Condensate could help Australia's crude exports rebound

The latest Australian LNG project could provide some much-needed respite for Oceania oil producers to reduce crude exports, as more and more condensate production is expected to offset the country's rapidly declining crude oil production and sales
.

Register Now Australia observes that Australian crude oil production and exports have fallen sharply over the past 10 years, with the country's heavy Enfield crude oil production reaching 4,430 barrels per day in the third quarter of last year, compared with more than 50,000 barrels
in 2007.

With field repairs planned during this period, the outlook for crude oil exports for other grades, including the Pyrenees and Vincent, remains bleak
.

However, Australia's Department of Industry, Innovation and Science's Resources and Energy Quarterly, released on Monday, showed that rising condensate production driven by a wave of new LNG projects could help Australia's oil exports rebound
in the coming years.