LNG: BIG AUSTRALIA
GPN wrote, gross Australian LNG production increased by 53.2% in the March quarter to 10.1 MMt with the ramp-up of production from Australia Pacific LNG (APLNG) and Golar LNG (GLNG) projects in Queensland and the first cargo from the Gorgon project in Western Australia. The country's LNG exports reached 3.8 MMt during the same period, while Russia's LNG exports totaled 2.5 MMt.
"Queensland's performance is extraordinary, from zero LNG exports as recently as 18 months ago to more than Russia already," said EnergyQuest CEO, Dr. Graeme Bethune. "These projects have ramped up more quickly than expected and are near or exceeding nameplate capacity."
The BG/Shell's Queensland Curtis LNG (QCLNG) project shipped 31 cargos in 1Q, comprising 2.1 MMt; the Santos Gladstone LNG (GLNG) project shipped 16 cargos totaling nearly 1 MMt; and the Origin Energy-Conoco Phillips project shipped 11 cargoes accounting for 0.7 MMt.
Interestingly, LNG output is now Australia's largest component of petroleum production. Production from the ExxonMobil/BHP Billiton plant at Longford in Gippsland increased by 66% in 1Q to 64.2 petajoules (PJ), meeting increased demand from Melbourne, New South Wales and the stricken Tasmanian energy network. This was the joint venture's highest 1Q production in at least a decade.
Despite a 36% quarter-on-quarter (qoq) fall in average Australian LNG export prices due to the fall in oil prices, Australian LNG export revenue in 1Q of $4.5 B was only down slightly from 1Q 2015, supported by the growth of export volumes, according to the report.
Australian petroleum production continued to grow over 1Q, increasing 26.4% qoq to 162.7 MMboe. Domestic gas production fell marginally qoq in 1Q to 262.6 PJ. However, domestic gas production in Western Australia grew by 3% qoq to a record 94.7 PJ.
Total Australian natural gas and ethane production was up 33% in 1Q compared to March 2015.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.