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Chevron sells first condensate cargo from Australia's Wheatstone LNG

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Reuters are reporting that Chevron Corp has sold the first condensate cargo to be exported from the Wheatstone LNG project in Australia to Thailand’s PTT.

The 650 000 barrel cargo will load in February and was likely done at a small discount to dated Brent.

Chevron has chartered an Aframax-sized oil tanker Maersk Princess to load condensate from Australia on 21 February and that is likely to be for the PTT sale.

Condensate production capacity of the Wheatstone and Lago fields, and nearby third-party fields, is 30 000 barrels per day, 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.

Woodside Petroleum – one of the partners in the Wheatstone project – could market a second condensate cargo from the project for loading in April – May.

Chevron’s chief executive said on 2 February that the second train at Wheatstone LNG should come online in the second quarter this year.

The project started production of LNG in October and exported its first super-chilled gas cargo to Japan in the same month.

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