Huge Gas demand in Australia as exports reach highest levels
Over the last decade there has been an ever-growing demand for Australia’s gas resources, pushing exports to the highest levels ever recorded and helping fund public services and infrastructure.
The Australian Petroleum Production & Exploration Association (APPEA) said the latest Resources and Energy Quarterly showed the enduring strength of the country’s gas industry.
Demand for gas will help push Australia to a record $425 billion in export earnings this financial year – up from $379 billion forecast given only three months ago.
“We are helping the government fund key public services and infrastructure while creating and supporting thousands of jobs and driving economic growth. Ultimately, we are again shown to be central to our economy and delivering huge benefits – helping support key areas like schools, hospitals, and roads,” APPEA Chief Executive Andrew McConville stated.
The industry declared investments of more than $27 billion last year in new Australian supply, technology, and decarbonization programmes.
According to the report, earnings from Australia’s LNG exports are forecast to rise from $30 billion in 2020-21 to $70 billion in 2021-22, and $82 billion in 2022-23. Australian export volumes are forecast to increase to a record 82 million tons in 2021-22.
In 2021-22, Australian crude and condensate export values are expected to rise 86% to $13.8 billion, propelled by high oil prices and stronger production volumes, predominantly for condensate.
Exports are forecast to rise marginally in 2022-23, due to higher oil prices forecast for 2022 and 2023. Between 2023-24 and 2026-27, export values are projected to remain around $11 billion.
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