Australia is all set to position itself as the leading LNG exporter in Asia-Pacific region.
The country is organizing itself to harness the growth in LNG market by establishing and upholding new export facilities.
As the global liquefied natural gas (LNG) market strives to become twofold in size in next three years, Australia is predicted to emerge as a regional mega supplier of liquefied natural gas. The study is published in The Australian News.
As Nick Henry said, "This data gives a conservative estimation that by 2015, Australia will be exporting in excess of 26 billion cubic metres per annum of LNG - primarily to the Asia-Pacific region”. His statement was published on The Age.
The offshore areas of Australia are rich in oil and gas. Almost 79.3% gas production and 95.7% oil produced in Australia comes from these offshore areas. They are located in the North West Shelf (NWS), Bass Strait and the Timor Sea. These offshore areas are also supposed to contain more undiscovered resources.
Supported by growth in the pre-existing markets and new developing markets like North American west coast and China, Australia’s export of LNG is predicted to propel appreciably in short-term to medium-term. Presently, Australia maintains two export project of LNG, one is the North West Shelf. It has an annual production capacity of about 11.7 million tons from four trains. Second project, Darwin project, has supply capacity of 3.24 million tons annually. Major supplier to LNG growth project in medium-term would be Darwin project and an additional fifth train from North West Shelf.
North West shelf Fifth train has supply capacity of 4.2 million tons annually and it commenced in July 2005. In Late 2008, exports would start from fifth train. Darwin LNG supply plant will supply LNG to Japan for coming seventeen years. Production on Darwin project started on February 2006.
As per the research Analyst at RNCOS, to exploit the huge capacity of natural gas resource available on Australia’s NWS (North West Shelf), Australia has equipped itself with a state of the art LNG export facility. Almost 8% of world LNG trade and 10.5% of Asia-pacific demand is met by the NWS project. The LNG exports are valued at AUS$ 2.7 Billion per annum.
Related Market Research Reports:
Global LNG Market - The Road Ahead
Market Research on Asian LNG Market (2007)
New Projects Lead to a Boom in the Global LNG Market: Industry Analysis (2005-2010)
