Record LNG production expected to continue

Despite a year of uncertainty, 2020 LNG export revenue sat at approximately $31.6 billion, down from $48.7 billion in 2019, EnergyQuest’s recent report said.

This export income was severely impacted by the lower oil prices seen throughout much of the year, which produced lower returns for all Australian projects.

Looking to 2021, EnergyQuest said there “remains opportunity to further lift LNG production rates”.

The report estimates 3.6 Mtpa of exports will be added when Shell’s Prelude Floating LNG facility reaches full production capacity, as well as an additional 5 Mtpa from Chevron’s Gorgon project once site repairs have been resolved and production returns to full capacity.

“Export volumes for 2021 are likely to be around 80Mt,” the report said.

“Higher oil and spot LNG prices are also likely to increase LNG export revenue.

“A return to the average prices experienced in 2019 could push LNG export revenue close to $50 billion.”

For more information visit the EnergyQuest website.

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