Australian LNG export revenue hits new high

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High energy prices put a damper on driving (although you wouldn’t think so with the crowds in Kalbarri – a popular holiday spot in Western Australia about 6.5 hours drive from Perth), raised the prices of our lettuce and d other groceries, and generally put frowns on faces – unless you’re a leader of our LNG producers, of course.

In its “Australian LNG Monthly” report for June 2022, EnergyQuest noted that the sector achieved record revenues of $7.18 billion in June, up from $6.38 billion a month earlier and a whopping 135% increase. compared to June 2021.

This record turnover was accompanied by record exports totaling 7.31 Mt of supercooled gas, against 6.91 Mt in May.

And in a clear display of Western Australia’s strength, projects on this side of the continent exported 79 LNG shipments totaling a record 5.5Mt, up from 5Mt in May, while the East Coast stumbled with only 27 shipments totaling 1.8 Mt.

Part of this was due to usage with the WA projects running at 107% of rated capacity while those in Gladstone, Queensland were running a meager 84%.

It certainly didn’t help that coal gas production tapped by LNG exporters fell from 117.1 petajoules in May to 107.6 PJ in June.

More broadly, the energy consultancy estimated that Australian LNG exports in the 12 months to June 30, 2022 reached a record 82.6 Mt, well above the 77.3 Mt exported in the past year. ‘Previous exercice.

China also lost its position as the top destination for our gas with 25 Mt exported in fiscal year 2022, compared to 28.3 Mt in fiscal year 2021.

Domestic gas and electricity

In June, Queensland exported 6.2 PJ of gas to other states, which contrasts with May’s import of 1.6 PJ of gas.

Domestic gas prices in the eastern states were also higher in June, averaging $36.85 per gigajoule ($28.68/GJ in May) in Wallumbilla and $37.93/GJ ( $31.67/GJ) in Brisbane.

Prices in Sydney averaged $40.70/GJ ($29.87/GJ), Adelaide saw $39.88/GJ from $33.44/GJ in May, while Victorians paid 38, $82/GJ ($32.95/GJ).

Gas also saw its power market share decline from 10.2% in fiscal 2021 to 10.8% in fiscal 2022, while coal’s share of energy went from 63% to 56%.

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