The energy analyst’s quarterly report said Australia’s LNG exports have remained at near-record levels in Q1 2021, continuing a strong performance from 2020.
LNG exports to China remained stable, with a 12-month moving average indicating deliveries have remained strong and stable since 2019.
Total domestic gas consumption on the east coast was 15.2 PJ lower quarter on quarter in Q1, down by 12.4 per cent.
Gas-use-for-power (GPG) was down by 15.5 PJ, due to lower electricity demand and prices, among other factors.
East coast gas supply (production plus NT imports) increased from 462.3 PJ in Q1 2020 to 475.1 PJ in Q1 2021.
The increase in east coast production resulted from higher CSG production and an increase of 8.6 PJ from conventional gas basins.
Domestic gas prices also saw relatively subdued price increases when compared with Asian prices, while international influences saw the price rise despite lower domestic demand.
Natural oil production also dropped by 15 per cent in Q1 2021 compared to Q1 2020, affording local producers the opportunity to maximise the benefits of a surprisingly strong recovery in oil prices.
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