Subsequently, Australia’s gas production in 2015-16 is expected to increase by 27 per cent to 83.6 Bcm and Australia’s LNG exports are forecast to increase 45 per cent to 36.2 MMt. At full capacity, the GLNG project, the QCLNG project and the APLNG projects will have a combined capacity of 25.3 MMt/a.
Global LNG demand is forecast to increase by 8 per cent, with Australian exports forecast to increase by a staggering 45 per cent.
However, Federal Minister for Resources, Energy and Northern Australia Josh Frydenberg conceded that short-term challenges face the resources and mining sectors. While Australia’s LNG exports are forecast to grow as new capacity comes online, growth in export values will be tempered by downward pressure on prices.