Condensate is a mixture of light liquid hydrocarbons, similar to a very light (high API) crude oil. It is typically separated out of a natural gas stream at the point of production (field separation) when the temperature and pressure of the gas is dropped to atmospheric conditions.

Condensate is mostly comprised of NGLs and naphtha range material, and has an API from 45 to 70+.

Once separated from natural gas, condensate is generally treated like a crude oil. It can be blended with other heavier crude streams or sent to market directly by pipeline or ship. Condensate can be processed in a conventional refinery if blended with more conventional crude. Alternatively, it can be sent directly to a condensate splitter for separation into its components.

Condensate is typically valued lower than crude oil because of its high light ends content, which yields a lot of lower value LPGs and light naphtha and makes it difficult to process in high volumes in a typical refinery. However, there are some condensates containing up to 40% of jet and diesel that are priced higher than crude oil, as they do not contain very little residue material.

Condensate is not the same as plant condensate (natural gasoline), which is a product from a gas processing plant.