(Adds background on crude oil ban)
NEW YORK Aug 4 Pioneer Natural Resources Co
said on Monday that its first cargo of condensate from
the Eagle Ford shale oil play was exported in late July
following confirmation from the U.S. Commerce Department that
the ultra-light oil could be exported without a license if
The company said its monthly condensate shipments are
expected through year-end at prices higher than domestic levels.
It added that Asian petrochemical demand for the Eagle Ford
shale condensate is growing.
Last month, South Korea and Japan purchased the first
condensate from the United States since what appeared to be the
easing of a 40-year ban on U.S. crude oil exports. Sources said
that South Korean oil refiner GS Caltex bought a 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 Product Partners LP.
Pioneer and Enterprise had been told in March that putting
condensate through a stabilizer was sufficient processing to
export it without a license.
In 2013, the company's significant purchasers of oil,
natural gas liquids and gas were Plains Marketing LP at 26
percent, Enterprise at 12 percent and Occidental Energy
Marketing Inc at 12 percent, a subsidiary of Occidental
Petroleum Corp, according to a Pioneer filing with the
U.S. Securities and Exchange Commission.
More recently, sources said the Commerce Department has put
on hold at least two companies' request for permission to sell
the lightly processed crude abroad as companies seek
clarification on what can be legally exported.
(Reporting by Catherine Ngai, additional reporting by Lorenzo
Ligato. Editing by Jessica Resnick-Ault, Leslie Adler and Gunna