Oz LNG Exports in July Down 17%: EnergyQuest

Australian LNG exports in July were 5.8mn metric tons, down 17.1% yr/yr and slightly lower than 5.9mn mt in June, energy consultancy EnergyQuest said in a report published on August 12.

“Australian LNG shipments in July were steady compared with June, primarily due to continued maintenance and repairs at Gorgon,” it said. Cargoes continue to be delayed during July. EnergyQuest estimates 21 Australian cargoes loaded during July have anchored offshore or are steaming slowly awaiting final destination orders during July, after 33 were delayed in June and 41 were seen to be delayed during May.

Australian projects delivered 32 cargoes to China in July, after delivering 34 in June and 39 in July 2019. Australia exported 37 cargoes to Japan in July, more than the 28 delivered in June but down on 42 delivered in July 2019.

Australia delivered eight cargoes to Korea in July, down slightly on the deliveries of last year when nine cargoes were delivered. Australia’s July shipments were 68.7mn mt/year on an annualised basis, EnergyQuest said.

Lower oil prices are having a significant effect on Australian LNG with extended maintenance, and continued cargo deferrals, lower prices, and asset write-downs. EnergyQuest estimates that Australian LNG export revenue decreased significantly in July to A$1.98bn (US$1.41bn), lower than A$2.98bn in June and down by 52% on July 2019.