Aussie LNG export revenue to hit record A$90bn in 2022-23
Australia’s LNG export revenue in the 12 months to June 2023 (2022-23) has been revised higher to A$90bn ($58.8bn) from A$84bn forecast three months ago, and more than the A$70bn reached last financial year, according to the Australian government’s latest Resources and Energy Quarterly report published on October 4.
“The revisions reflect the impact of forecast higher LNG prices,” the report said. The average LNG price in 2022-23 is expected to be A$22.6/gigajoules, up from A$16/gigjoules in 2021-22. The average price in 2023-24 is expected to be A$19.2/gigajoules. For 2023-24, the export revenue is forecast to be A$81bn.
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Australian LNG export volumes in 2022-23 and 2023-24 are expected to be 80mn metric tons and 81mn mt, respectively. The country exported 83mn mt of LNG in 2021-22.
The country's peak oil and gas body Appea said that the new record forecast for LNG exports shows the importance of bringing on new gas supply to Australia’s economy.
“We have invested as an industry over A$300bn in LNG export projects since 2010 and the economic returns on that investment are clear to see – employing tens of thousands of people and delivering billions in direct revenues to fund public services,” Appea CEO Samantha McCulloch said.
Appea on October 3 said that Australia’s LNG exporters are set to almost triple their financial contribution to the public this financial year, forecasted to pay an extra A$9bn to federal and state governments.