Aussie LNG export value to jump 90% in 2021-22

The value of Australia’s LNG exports is expected to jump 90% year/year to A$56bn ($40bn) in the financial year 2021-22 on an oil-linked contract price surge, according to the quarterly report published on September 30 by the department of industry, science, energy and resources.

Australian LNG export volumes are expected to increase 5.4% yr/yr to 82mn metric tons (mt) in 2021–22 and 0.9% yr/yr to 83mn mt in 2022–23. The value of exports in 2022-23 is expected to drop to A$50bn, the report said.

The department said that Asian LNG spot prices and oil-linked contract prices are expected to be moderate in 2022 and 2023, as the LNG market remains well supplied and oil prices stabilise above $65/barrel.

Australia’s peak oil and gas body said that the latest resources and energy quarterly shows that it is the resources sector, including the oil and gas industry, continuing to drive the nation’s economy.

APPEA CEO Andrew McConville said the data underscores the importance of the resources industry to the nation’s economy including taxation revenue, exports, jobs and the resilience of rural and regional communities.

“The figures illustrate the importance of our sector to the economy and I am sure this won’t be lost on the highest levels of government and all political parties,” McConville said.