Australian LNG exports remained almost flat in March when compared to the month before due to lower demand in China, according to EnergyQuest.
In March Australian projects shipped 6.41 million tonnes or 94 cargoes, the same as the 6.42 million tonnes or 93 cargoes in February, the consultancy said.
LNG demand in North Asia, Australia’s major market, turned down in February, dropping 17.7 percent below a year earlier.
The trend continued in March, when Australian deliveries to China were down 15 percent from February, EnergyQuest said.
“However, this was more than offset by additional cargoes to Korea and Japan. Japan is looking to replace LNG imports from Russia and Australia could go a long way helping Japan to achieve this,” the consultancy said.
Prelude FLNG back in action
Compared with February, Australian projects delivered six fewer cargoes to China and Thailand in March, but nine additional cargoes to Korea and Japan, the consultancy said.
In addition, West Coast shipments increased slightly to 4.6 Mt in March, with 66 cargoes in March compared to 64 in February.
Prelude FLNG shipped no cargoes in March but resumed production in April and had shipped one cargo by the middle of the month.
On the other side, East coast LNG shipments decreased to 1.8 Mt in March, with 28 cargoes compared to 29 in February, and 31 cargoes of 2.1 Mt a year ago.
Notwithstanding high LNG spot prices there were only three spot cargoes reported for shipping from Australian projects in March, it said.
EnergyQuest said that Australian LNG projects did not ship any cargoes to Europe in March.
Revenue up 88 percent compared to March 2021
EnergyQuest estimates that Australian LNG export revenue decreased slightly in March to $5.47 billion when compared to the month before.
LNG export revenue dropped from $5.63 billion in February but was up by 88 percent on March 2021, the consultancy said.