Earnings from Australia’s LNG exports are forecast to exceed $50 billion in 2018–19, according to a new report.
The Resources and Energy Quarterly released by the Office of the Chief Economist said as Australia overtakes Qatar as the world’s largest natural gas exporter, its earnings from shipping the resource will peak at approximately $51 billion in 2019–20.
A significant increase from $32 billion in 2017, the report said after the incoming peak, a slow decline will occur, with earnings in 2023–24 projected to be approximately $41 billion.
Australia exported 62 million t in 2017–18, but this is expected to increase to 82 million t in 2019–20 due to the ramping up of largescale LNG projects like Inpex’s Ichthys and Shell’s Prelude.
On the back of the report, Australian Petroleum Production and Exploration Association Chief Executive Andrew McConville said the new data showed the importance of LNG to the Australian economy.
“Australia’s LNG projects will deliver decades of economic growth, jobs and exports,” he said.
“These national benefits aside, LNG exports also have regional and global environmental benefits.
“When used to replace coal, LNG cuts emissions, especially in large cities across Asia.
“LNG also helps developing countries reduce air pollution, a major cause of millions of premature deaths.”
Australia’s share of world LNG exports in 2018 was 22 per cent.
Click here for a full copy of the report.
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