Indonesia's state energy company Pertamina bought a condensate cargo from the U.S. in a rare move, trade sources said on June 12.
Pertamina bought an Eagle Ford condensate cargo for delivery in July on behalf of the Trans-Pacific Petrochemical Indotama (TPPI) condensate splitter, the traders said, though price details and the seller could not immediately be confirmed.
This could be the first time Pertamina has bought a condensate cargo from the United States, two of them said, though this could not be verified.
Phone calls to Pertamina officials went unanswered.
The state company also bought two cargoes of Equatorial Guinea's Alba condensate for delivery in July and early August through two separate tenders, traders said. Pertamina typically purchases Australian North West Shelf condensate cargoes for the TPPI splitter.
The 100,000 bbl/d TPPI splitter in Tuban, East Java, typically processes condensate, a light oil that is typically produced in association with natural gas and is sought for its large yield of fuels such as naphtha and gasoline.
Record crude oil volumes exported from the United States will be heading to Asia as U.S. production hit all-time highs, depressing U.S. prices to a wide discount against Brent crude futures.
The majority of crude oil contracts for cargoes originating from Southeast Asia are priced off of benchmark Brent crude.
Midstream companies are working furiously to relieve takeaway and export constraints, but in the meantime, producers will feel the pain.
Funds managed by KKR and BlackRock will form a consortium to hold a 40% stake in a new entity called ADNOC Oil Pipelines, which is expected to result in upfront proceeds of some $4 billion to ADNOC.
Having eclipsed coal as primary fuel, midstream deal flow dominates utilities.