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

NNPC, Golar plan to take FID on Nigerian FLNG project in 2024

State-run Nigerian National Petroleum Corp and floating player Golar LNG plan to take a final investment decision on a...

Chevron suspends Wheatstone LNG production

Chevron’s unit in Australia has suspended production at its 8.9 mtpa Wheatstone LNG terminal near Onslow to complete a...

Venture Global LNG’s customers get access to Calcasieu Pass documents

The US FERC has ordered LNG exporter Venture Global LNG to provide its customers with documents about the commissioning...

More News Like This

Chevron’s Gorgon LNG plant resumes full operations

Chevron Australia, a unit of US energy giant Chevron, has resumed full production at its Gorgon LNG terminal in...

Gorgon LNG train to be offline for at least five weeks

A liquefaction train at Chevron's Gorgon LNG plant in Western Australia will likely remain offline for at least five...

Chevron working to resume full Gorgon LNG production after ‘mechanical fault’

Chevron Australia, a unit of US energy giant Chevron, is working to resume full production from its Gorgon LNG...

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...