Skimming the FR headlines, I thought this was about Eagle Condensed Milk..
Condensate is lighter than crude oil, but heavier than natural gas liquids. The issue with condensate in its natural form is that the lighter hydrocarbons can make it dangerous to store and transport. Therefore, stabilizing is required to allow the condensate to meet specifications. Often, the condensate is pumped to a sales storage tank, where it will flash off its lighter hydrocarbon components, which usually are captured through vapor recovery compression in order to prevent venting to the atmosphere, which results in lost revenues and potential emission issues.
Different operators process their condensate in different ways, based on their commercial considerations and operational preferences. Regardless, plant equipment has to be designed around a clear-cut basis, and preparations need to be made to make the project move as quickly as possible.
The U.S. Energy Information Administration describes lease condensate as “a mixture consisting primarily of hydrocarbons heavier than pentanes that is recovered as a liquid from natural gas in lease separation facilities.” This category excludes natural gas plant liquids, such as butane and propane, which are recovered at downstream processing facilities. Condensate nomenclature tends to be puzzling because different terms are sometimes used to describe the same thing, and in some instances, the same name is used to describe different compositions. An example of this is NGLs referred to as y-grade, plant condensate, natural gasoline, compression liquids, and cryogenic liquids, to name only a few.
One thing to note when referring to NGLs as natural gasoline is that there is also a product stream from an NGL fractionator that typically is composed of the pentanes and some hexanes from the fractionation process. Therefore, the term natural gasoline, when used with respect to a fractionator, will have a very specific definition. Field condensate, on the other hand, can be referred to as condensate, high API crude, oil, and drip. Most of these vary, depending on where one is located geographically and who he is talking to.
more detailed info at the link