The December 2019 EnergyQuarterly report has just been released, with comprehensive Australian oil and gas data for the September Quarter 2019 plus analysis of the latest developments.
Here are some of the highlights:
- The east coast gas market balance improved significantly in Q3 2019. Gas production was higher by 20.4 PJ qoq to reach a record 500.1 PJ in Q3.
- Record CSG production allowed Queensland’s LNG projects to satisfy political pressure to supply more gas to the east coast market while modestly increasing gas exports.
- NEM generation from gas (GPG) increased by 38% qoq, reaching its highest Q3 level since 2014.
- Short-term east coast gas prices averaged $8.23/GJ in Q3, down by 7.8% from an average $8.93/GJ in Q3 2018 and down by 13.1% from the Q2 2019 average of $9.48/GJ.
- The WA domestic market is awash with gas. Production again grew strongly to a record 108.5 PJ in Q3 2019, up 11.5% or 11.2 PJ qoq. Production again exceeded total state demand of 100.3 PJ.
- Woodside’s average price for domestic gas fell 13.9% qoq to $3.55/GJ.
- National LNG production reached a record 20.0 Mt in Q3 2019, up from 19.3 Mt in Q2 2019 and 18.1 Mt in Q3 2018. Q3 2019 LNG production represents an annualised rate of 79.5 Mt, exceeding Qatar’s nameplate capacity of 77 Mtpa.
- The recovery in national oil production gathered momentum in Q3 2019 with a strong start to production at Woodside’s Greater Enfield project.
- Beach Energy was Australia’s largest oil producer on both an annual and quarterly basis.
Further infomation, including the brochure with full table of contents, can be obtained by clicking here.