EnergyQuest Australian LNG Monthly July 2020

EnergyQuest has just released its Australian LNG Monthly for July 2020. Some of the highlights are as follows:

  • Lower oil prices are having a significant effect on Australian LNG with extended maintenance, and continued cargo deferrals, lower prices, and asset write-downs.  LNG revenues are down 52% on a year ago
  • Australian LNG shipments in July were steady compared with June, primarily due to continued maintenance and repairs at Gorgon. Australian projects shipped 5.8 million tonnes (Mt) (85 cargoes) in July, compared with 5.9 Mt (85 cargoes) in June.
  • ·West Coast shipments increased to 4.2 Mt in July (4.1 Mt in June), with 61 cargoes in July compared to 59 in June.  A year ago, the west coast shipped 77 cargoes of 5.3 Mt.
  • Exports from Gladstone Port of 1.67 Mt were the lowest since July 2018 when only 1.65 Mt was exported.  
  • Cargoes continue to be delayed during July.  EnergyQuest estimates twenty-one Australian cargoes loaded during Julyhave anchored offshore or are steaming slowly awaiting final destination orders during July.
  • Deliveries to major North Asian markets were lower compared with July 2019. Australian projects delivered a total of 77 cargoes to China, Japan and Korea in July, down from 90 cargoes a year earlier.
  • One cargo, which shipped from QCLNG on 26 July, is bound for Chile with an expected arrival date of 13 August. This is the first ever Australian cargo to Chile and shows the diversion of surplus cargo away from Asian markets.

Information about the EnergyQuest Australian LNG Monthly is available by clicking here