LNG exports put Australia oil and gas in trade surplus
PERTH (miningweekly.com) – The Australian oil and gas industry recorded a trade surplus for the first time in 13 years in 2016/17, new data from the Australian Petroleum Production and Exploration Association (Appea) has shown.
Appea on Monday reported that owing to a 35% increase in the value of liquefied natural gas (LNG) exports in 2016/17, compared with 2015/16, Australia’s exports reached A$30.5-billion, compared with imports valued at A$26.9-billion.
Furthermore, Australia’s oil and gas trade balance was likely to remain in surplus in the near future, as LNG exports continued to increase.
Australian gas production increased by almost 21% in 2017, compared with 2016, and has more than doubled in the last decade. Conventional gas production in 2017 reached 2.595-tillion cubic feet (tcf), while natural gas produced from coal seams reached 1.26 tcf, and LNG exports reached 2.78 tcf.
Meanwhile, Australian petroleum liquid production fell by 3.4% in 2017, compared with 2016, with a total of 122-million barrels produced, which Appea noted was well below half of the peak production in 2000.
Appea pointed out that the oil and gas industry in Australia had invested more than A$300-billion in the economy over the last decade, with more than A$230-billion worth of projects in the pipeline at the end of December last year.
While 2017 saw some growth in onshore oil exploration, Appea noted that unfavourable market conditions, regulatory and policy uncertainty and restricted access continued to frustrate explorers, with offshore exploration remaining at record lows.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
In 1958 John Deere Construction made its first introduction to the industry with their model 64 bulldozer.
VISIT SHOWROOM
ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
