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LNG exports hit $50.5b

The energy analyst reported LNG exports in the 2019 financial year had continued to increase, with the total export revenue over the 12-month period estimated to be $50.5 billion.

Australia exported a total of 1,111 cargoes and 75.1 million t of LNG in FY19, a 21.2 per cent rise from FY18’s 61.7 million t, which was good enough to fall just behind Qatar’s 77 million t as the world’s top LNG exporter.

EnergyQuest expects production over the current year to increase again to 80 million t, which should see Australia assume the top spot.

This increase will be fuelled by a ramp up in production of INPEX’s Ichthys LNG Project and Shell’s Prelude Floating LNG development, the latter of which exported its first LNG cargo in June.

Australia’s biggest customer over the year was Japan, which accounted for 41 per cent of the nation’s exports, while China and South Korea followed with 37 per cent and 10 per cent of exports respectively.

Japan is the biggest market for west coast exports, while China is Queensland’s biggest customer.

For more information visit the EnergyQuest website.

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