16/01/2018 - 14:14

LNG Australia's third biggest export: Energy Quest

16/01/2018 - 14:14

Bookmark

Save articles for future reference.

Australian LNG export revenue grew 44 per cent in 2017 on the previous year to $25.8 billion, making the commodity the nation's third biggest export earner, according to consultancy Energy Quest.

LNG Australia's third biggest export: Energy Quest
Chevron's Gorgon operation helped boost national LNG exports.

Australian LNG export revenue in 2017 grew 44 per cent on the previous year to $25.8 billion, making the commodity the nation's third biggest export earner, according to consultancy Energy Quest.

Nationwide, exports were 56.8 million tonnes in 2017, up 26 per cent on the previous year.

The figure will be further boosted in the year ahead as Inpex's Ichthys project and Shell's Prelude project enter production.

Western Australian projects shipped 3.3mt of the superchilled fuel in December, a fall of 5.8 per cent on the level in November.

Part of the fall was driven by Chevron’s Wheatstone operation, which did not ship any cargoes during the month.

The project exported first gas from its 4.5mtpa first train in October.

The Gorgon plant, which has capacity of 15.6mtpa, steadily raised production during the year to be the nation’s second biggest LNG exporter after the Woodside Petroleum-led North West Shelf Venture.

Energy Quest chief executive Graeme Bethune said much of the growth was supported by demand from China.

“China is now Australia’s second-largest LNG market and Australia is China’s biggest LNG supplier,” Dr Bethune said. 

“Increased Chinese demand is not only good for Australian LNG producers and our export revenue, but has an emerging positive impact for China’s environment.

“China is making a massive switch from coal to gas to reduce air pollution in major cities such as Beijing - and now Australian LNG is playing a significant role in achieving this goal.

“LNG jumped from Australia’s fifth largest export in 2016 to third largest export in 2017, overtaking gold and education.

“To put $25.8 billion of export revenue in perspective, this is more than the cost of Australia’s imports of passenger vehicles, which was $21.8 billion in 2016-17.

“Passenger vehicles are Australia’s second biggest import cost.” 


STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options