Australian LNG export revenue drops in August

The consultancy estimates Australian LNG export revenue reached A$5.57 billion ($3.73 billion) in August.

EnergyQuest said this was higher than the $5.13 billion in July but reflected a decrease compared to August 2023, when revenue was $5.87 billion.

Western Australia projects earned export revenue of A$3.43 billion, Queensland projects brought in A$1.67 billion, and Northern Territory projects earned A$0.47 billion.

LNG shipments

According to the consultancy, Australia’s August 2024 shipments were 80.7 Mtpa on an annualized basis, compared to 81.1 Mtpa for the calendar year 2023 and 76.6 Mtpa for July 2024.

August 2024 shipments represented 91.1 percent of nameplate capacity.

West coast (WA and NT) shipments were higher at 4.80 Mt in August, up from 4.60 Mt in July.

Also, there were 68 LNG cargoes in August, compared to 65 in July, the consultancy said.

A year ago, the west coast shipped 71 cargoes totaling 4.94 Mt.

The consultancy said west coast projects operated at 90.4 percent of nameplate capacity during August.

Queensland LNG shipments were higher at 2.05 Mt in August compared to 1.91 Mt in July.

There were 30 cargoes during August, compared to 28 in July 2024, and two more than the 28 cargoes of 1.91 Mt in August 2023, it said.

The Queensland projects operated at 92.6 percent of nameplate capacity during August.

Competition for Asian LNG markets heating up

The consultancy said in the report competition for Asian LNG markets is heating up.

Australian LNG imports to China fell 0.6 Mt (-24 percent) in July 2024, compared to June 2024, with Qatar and USA picking up the volumes.

For Korea, Australia lost its position as Korea’s largest LNG supplier to the USA, it said.

Australian import volumes to Korea fell 0.3 Mt (-38 percent), and the USA gained 0.5 MT (+230 percent).

EnergyQuest added that Taiwan and Japan imports from Australia were largely unchanged.