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.

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