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2017-10-23 11:25:00

AUSTRALIAN LNG UP ANEW

AUSTRALIAN LNG UP ANEW

EIAAustralia became the world's second-largest exporter of liquefied natural gas (LNG) in 2015 and is likely to overtake Qatar as the world's largest LNG exporter by 2019. As Australia's LNG exports have increased, primarily from LNG projects in eastern Australia, the country has had natural gas supply shortages in eastern and southeastern Australia and an increase in domestic natural gas prices.

The western and eastern parts of Australia have separate natural gas and electricity markets and are not interconnected. Five states in eastern Australia—South Australia, Queensland, New South Wales, Victoria, and Tasmania—account for 86% of Australia's population, and in 2016, LNG exports from eastern Australia accounted for 43% of the country's total LNG exports.

Three new projects in eastern Australia—Australia Pacific, Queensland Curtis, and Gladstone—all are located on Curtis Island in the state of Queensland and are associated with upstream production fields that provide natural gas produced from coalbed methane.

Since the start of LNG projects in Queensland, domestic natural gas prices at several hubs in eastern and southeastern Australia have more than doubled. Briefly in mid-2016 and again in early 2017, Australia's domestic natural gas prices exceeded Australian LNG export prices to Japan, Australia's largest destination for LNG exports, when domestic natural gas shortages caused price spikes in natural gas markets. LNG export prices, on the other hand, reflected lower prices in long-term contracts, which were linked to the price of crude oil. With the decline in crude oil prices, export contract prices for LNG also declined.

In 2016, natural gas consumption by LNG export projects in Queensland was almost twice as high as the total domestic consumption in eastern and southeastern states. Australia's Energy Market Operator (AEMO) projected that LNG exports from these states will continue to grow through 2019 as these LNG projects ramp up to full capacity.

In September, the Australian Energy Market Operator, which manages the national electricity market for southeastern and eastern Australia and oversees electricity and natural gas retail markets and transmission, projected a natural gas supply shortfall in the domestic market of up to 0.27 billion cubic feet per day (Bcf/d) in 2018 and up to 0.26 Bcf/d in 2019.

On July 1, the Australian government established the Australian Domestic Gas Security Mechanism, which authorizes the government to limit LNG exports if companies are exporting more natural gas from Australia than they are supplying to the domestic market. This authority will stay in place through January 1, 2023. In September, three large LNG producers in eastern Australia—Royal Dutch Shell, Santos, and Origin Energy—reached an agreement with the federal government to guarantee natural gas supply to domestic customers to cover an estimated supply shortfall of 0.27 Bcf/d to avoid potential restrictions on LNG exports in 2018. The companies also agreed to sell natural gas produced in excess of contract volumes to the domestic market before selling it on global LNG spot markets.

The U.S. experience with growing LNG exports is unlikely to be similar to Australia's. More than half of Australia's total natural gas production was exported in 2016. Australia's Energy Market Operator expects Australia's LNG exports will account for 80% of domestic production by 2020. Despite the rapid LNG export capacity growth, EIA's latest Annual Energy Outlook 2017 (AEO2017) Reference case—which reflects current policies and regulations—projects U.S. LNG exports to amount to only about 9% of total domestic natural gas production by 2020.

Other differences between the natural gas markets in Australia and in the United States relate to each country's LNG exports and domestic prices. Australia's development of natural gas pipeline infrastructure that connects major production areas with more populated areas in eastern and southeastern Australia has been relatively slow compared with the extensive and growing pipeline infrastructure in parts of the United States that links producing and consuming regions. The United States also has considerably more natural gas storage infrastructure than Australia, which can help insulate markets from short-term supply disruptions that may lead to price spikes. In addition, estimates of natural gas reserves in eastern Australia have decreased in recent years, but U.S. natural gas reserve estimates have continued to grow.

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Earlier:

 CHINA LNG UP 44%
2017, October, 16, 12:10:00

CHINA LNG UP 44%

China bought 22.1 million tonnes, equivalent to 30 bcm, of foreign LNG in the first eight months of the year, up 44 percent from a year ago. Almost half of that came from Australia followed by Qatar.

 

 CHEVRON - AUSTRALIA LNG
2017, October, 13, 12:30:00

CHEVRON - AUSTRALIA LNG

Wheatstone, co-owned by Australia’s Woodside Petroleum, Kuwait Foreign Exploration Co and Japan’s Kyushu Electric Power Co, has two gas liquefaction units, which at full capacity will supply 8.9 million metric tonnes of LNG a year to customers in Asia.

 

 AUSTRALIAN LNG UP
2017, July, 21, 09:00:00

AUSTRALIAN LNG UP

Australia's LNG exports in fiscal 2017-2018 (July-June) will be 63 million mt, after it crossed, for the first time, 50 million mt in fiscal 2016-2017, energy consultancy EnergyQuest said in its forecast on Wednesday.

 

 AUSTRALIA - CHINA LNG UP
2017, June, 28, 15:00:00

AUSTRALIA - CHINA LNG UP

Among China's LNG suppliers Australia has fared best, with imports rising 42.7 percent in the first five months to 5.39 million tonnes, almost double that of second-placed Qatar at 2.84 million tonnes.

 

 
AUSTRALIAN LNG CONTROL
2017, June, 24, 09:40:00

AUSTRALIAN LNG CONTROL

Australia is set to apply LNG export controls, aimed at securing domestic supply of gas and keeping prices of the fuel in check, from January 1, the government announced earlier this week despite industry warnings about the decision's potential impact on energy investment.

 

 AUSTRALIAN LNG INFLATION
2016, October, 31, 18:45:00

AUSTRALIAN LNG INFLATION

“The rampant cost inflation on Australian projects combined with the collapse in oil prices is damaging for a lot of these projects,” said Neil Beveridge, analyst at Bernstein. LNG prices have been affected by a supply glut and are also linked to oil prices in Asia.

 

 LNG: BIG AUSTRALIA
2016, July, 7, 18:05:00

LNG: BIG AUSTRALIA

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.

Tags: AUSTRALIA, LNG, GAS
AUSTRALIAN LNG UP ANEW September, 21, 11:00:00

OIL PRICE: NEAR $79 STILL

AUSTRALIAN LNG UP ANEW September, 21, 10:55:00

RUSSIA'S OIL PRODUCTION: 11.3 MBD

AUSTRALIAN LNG UP ANEW September, 21, 10:45:00

UNEXPECTED OIL PRICES

AUSTRALIAN LNG UP ANEW September, 21, 10:40:00

OIL MARKET UNCERTAINTY

AUSTRALIAN LNG UP ANEW September, 21, 10:35:00

OPEC-NON-OPEC DECISIONS

AUSTRALIAN LNG UP ANEW September, 21, 10:30:00

U.S. CAPITAL EXPENDITURES UP

All Publications »

Chronicle:

AUSTRALIAN LNG UP ANEW
2018, September, 21, 10:25:00

U.S. ENERGY CASH: $119 BLN

U.S. EIA - Energy companies’ free cash flow—the difference between cash from operations and capital expenditure—was $119 billion for the four quarters ending June 30, 2018, the largest four-quarter sum during 2013–18 Companies reduced debt for seven consecutive quarters, contributing to the lowest long-term debt-to-equity ratio since third-quarter 2014

AUSTRALIAN LNG UP ANEW
2018, September, 21, 10:20:00

WORLD OIL DEMAND: 100.23 MBD

OPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.

AUSTRALIAN LNG UP ANEW
2018, September, 21, 10:15:00

IRAQ'S OIL: NO RECORD

ARAB NEWS - Oil exports from southern Iraq are heading for a record high this month, two industry sources said, adding to signs that OPEC’s second-largest producer is following through on a deal to raise supply and local unrest is not affecting shipments.

AUSTRALIAN LNG UP ANEW
2018, September, 21, 10:10:00

NATURAL GAS EXPORT UP

PLATTS - The International Energy Agency expects the US to account for 75% of the global growth in natural gas exports over the next five years, a bullish outlook for LNG developers facing challenges at home getting projects off the ground and abroad with tariffs affecting trade flows.

All Publications »