02-25-2013, 11:49 AM
From what I've seen over the years in various PR's, IOC Reports and industry information ...
The Elk/ Antelope Condensate is in the area of 43-47 API Gravity. It is a relatively heavier Condensate than others in the region, such as NW Shelf (Australia) and Senipah (Indonesia) which have API's ranging from 52-59 (remember, the higher the API, the lighter the Condensate).
For reference, the Kutubu Crude has a very similar API to E/A Condensate. Kutubu Crude is compared to E/ A Condensate below (mass%):
. . . . . . . . . . . . . .Kutubu . . . . . . . . .Elk/ Antelope (data I found)
API . . . . . . . . . . . . 46.6 . . . . . . . . . . .43-47
Sulfur . . . . . . . . . . . 0.04 . . . . . . . . . . . . 0.15
TAN . . . . . . . . . . . . 0.04 . . . . . . . . . . . . ???
LPG . . . . . . . . . . . . . 9.7 . . . . . . . . . . . . 1.0 (the LPG would be in the E/A gas and not in the Condensate)
NAPHTHA . . . . . . . . .31.8 . . . . . . . . . . . . 46.4
JET/KERO . . . . . . . . .17.1 . . . . . . . . . . . . 24.9
DIESEL/GASOIL . . . . . 25.5 . . . . . . . . . . . . 17.9
LSFO . . . . . . . . . . . . 15.9 . . . . . . . . . . . . 9.8
HSFO . . . . . . . . . . . - - . . . . . . . . . . . . . - -
The E/A Condensate contains more Naphtha and Jet/Kerosene range materials than Kutubu and less Diesel/ Gas Oil and Low Sulfur Fuel Oil.
So InterOil would certainly have to spend some money to modify the refinery to run 100% E/A Condensate and then they would produce a different range of products if they used E/A Condensate to replace Crude.
The options they have, it seems to me, are:
+ Sell all the E/ A Condensate and continue to import Crude (or use Kutubu Crude)
+ Modifiy the refinery to run 100% E/A Condensate and produce different ratios of products
+ Run about 10-20% E/A Condensate in the refinery without any modifications and mix it with heavier crudes to synthesize a blend that is similar to the Kutubu compostion
I believe that the value of the E/A Condensate is about $5-7 per barrel lower than a typical Crude.
Any talk of a huge price reduction for E/A Condesnte as compared to Crude is not correct.
The Elk/ Antelope Condensate is in the area of 43-47 API Gravity. It is a relatively heavier Condensate than others in the region, such as NW Shelf (Australia) and Senipah (Indonesia) which have API's ranging from 52-59 (remember, the higher the API, the lighter the Condensate).
For reference, the Kutubu Crude has a very similar API to E/A Condensate. Kutubu Crude is compared to E/ A Condensate below (mass%):
. . . . . . . . . . . . . .Kutubu . . . . . . . . .Elk/ Antelope (data I found)
API . . . . . . . . . . . . 46.6 . . . . . . . . . . .43-47
Sulfur . . . . . . . . . . . 0.04 . . . . . . . . . . . . 0.15
TAN . . . . . . . . . . . . 0.04 . . . . . . . . . . . . ???
LPG . . . . . . . . . . . . . 9.7 . . . . . . . . . . . . 1.0 (the LPG would be in the E/A gas and not in the Condensate)
NAPHTHA . . . . . . . . .31.8 . . . . . . . . . . . . 46.4
JET/KERO . . . . . . . . .17.1 . . . . . . . . . . . . 24.9
DIESEL/GASOIL . . . . . 25.5 . . . . . . . . . . . . 17.9
LSFO . . . . . . . . . . . . 15.9 . . . . . . . . . . . . 9.8
HSFO . . . . . . . . . . . - - . . . . . . . . . . . . . - -
The E/A Condensate contains more Naphtha and Jet/Kerosene range materials than Kutubu and less Diesel/ Gas Oil and Low Sulfur Fuel Oil.
So InterOil would certainly have to spend some money to modify the refinery to run 100% E/A Condensate and then they would produce a different range of products if they used E/A Condensate to replace Crude.
The options they have, it seems to me, are:
+ Sell all the E/ A Condensate and continue to import Crude (or use Kutubu Crude)
+ Modifiy the refinery to run 100% E/A Condensate and produce different ratios of products
+ Run about 10-20% E/A Condensate in the refinery without any modifications and mix it with heavier crudes to synthesize a blend that is similar to the Kutubu compostion
I believe that the value of the E/A Condensate is about $5-7 per barrel lower than a typical Crude.
Any talk of a huge price reduction for E/A Condesnte as compared to Crude is not correct.