Oz LNG Production in Q3 Up Over 10%: EnergyQuest
Australian LNG production in the three months to September 30 (Q3 2019) reached a record 20mn metric tons, up 10.5% year on year, energy consultancy, EnergyQuest, said in its December quarterly report published December 5.
Q3 production was also up over Q2 when Australia produced 19.3mn mt of LNG. Production in Q3 represents an annualised rate of 79.5mn mt/yr, exceeding Qatar's nameplate capacity of 77mn mt/yr, EnergyQuest said.
EnergyQuest expects total Australian shipments for 2019 will be about 75mn mt and about 82mn mt in 2020. Following the commissioning of Prelude, national LNG capacity is 87.45mn mt/yr, EnergyQuest said.
The long-term oil-linked contracts that underwrote Australia's LNG investment boom are still quarantining local producers from a global LNG glut that has taken Asian spot prices to a 10-year low, EnergyQuest said, adding the Australian average LNG price in Q3 was US$8.88/mn Btu (A$11.77/gigajoules).