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Home News COVID-19

Report: LNG exports holding strong despite virus impact

by Eliza Booth
June 9, 2020
in COVID-19, Gas, News
Reading Time: 2 mins read
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A new report from energy analysts EnergyQuest has found that Australia’s LNG exports are holding steady at near-record levels, thanks to continued demand from Asia.

The June 2020 report found that despite the impact of the Coronavirus, LNG exports are holding strong and that there has been no material fall in LNG cargoes from Australia to North Asia, for which Australia is the largest LNG supplier.

In the report, EnergyQuest said that it was still too early to assess the long-term impact on the energy sector but some trends that were already apparent, such as lower energy prices, have accelerated.

“There has also been marked volatility in energy and share prices while in Australia at least gas and electricity volumes have held up while transport fuel demand has been slashed,” EnergyQuest said in the report.

“The good news is Australia’s largest oil and companies can ride out even a lengthy period of Brent prices at US$30-40/bbl ($43-57/bbl) because of cost discipline baked in from the previous oil price collapse in 2014 and sound balance sheets.

“For example, the most vulnerable of the Australian companies in the previous downturn, Santos, is targeting a cash flow break even oil price of US$25/bbl ($36/bbl) by the end of this year by slicing a further US$50 million ($72 million) from operating costs.”

Highlights from the report include:

Australian LNG exports are holding at near-record levels, despite the global surplus of LNG and the contraction of economic activity due to COVID-19.
The resilience of Australian LNG exports is underpinned by continued growth in demand in North Asia.
Queensland’s LNG projects maintained gas production and LNG exports at a high level in Q1 2020. This continued into the current quarter, with Queensland exports hitting a monthly record in April of 2.0Mt.
EnergyQuest expects total LNG export revenue for 2019-20 to be around $50 billion, similar to the previous financial year.

Further highlights and the full report can be viewed on the EnergyQuest website.

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