(Updates with background on cargo, quote from CEO, export ban
NEW YORK Aug 5 Pioneer Natural Resources Co
said on Tuesday that it owned most of the 400,000
barrels of condensate exported last week by Enterprise Product
The company had said on Monday that its condensate from the
Eagle Ford shale oil play had received interest from
petrochemical buyers in Asia.
"There is tremendous international interest, primarily in
Asia, to pick up this condensate," Chief Executive Officer Scott
Sheffield said on Tuesday's conference call with investors.
Last month, South Korea and Japan purchased condensate from
the United States since what appeared to be the easing of a
decades-old ban on the export of U.S. crude oil. Sources said
that South Korean oil refiner GS Caltex bought the first
condensate cargo to be loaded in late July. That cargo was
marketed by Japanese trading house Mitsui & Co. Ltd.,
which had bought it from Enterprise.
Pioneer and Enterprise had been told separately by the U.S.
Commerce Department in March that putting condensate through a
stabilizer was sufficient processing to export it without a
A company executive also said during the conference call
that he expects a full lift of the 40-year-old ban no later than
Concerning oil transportation, Pioneer said it was "in
discussion" with other companies over projects that would
increase transport from the Permian Basin to the Gulf Coast
because of growing oil production from the shale play. Pioneer
added that those projects would likely be announced by year end.
(Reporting by Catherine Ngai; Editing by Lisa Von Ahn and Gunna