Australia’s LNG exports grew 23% in 2018, bringing total exports to a record 69.5 million tons and export revenue to a 68% increase of about A$43.3 billion, according to data released recently by the Australian Energy Consulting Company Energy Survey. According to the report, with the completion and commissioning of large-scale liquefied natural gas projects in Northwest Australia, Australia’s liquefied natural gas exports will continue to grow strongly in 2019.
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LNG is one of Australia’s main export earning commodities, second only to coal and iron ore. At present, Australia has surpassed Qatar as the world’s largest exporter of liquefied natural gas and China’s largest supplier of liquefied natural gas. As of November 2018, 46% of China’s LNG imports came from Australia. The huge energy demand in the Chinese market stimulated Australia to expand LNG investment and export.
Australia has a huge potential for natural gas development. In recent years, the development of liquefied natural gas (LNG) has been booming. Domestic and foreign investment has exceeded 200 billion US dollars. At the end of 2018, two LNG projects in Darwin will cost US$45 billion to put into operation, and their production will increase dramatically in the next two years. Eastern Australia’s gas-producing areas are affected by domestic energy supply constraints, and production is far below capacity, so export growth is not significant.
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