QLD LNG exports at $A1.4b

Queensland Treasurer Curtis Pitt.

Queensland Treasurer Curtis Pitt.

LNG exports from Queensland recorded almost $A1.4 billion worth of LNG in the eight months following the first shipment from Curtis Island.

Queensland Treasurer Curtis Pitt said the latest figures from the Australian Bureau of Statistics (ABS) showed the strength of the Queensland economy and the state’s newest major export industry.

According to ABS data released this week, LNG exports contributed to a 15.7 per cent increase in the nominal value of Queensland’s overseas merchandise exports in the August quarter, compared to the same period last year.

“The LNG industry has exported $A1.38 billion worth of gas from January to August,” Mr Pitt said.

“And exports should ramp up further over the next year as all six LNG plants from three projects become fully operational.

Driving this increase in exports is the state’s supply of CSG, which Australian Petroleum Production and Exploration Association (APPEA) Chief Executive Dr Malcolm Roberts recently told an Energy Users Association of Australia (EUAA) Conference dwarfed established reserves such as the Gippsland, Cooper and Otway basins.

“There are about 6,800 wells operating in Queensland producing gas from coal seams,” Dr Roberts said.

“Without this new source of supply, Queensland’s LNG industry would be impossible.

“Australia is now a world leader in using innovation to extract gas from unconventional reserves, including CSG and shale gas.”

The Queensland Curtis LNG (QCLNG) Project shipped first LNG in January this year and recently celebrated its 50th cargo.

BG holds a 93.75 per cent stake across the two-train development, with Chinese state oil and gas producer CNOOC holding a 10 per cent interest in the first train and Japan’s Tokyo Gas holding a 2.5 per cent interest in the second train.

This article first appeared on PPO News. For more information on the latest export figures, click here.

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