LNG driving growth

Australia’s resources and energy earnings are set to increase to $230 billion in 2017-18, with LNG being the largest growth contributor.

The latest Energy and Resources Quarterly report released by the Department of Industry, Innovation and Science predicts the price of LNG will increase modestly, but will be constrained by shale oil production in the US and sluggish growth in global oil consumption.

According to the report, the real value of Australia’s LNG exports is forecast to increase from $23 billion in 2016-17 to $39 billion in 2017-18, driven by higher export volumes and, to a lesser extent, higher prices.

The completion of the final three LNG projects under construction – Wheatstone, Ichthys and Prelude – will underpin strong growth in export volumes and bring total export capacity to 88 MMt/a.

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