RDSA.L Share News (RDSA)

* U.S. condensate exports rise to about 120,000 bpd * Bulk of U.S. oil heads to Europe By Catherine Ngai and Florence Tan NEW YORK, June 29 (Reuters) - U.S. exports of ultra-lightcrude, also known as condensate, have doubled since the start ofthe year, with most shipments headed to Europe, according totraders familiar with the deals and data from an energyconsultant. The United States exported between 120,000 and 140,000barrels per day (bpd) of condensate last month, according totraders and ClipperData, which tracks ships and terminalloadings, up from about 60,000 bpd at the start of the year. The condensate is lightly processed through stabilizers dueto rules banning crude exports in the United States, now theworld's third-largest oil producer. The rise comes as more companies look to take advantage ofthe ability to ship the oil overseas, including to places likethe Netherlands, France, South Korea and Brazil. "One of the main surprises is that the majority of theexports have been to Europe rather than anywhere else, when wethought the concentration would be to Asian markets," said AbudiZein, chief operating officer at ClipperData, adding this wasprobably to do with the size of the cargoes and freight costs. Traders have also said that the oil's quality deterred someAsian refiners. Enterprise Products Partners led the pack with 1.8million barrels of exports per month, or 60,000 bpd. It sold ayear's supply to Mitsubishi Corp and Vitol at the start of this year. BHP Billiton has been selling a 700,000-barrelcargo every month, though has delayed a plan to double exportsto two cargoes a month due to production issues, traders said. BP started exports in February and also shipped out acargo in April, said a trader who tracks the movement of U.S.condensate. It had another cargo due to load at the end of Junewhich will head to Europe. BHP and BP did not respond to requests for comment. Meanwhile, in the first condensate shipment to LatinAmerica, some 636,000 barrels reached Petrobras' San Sebastiaodock in May, according to data from ClipperData and tradingsources. The oil exported by Enterprise, BHP and BP is of a heaviergrade with API gravity at 52-54 degrees, which goes to Europe,traders said. API gravity is an indicator of the crude's densityand hence its quality. Asian refiners prefer lighter grades of API with a gravityof 61 degrees containing more petrochemical feedstock. This grade is exported by Royal Dutch Shell, PlainsAll American LP and Trafigura. Company Monthly export programs ('000 bbls) BHP 700 Enterprise 1800 Plains All American 300 Shell 300-500 BP* 300-500 *exports one cargo every alternate month Source: Trade (Editing by Ed Davies)