Aussie LNG export earnings to more than double in 2021-22
Australia’s LNG exports earnings are forecast to more than double in 2021-2022 (July-June) as oil price-linked contract prices surge, the Australian government’s latest Resources and Energy Quarterly published on April 4 showed.
The export earnings are expected to rise from A$32bn ($24.4bn) in 2020–21 to A$70bn in 2021–22, and A$82bn in 2022–23. Australian export volumes are forecast to increase to 82mn metric tons in 2021–22 from 77mn mt in 2020-2021.
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Australia’s peak oil and gas body Appea said the report shows the demand for the country's oil and gas and confidence in the sector remains very strong.
“We are helping the government fund key public services and infrastructure while creating and supporting thousands of jobs and driving economic growth,” said Appea CEO Andrew McConville. “Ultimately, we are again shown to be central to our economy and delivering huge benefits – helping support key areas like schools, hospitals and roads.”
He said the industry announced investments of more than A$27bn last year in new Australian supply, technology and decarbonisation initiatives.
“The return on our previous investments is clear to see,” McConville said. “And our ongoing role and commitment to Australia will see us continue to deliver for many years to come.”