Oz LNG Exports Hit Record in 2020: EnergyQuest
Australia exported a record 78mn metric tons of LNG last year, after inching up 0.64% from the 2019 level, energy consultancy EnergyQuest said on January 18.
“This is a good result given the disruptions to Gorgon, the fact that Prelude hadn’t produced since early February, issues seen at Wheatstone with reduced production, and the Covid-19 destruction of LNG demand, particularly early in the year,” it said.
Western Australian production was up by 5% on 2019 at 43.7mn mt, accounting for 56% of the national total. Northern Territory output rose by 11% yr/yr to 11.7mn mt, while exports from Queensland increased 1% yr/yr to 22.6mn mt. Japan was Australia’s top export destination, receiving 30.3mn mt, or 38% of the total, versus 30.7mn mt in 2019. Next came China, which took 29.6mn mt, or 37%, compared with 28.8mn mt a year earlier. South Korea was supplied 8.1mn mt, up from 7.7mn mt in the previous year.
Total revenue from LNG exports reached A$36.1bn (US$27.8bn), EnergyQuest said, down from A$48.7bn in 2019. “Export income has been severely impacted by the lower oil prices seen through much of the year since April, together with low spot prices,” it said.
Australian LNG projects shipped 6.5mn mt in December, compared with 6.9mn mt in November and 7.1mn mt in December 2019.
EnergyQuest expects Australian LNG exports to come to around 80mn mt in 2021. Higher oil and spot LNG prices are also likely to boost revenues, it said. A return to the average prices experienced in 2019 could push LNG export revenue close to A$50bn.