Australian LNG export revenue down in March

Australian liquefied natural gas (LNG) export revenue dropped by 12 percent year-on-year in March, while Australian terminals shipped 104 cargoes during the last month, according to EnergyQuest.

The consultancy said in its monthly report it estimates that Australian LNG export revenue reached A$6.18 billion ($3.97 billion) in March.

This is less than the A$6.30 billion in February and A$7.03 billion in March 2023, it said.

In March, Australian LNG projects shipped 7.24 Mt (104 cargoes), slightly more than the 7.06 Mt (102 cargoes) shipped in February, which had only 29 days, EnergyQuest said.

Australian LNG projects shipped 7.16 Mt (104 cargoes) in March 2023.

EnergyQuest said Australia’s March 2024 shipments were 85.2 Mtpa on an annualized basis, compared to 81.06 Mtpa for the calendar year 2023 and compared to 88.6 Mtpa for February 2024, representing 96.2 percent of nameplate capacity.

In February, Australia provided 29 percent of China’s total LNG imports, 35 percent of Japan’s, 28 percent of Korea’s, and 25 percent of Taiwan’s, the consultancy said.

Queensland continued to import gas from other states last month, as it has since September 2023, with the volumes in March totaling 2.4 PJ, lower than 3.1 PJ in February.

CSG production from fields operated by the LNG producers totaled 127.6 PJ in March, which is a surplus of 1.7 PJ compared to exports, the consultancy said.

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