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 Feb. 5.
The 650,000-barrel cargo will load in February and was likely done at a small discount to dated Brent, the company said.
Chevron has chartered the 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. They declined to be identified as they were not authorized to speak with media.
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 said it does not comment on commercial matters.
Chevron's chief executive said on Friday that the second train at Wheatstone LNG should come online in the second quarter of this year.
The project started production of liquefied natural gas (LNG) in October and exported its first super-chilled gas cargo to Japan in the same month.
Recommended Reading
NGL Growth Leads Enterprise Product Partners to Strong Fourth Quarter
2024-02-02 - Enterprise Product Partners executives are still waiting to receive final federal approval to go ahead with the company’s Sea Port Terminal Project.
Kinder Morgan Nominates Deloitte’s Amy Chronis to Board
2024-04-03 - Amy Chronis, currently a senior partner with Deloitte, will stand for election along with Kinder Morgan’s current directors at the company’s annual meeting on May 8.
President: Financial Debt for Mexico's Pemex Totaled $106.8B End of 2023
2024-02-21 - President Andres Manuel Lopez Obrador revealed the debt data in a chart from a presentation on Pemex at a government press conference.
CorEnergy Infrastructure to Reorganize in Pre-packaged Bankruptcy
2024-02-26 - CorEnergy, coming off a January sale of its MoGas and Omega pipeline and gathering systems, filed for bankruptcy protect after reaching an agreement with most of its debtors.
After Megamerger, Canadian Pacific Kansas City Rail Ends 2023 on High
2024-02-02 - After the historic merger of two railways in April, revenues reached CA$3.8B for fourth-quarter 2023.