Aussie LNG output hits record high
Australia's liquefied natural gas production hit a record high for the 2009 to 2010 financial year, boosted by rising demand in north Asia.
LNG production increased by 7.5% last year to 18.7 million tonnes per annum (Mtpa), up from 17.4 Mtpa, Australia-based energy advisory company EnergyQuest said in its report today.
"The growth in LNG production was driven by growing demand for Australian LNG in Japan, China and Taiwan," EnergyQuest chief executive Graeme Bethune said in a statement.
Japan, Australia's biggest LNG customer, imported two-thirds of Australia's LNG exports in 2009-2010, while China imported 20%.
Exports could ramp up even further in the next year when Woodside Petroleum's 4.3 Mtpa Pluto project in Western Australia is due to come online, the report said.
Despite increased export volumes, falling prices meant that the value of Australia LNG exports dropped from $10.0 billion in 2008-09 to $7.8 billion in 2009-10.
Average export prices slipped as lower oil prices, which are linked to Australian LNG prices, pulled prices down, reported
Wednesday 8 September 2010
Upstream
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