Queensland exports more LNG than Russia in 1Q
Gross Australian LNG production increased by 53.2% quarter-on-quarter from January-March, to 10.1 metric MMt, with the ramp-up of production from the APLNG and GLNG projects in Queensland, as well as the first cargo from the Gorgon project in Western Australia.
Of note over the period was Queensland’s March quarter performance. The province exported 3.8 metric MMt of LNG, more than the whole of Russia’s 2.5 metric MMt of LNG exports.
“Queensland’s performance is extraordinary, from zero LNG exports as recently as 18 months ago to more than Russia already,” energy advisory firm EnergyQuest's CEO, Dr. Graeme Bethune, said.
“Queensland’s LNG projects have all ramped up more quickly than expected and are near or exceeding nameplate capacity. The whole process has been very well managed with little apparent market disruption.”
Shell’s QCLNG project shipped 31 cargoes in 1Q, comprising 2.1 metric MMt; Santos’ GLNG project shipped 16 cargoes of nearly 1 metric MMt; and the Origin Energy-Conoco Phillips project shipped 11 cargoes of 0.7 metric MMt.
LNG output is now Australia’s largest component of petroleum production.
Despite a 36% quarter-on-quarter fall in average Australian LNG export prices due to the fall in oil prices, Australian LNG export revenue in 1Q of $4.469 B was only down slightly from 1Q 2015, supported by the growth of export volumes.
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