Queensland's Q1 LNG Exports More Than Russia's

Australian state of Queensland exported more LNG than Russia during the March quarter of 2016, according to the latest report from EnergyQuest.

Adelaide based consultant EnergyQuest said that during the three months, Queensland exported 3.8 Mt of LNG - more than the whole of Russia’s 2.5 Mt of LNG exports. “Queensland’s performance is extraordinary, from zero LNG exports as recently as 18 months ago to more than Russia already,” EnergyQuest CEO Dr Graeme Bethune said. “Queensland’s LNG projects have all ramped-up more quickly than expected and are near or exceeding nameplate capacity. The whole process has been very well managed with little apparent market disruption.”

Gross Australian LNG production increased by 53.2 percent in the March quarter to 10.1 Mt with the ramp-up of production from APLNG and GLNG projects in Queensland and the first cargo from the Gorgon project in Western Australia.

Shell’s QCLNG project shipped 31 cargoes in Q1 comprising 2.1 Mt, Santos’s GLNG project shipped 16 cargoes of nearly 1 Mt and the Origin Energy-Conoco Phillips project shipped 11 cargoes of 0.7 Mt.

LNG output is now Australia’s largest component of petroleum production.

Despite a 36 percent quarter on quarter fall in average Australian LNG export prices due to the fall in oil prices, LNG export revenue in Q1 of A$4.5 billion was only down slightly from Q1 2015, supported by the growth of export volumes.