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Australia’s LNG export revenue doubles in November

By Fitri Wulandari

09:20, 16 December 2021

Top view of a gas tanker sailing in the ocean
Australia shipped 87 Mtpa on an annualised basis, higher than the record October shipments of 85.1 Mtpa – Photo: Shutterstock

Skyrocketing prices of liquefied natural gas (LNG) have been a boon for Australian producers with export revenue in November doubling.

Australia booked an estimated $5.77bn of revenue from exports of the super chilled gas in November, up from $5.44bn in October and up by 196% on November 2020, according to EnergyQuest in its November report released on Thursday.

Overall, Australia shipped 87 million tonnes per year (Mtpa) on an annualised basis, higher than the record October shipments of 85.1 Mtpa.

Record price

The Platts Japan-Korea-Marker, the benchmark for spot LNG in Asia, hit an all-time high over $56 per Million British thermal unit (MMBtu) on 6 October as mounting gas crisis in Europe drove buyers to compete for cargoes, according to S&P Global. The price has retreated since then with February contract at $43.2/MMBtu on Wednesday.

LNG shipments to China rose to 43 cargoes in November, from 38 in October and 38 in November 2020.

“Also while Australia is the biggest LNG exporter to China, it’s position in the long-term is being challenged by the growth of US LNG exports to China (notwithstanding geopolitical tensions),” EnergyQuest said.

Natural Gas

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Oil - Crude

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Compared with October, Australian projects delivered six fewer cargoes to Japan, Thailand, Malaysia and Taiwan in November, but eight additional cargoes to China and Korea.

Higher domestic price

While high prices bode well for producers, they started to impact the east coast gas market.

Queensland short-term domestic gas prices in November averaged at $11.16 per gigajoules (GJ), compared with $8.28/GJ in October at Wallumbila. Domestic gas prices in Brisbane rose to $12.13/GJ in November, compared with $8.44/GJ a month earlier.

Gas price in Sydney averaged $12.17/GJ in November versus $8.22/GJ in October.

Read more: High gas prices could discourage coal-to-gas switch

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