Australia exports record LNG in 2022: EnergyQuest
Australia exported a new record of 81.4mn metric tons of LNG in 2022, up 0.5% year/year, EnergyQuest said on January 18.
The Australian projects operated at 92% of the nameplate capacity of 88.6mn mt/yr, with most projects producing slightly less in 2022 than in 2021. The notable exceptions were Gorgon and North West Shelf, which produced an additional 2.8mn mt (up 20%) and 1.6mn mt (up 11%) respectively compared to 2021, EnergyQuest said.
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Western Australian LNG production was up by 7% yr/yr to 49mn mt while Northern Territory production was down by 17% on 2021 to 9.2mn mt.
East coast production was down on the record of 24.1mn mt set in 2021, down 4% overall to 23.3mn mt in 2022. The three Gladstone projects operated at 89% of nameplate capacity.
Western Australia dominated Australian LNG exports once again, supplying 60% of national exports, while Queensland produced 29% and the Northern Territory 11%, Energy Quest said.
The Chevron-operated Gorgon project in Western Australia was the largest contributing project followed by the North West Shelf and Wheatstone. NWS production fell from top spot due to the reduced production from ageing gas fields. Gorgon had the highest percentage growth, up by 20% on 2021 to produce 16.8mn mt in 2022.
Japan took back top spot as Australia’s top export destination with 31.2mn mt (39%) of Australian export volume, up 14.1% from 27.3mn mt (34%) in 2021.
China fell to second highest export destination in 2022 after overtaking Japan in 2021. China imported 22.6mn mt (28%) of Australian export volumes, down 28.5% from 31.6mn mt (40%) in 2021, largely due to the slowing Chinese economy from Covid-related shutdowns, EnergyQuest said.
Reflecting higher exports and very strong international energy prices, EnergyQuest estimates total 2022 LNG export revenue was well up at A$90.4bn ($62.3bn), up 82% yr/yr.
“Export income has been positively impacted by the record high international prices seen during 2022. The massive increase in export revenue takes Australia well past the record level achieved in 2019 prior to the pandemic,” EnergyQuest said.
The Australian projects shipped 50 spot cargoes during 2022, 4% of the total cargoes shipped. For the first time, Australia exported a cargo to Europe in 2022, delivering a cargo to the Netherlands.