Australian LNG exports drop in January

Australian LNG exports dropped in January when compared to the month before due to short-term outages and repair work at three liquefaction plants, according to EnergyQuest.

Australia shipped 96 LNG cargoes in January or about 6.57 million mt, compared to 105 in December, with short-term outages at the Woodside-operated North West Shelf project and Chevron’s Wheatstone LNG plant and repair work at Gorgon LNG, the consultancy said.

EnergyQuest said last month that Australian LNG exports had reached a new record high in 2021, boosted by more shipments to China, South Korea, and Taiwan.

The consultancy said the cargoes delivered in January went to “all the usual countries in Asia.” This includes Japan, China, South Korea, and Taiwan.

According to EnergyQuest, there was no sign of any Australian cargoes heading to Europe.

“Although European prices were occasionally higher than Asian prices, the difference was not enough to make the longer trip worthwhile,” it said.

Cargoes heading to Asia though were “enormously profitable”, even those sold on oil-linked prices, it said.

This has already been apparent in the fourth-quarter reports from Origin Energy, Santos and Woodside, with average realized LNG prices of $11.80/MMBtu, $13.64/MMBtu and $16.00/MMBtu respectively, depending on their exposure to spot sales.

“At these prices individual cargoes were worth $42-56 million each. The good fortune continued into January, with oil prices continuing to increase and high spot prices being maintained,” EnergyQuest said.

- Advertisements -

Most Popular

Golden Pass LNG contractor Zachry files for bankruptcy

US construction company Zachry said on Tuesday it has filed for bankruptcy, initiating a structured exit from the Golden...

Kinder Morgan secures more time for Gulf LNG export project

US energy company Kinder Morgan and its partners have secured more time from the US FERC to add liquefaction...

Hoegh LNG: commissioning of Brazilian FSRU completed

Commissioning of the FSRU Hoegh Giant which serves Cosan's LNG import terminal in Brazil's port of Santos has been...

More News Like This

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...

Gladstone LNG exports up in March on higher China volumes

Liquefied natural gas (LNG) exports from the Gladstone port in Australia’s Queensland increased in March compared to the same...

Gladstone LNG exports slightly up in 2023

Liquefied natural gas (LNG) exports from the Gladstone port in Australia’s Queensland rose 1.4 percent in 2023 compared to...

EnergyQuest: Australian LNG export revenue drops in June

Australian liquefied natural gas (LNG) export revenue dropped by 24 percent in June when compared to the same month...