Australian LNG Exports Rocket Up 18.5 Percent

Australian LNG Exports Rocket Up 18.5 Percent

Australia’s exports of liquefied natural gas hit almost 60 million tonnes over the 2017/2018 financial year, growing 18.5 percent or 9.3 million tonnes.

Australia’s exports of liquefied natural gas (LNG) hit 59.7 million tonnes (Mt) during the 2017/2018 financial year, showing growth of 18.5 percent, or 9.3 million tonnes.

According to a report from EnergyQuest, one of the biggest drivers in LNG export growth was Chevron’s (NYSE:CVX) new projects, Gorgon and Wheatstone. LNG production began at Gorgon in March 2017, with shipments growing by 6.9 Mt to hit 12.7 Mt; full capacity is estimated at 15.6 Mt per year.

Meanwhile, Wheatstone’s first production and shipment happened in October 2017, reaching 2.1 Mt for the year; full capacity is expected to be 8.9 Mt per year.

Another major driver was increased deliveries to China of 6.5 Mt. The Asian nation accounted for 34 percent of Australian LNG deliveries during the period.

Japan was still Australia’s number one LNG customer, however, making up 46 percent of deliveries with an increase of 2.1 Mt for the year. Korean shipments increased by 0.5 Mt, comprising 11 percent.

Energy export revenues were also on the rise, growing an estimated 38 percent from the previous year to AU$30.8 billion. The gains are said to have been caused by higher oil prices and export volumes.

Chevron’s contributions to Australia’s resource sector have grown significantly over the last year, with the company having bought three exploration interests in Western Australia last October.

Meanwhile, the company’s North West Shelf project has been helping supply LNG since 1989, making Chevron the largest natural gas resource holder in Australia through its cumulative assets.

The company’s share price was down 0.49 percent on the NYSE as of 12:10 p.m. EST on Tuesday (July 17), hitting US$122.37 per share.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.

Hastings Technology Metals Ltd Measured and Indicated Mineral Resource Tonnes Up by 54%

Perth, Australia (ABN Newswire) – Australia’s next rare earths producer, Hastings Technology Metals Ltd (ASX:HAS) (FRA:5AM), is pleased to announce a material increase in Mineral Resource Estimate at its Yangibana Rare Earths Project (Yangibana) in Western Australia’s Gascoyne region.

Highlights

– Measured and Indicated Mineral Resource tonnes increased by 54% to 16.3Mt for Yangibana deposits drilled during 2020.

Keep reading... Show less

ASI certifies Rio Tinto’s ISAL smelter for responsible production

Rio Tinto’s ISAL smelter in Iceland has been certified by the Aluminium Stewardship Initiative (ASI) for meeting the highest internationally recognised standards for responsible aluminium production.

The certification continues Rio Tinto’s leadership of the industry on responsible aluminium production from mine to metal, and means customers can be assured aluminium produced at ISAL meets independent environmental, social and governance standards.

Keep reading... Show less

Rio Tinto updates details of tailings facilities

Rio Tinto today released updated information in relation to its global tailings facilities to align with the requirements of the Global Industry Standard for Tailings Management (GISTM) released in August 2020, an initiative co-convened by the International Council on Mining and Metals, United Nations Environment Programme and the Principles for Responsible Investment.

The latest disclosure at http://www.riotinto.com/tailings builds on previously disclosed information on each of Rio Tinto’s global tailings facilities released in June 2019 and the publication of Rio Tinto’s Group Procedure and updated Standard for ‘Management of tailings and water storage facilities’ in February 2019. The changes to existing data are in line with guidance contained in GISTM including updating information previously disclosed.

Keep reading... Show less

Hastings Technology Metals Ltd Quarterly Activities Report

Perth, Australia (ABN Newswire) – Australia’s next rare earths producer, Hastings Technology Metals Ltd (ASX:HAS) (FRA:5AM) is pleased to report on exploration and development activities for the three-month period to 31st March 2021. Most of the activity focused on the Company’s Yangibana Rare Earths Project (“Yangibana”) in the Gascoyne region of Western Australia.

Highlights

– Hastings raised $100.7 million (before costs) through a two-tranche equity placement priced at $0.19 per share, with funds to be used to advance development of the Yangibana Rare Earths Project.

Keep reading... Show less

Argyle Diamond Mine Closure: What’s Next for the Sector in Australia?

Click here to read part one of this article, which covers the closure of the Argyle diamond mine.

When the mining equipment permanently shut down at Western Australia's Argyle mine in November 2020, the country's diamond sector entered a transitional period.

As the world's fourth largest diamond-producing asset shuttered, domestic output of the gems instantly declined by as much as 90 percent.

Keep reading... Show less

Top News

Related News