Oz LNG Exports Up in October

Australian LNG export volumes in October came to 6.7mn metric tons, up from 6.2mn mt in September and 6.6mn mt in October 2019, energy consultancy EnergyQuest said in a report published on November 12.

Australian projects delivered 31 cargoes to China in October, after delivering 35 in September and 30 in October 2019. 37 deliveries were made to Japan in October, less than the 39 delivered in September but up on the 35 delivered in October 2019. Australia delivered 14 cargoes to Korea in October, up from 12 a year earlier.

EnergyQuest estimates that Australian LNG export revenues increased in October to A$2.72bn, from A$1.86bn in September but fell 33% from the level in October 2019. It estimates Western Australia earned A$1.55bn in export revenues, Queensland some A$0.69bn and Darwin some A$0.48bn.

“Revenues are now showing signs of the start of the bounce back in oil price which was at its lowest point for the year in June. The increase in revenue is a result of the slightly higher lagged oil price and increased export volumes. Oil prices have been on the rise since July which should lead into higher revenues over the next few months,” EnergyQuest said.

EnergyQuest estimates Australia exported 64.5mn mt of LNG in the first ten months of the year, slightly up on the 63.9mn exported over the same period in 2019. Australia exported 77.5mn mt of LNG in total in 2019. EnergyQuest expects 2020 exports to be close to the same level, despite the impact of the pandemic, plant interruptions and delays at the Shell-operated Prelude terminal.