Queensland Exports More LNG Than Russia

LNG tanker
LNG Tanker at Gladstone, Queensland. Courtesy: GLNG.

By MarEx 2016-06-04 18:19:28

Gross Australian LNG production increased by 53.2 percent in the March quarter to 10.1 million tons with the ramp-up of production from APLNG and GLNG projects in Queensland and the first cargo from the Gorgon project in Western Australia.

According to the latest report from EnergyQuest, the Australian state of Queensland exported 3.8 million tons of LNG - more than the whole of Russia’s 2.5 million tons of LNG exports.

“Queensland’s performance is extraordinary, from zero LNG exports as recently as 18 months ago to more than Russia already,” EnergyQuest CEO Dr Graeme Bethune said.

“Queensland’s LNG projects have all ramped-up more quickly than expected and are near or exceeding nameplate capacity. The whole process has been very well managed with little apparent market disruption.”

Shell’s QCLNG project shipped 31 cargoes (2.1 million tons) in the first quarter. Santos’ GLNG project shipped 16 cargoes (nearly one million tons) and the Origin Energy-Conoco Phillips project shipped 11 cargoes (0.7 million tons).

LNG output is now Australia’s largest component of petroleum production.

Despite a 36 percent quarter-on-quarter fall in average Australian LNG export prices due to the fall in oil prices, Australian LNG export revenue of $4,469 million in the first quarter was only down slightly from the first quarter of 2015, supported by the growth of export volumes.