04 Mar 2016
Australia’s LNG industry is well placed to meet growing demand from the Asia Pacific region highlighted in the Gas Market Report 2015, released today by the Chief Economist of the Department of Industry, Innovation and Science.
Despite challenges presented by the drop in global crude oil prices, LNG projects continue to drive an unprecedented level of investment in Australia while also delivering reliable, cleaner energy and security of supply to our Asian trading partners.
APPEA Chief Executive Dr Malcolm Roberts said: “Australia’s reputation as a reliable supplier of LNG is growing.
“Six projects are now operating to deliver cleaner energy to world markets and another nearing completion.
“Our gas is allowing many other countries to achieve environmental improvements while providing energy to their communities. And while production continues to grow Australia will continue to see substantial economic benefits in the form of community investment, jobs, royalties and taxes.
“We must continue to take advantage of rising LNG demand in our region. The $200 billion investment in current Australian projects augurs well for the long term.”
Dr Roberts said coherent energy policy frameworks are needed to address the tightening eastern Australia gas supply market emphasised in the report.
“As the report makes clear, we have more than enough natural gas resources to meet both domestic and export demand yet market pressures cannot be eased if gas remains trapped underground.”
Australia’s LNG industry at a glance
1989: Australia had one operating LNG project producing 2.5 million tonnes of LNG a year;
2015: Australia exported 30.4 million tonnes of LNG with a value of $16.53 billion;
2018: Australia expected to overtake Qatar to become the world’s largest LNG exporter;
2020: 10 Australian projects expected to collectively produce more than 85 million tonnes of LNG a year.
|Operating projects (year of first production)||Under construction (2017-18 start-up)|
|North West Shelf Venture (1989)||Prelude Floating LNG|
|Darwin LNG (2006)||Wheatstone|
|Queensland Curtis LNG (2014)|
|Gladstone LNG (2015)|
|Australia Pacific LNG (2015)|