Australian LNG export revenue sinks

Australian LNG export revenue dropped 25 percent last year when compared to the year before as the effects related to the Covid-19 pandemic crippled prices.

The total value of 2020 LNG exports reached A$36.2 billion ($27.8 billion), down from the 2019 record of A$48.6 billion, according to the trade data released by the Australian Bureau of Statistics.

Monthly revenue from LNG exports reached a 2020 low of A$1.8 billion in September, reflecting the lagged effect of lower oil prices, consultancy EnergyQuest said in a report.

However, revenue has increased every month since, reaching A$2.7 billion in December, up by 4.7% from A$2.5 billion in November, it said.

The consultancy released a report last month saying that Australian LNG exports reached a record high of 78.0 million tonnes in 2020. This compares to 77.5 million tonnes in 2019.

Production logged a rise despite the disruptions at Chevron’s Gorgon project and the fact that Shell’s Prelude hadn’t produced LNG since early February. On top of this, effects related to the pandemic destroyed LNG demand, particularly early in the year.

Japan remained the top export destination for Australian LNG last year, followed by China and South Korea.

- Advertisements -

Most Popular

LNG tanker suffers rudder failure in Suez Canal

NYK's 2021-built LNG carrier Grace Emilia suffered a malfunction of its rudder in the Suez Canal on Wednesday, but...

Samsung Heavy to build LNG carrier duo for about $496 million

South Korean shipbuilding giant Samsung Heavy Industries has won a new order to build two liquefied natural gas (LNG)...

Tellurian secures one more month to fulfill Gunvor LNG supply deal

Tellurian, the developer of the Driftwood LNG export project in Louisiana, has secured one more month to meet the...

More News Like This

Maintenance planned at Gorgon LNG and GLNG in Australia

Chevron and Santos are planning to perform maintenance works during April-July at their two LNG export plants in Australia....

Shell ships first Prelude FLNG cargo since December

Shell confirmed it had shipped the first LNG cargo from its 3.6 mtpa Prelude floating LNG producer offshore Western...

LNG tanker arrives at Shell’s Prelude FLNG off Australia

Shell's 3.6 mtpa Prelude floating LNG producer offshore Western Australia has welcomed its first tanker following a fire in...

Shell working to restart Prelude FLNG production

Shell is working to restart production on its 3.6 mtpa Prelude floating LNG producer offshore Western Australia following a...