Australia’s monthly LNG exports for the month of October reached the value of A$1.75 billion (Approx. US$1.32 billion) beating the previous record of A$1.72 billion set in January 2015, according to a report by energy analyst, EnergyQuest.
According to EnergyQuest’s CEO, Graeme Bethune, the latest robust LNG outcomes were underpinned by many Australian LNG projects performing above nameplate capacity.
Australian LNG export volumes grew by 6.6 percent (65 cargoes) in October to 4.3 million tons, up from 4.0 Mt (61 cargoes) in September.
“There was a particularly strong performance by LNG projects on the west coast,” Bethune said.
Projects in Western Australia shipped 36 cargoes totaling 2.4 Mt, up from 33 cargoes, or 2.2 Mt in September, EnergyQuest said.
Woodside’s Pluto projects shipped seven cargoes surpassing the previous month by two, Chevron’s Gorgon projects shipped one while Darwin LNG plant operated by ConocoPhillips shipped five cargoes, two more than in September.
Liquefied natural gas projects on Curtis Island near Gladstone, Queensland, shipped a total of 24 cargoes, one cargo less when compared to the month of September. This represents a drop in volume from 1.6 Mt to 1.5 Mt.
Another milestone, according to Bethune is that the Santos-led Gladstone LNG project shipped a cargo to Mexico’s Manzanillo terminal, meaning that all three Curtis Island projects have now shipped a cargo to Mexico.
“From a broader market perspective, rather than new US LNG supply heading west to Asia, which is a major market concern for Australian and South East Asian LNG players, this cargo was yet further demonstration of the Australian LNG sector being able to ship east to America,” Bethune said.
In comparison, only one US LNG cargo so far landed in China, a Sabine Pass cargo delivered via the Panama Canal in August.
EnergyQuest further noted that despite the oversupplied market, LNG spot price in Asia has climbed up to US$7 per mmBtu, reaching its highest level in 2016.
1 AUD = 0.754928 USD