson Reuters Eikon.
Chevron declined to comment. PTT does not typically discuss commercial matters and did not immediately respond to an email request for comment.
Condensate production capacity of the Wheatstone and Lago fields, and nearby third-party fields, is 30,000 barrels per day, Chevron has said on its website, and original development plans called for the oil to load from the Ashburton terminal on the northern coast of Western Australia.
The condensate - an ultra light oil that is often produced alongside natural gas - is expected to have an API gravity of about 66 degrees, the sources said.
Woodside Petroleum - one of the partners in the Wheatstone project - could market a second condensate cargo from the project for loading in April-May, the sources said.
Woodside as well does not usually comment on commercial matters and did not respond to an email enquiry.
Chevron’s chief executive said on Friday that the second train at Wheatstone LNG should come online in the second quarter this year.
The project started production of liquefied natural gas in October and exported its first super-chilled gas cargo to Japan in the same month.
Reporting by Florence Tan and Jessica Jaganathan. Editing by Christian Schmollinger and Tom Hogue
The US Energy Information Administration (EIA) reported in April that the US set records for natural gas production in 2017.
- Energy Web Atlas
Since market reforms first started in 1978, China has shifted from a centrally planned economy to a market-based economy, experiencing rapid economic and social development.
Russia aims to ally with Qatar in LNG competition with Australia and other LNG-exporting majors over the coming years.
Maximize Profitability with Advanced Analytics at Natural Gas Processing Plants
Incorporating economic data into process modeling is key to optimizing operations and maximizing profits at gas processing plants. However, maintaining optimal operations are often challenging due to changing market dynamics, contract structures and increasing process flexibility. Today, gas processors are leveraging Predictive Control and First Principles models to accurately determine and control the optimal operating targets in real time based on the most current plant conditions and profitability, optimizing recovery of natural gas liquids. Learn how real-time analytics, combined with decision support tools, empower companies to:
•Improve processing margins by up to 5%
•Maximize NGL production through improved availability and optimized process conditions
•Improve compositional control to operate closer to product specifications
May 22, 2018 10am CDT