Oz LNG Exports in June Drop on Month

Australian LNG exports in June stood at 6.2mn metric tons (94 cargoes), down from 6.4mn mt (94 cargoes) in May, advisory firm EnergyQuest said in its monthly LNG report July 14. 

Australian projects delivered 32 cargoes to China in June, down from 38 in May and same as that delivered to Japan. 

For the 12-months to June (Australian financial year 2018-2019) Australia exported a total of 75.1mn mt of LNG (1,111 cargoes), 21.2% higher than the 61.7mn mt exported in year before, EnergyQuest said.

Total LNG export revenue for the year is estimated to be A$50.5bn (US$35bn). LNG is now Australia’s third largest export by value after iron ore and coal.

Australia was the world’s second largest LNG exporter during the last financial year, just behind Qatar’s nameplate capacity of 77mn mt/yr. Australian production this financial year is likely to surpass Qatar when EnergyQuest expects production to be around 80mn mt, boosted by a full year of production from Ichthys and Shell’s 3.5mn mt/yr Prelude floating LNG project which came online in June and has since loaded two cargoes.

Qatar though is planning a major North Field expansion project which will leave every other ountry trailing in its wake from the first half of next decade, with engineering contracts awarded but no equity partners yet announced.