Australian LNG remains steady

Despite challenges brought about by the pandemic, Australian LNG shipments are continuing to increase, with more shipments in October compared to the previous month.

In its report, EnergyQuest said this is primarily due to increased production at the North West Shelf project in Western Australia and the GLNG project in Queensland.

“Australian projects shipped 6.7 million t (Mt) (98 cargoes) in October, compared with 6.2 Mt (91 cargoes) in September,” the report said.

“This comes just three months after a two-year low in production seen in July at the height of the pandemic.”

In addition to production, LNG exports are also gaining more traction with deliveries to major North Asian markets higher in October 2020 than October 2019; 82 cargoes were delivered to China, Japan and Korea in October this year, compared to 77 cargoes last year.

EnergyQuest said Australia remains “far and away the largest LNG supplier to China”, accounting for 40 per cent of Chinese imports in September 2020.

“Total Chinese LNG imports have grown strongly, despite the pandemic,” the report said.

“Imports for the first nine months of 2020 were 48.2 Mt, up from the 43.7 Mt in the corresponding period in 2019.

“Each month of 2020 has been higher than the corresponding month of 2019.”

Looking forward, EnergyQuest said the next few years will likely be characterised by economic disruption, uncertain energy demand and lower prices, both domestically and internationally, and spending cuts for energy producers.

“This will create opportunities for energy buyers but challenges for producers.”

For more information visit the EnergyQuest website.

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