Information about EnergyQuest’s ‘LNG and energy essentials’ report is available by clicking here.
| Australia has an approval problem Victoria continues to use gas, even more when it gets cold (as in recent weeks). Victoria has spent the last decade seemingly doing its best to discourage a new gas supply. It is a case study on the challenges of moving to low-emission energy sources. Victoria has been the biggest gas-using state on the east coast for decades, consuming 174 PJ in 2024 and accounting for 35% of east coast gas demand. Victoria’s energy plan is essentially the same as other jurisdictions: build renewable energy capacity so that the reticulated natural gas supply and fossil fuel electricity generation can be retired to reduce emissions. That would not be a problem if Victoria had built enough renewables and did not need gas. Neither of those things is currently the case, and Victoria now finds itself at the pointy end of potentially significant shortfalls in energy supply. Solving that shortfall will require more gas supply in the short to medium term and more renewables over the long term. However, both solutions are being impacted by Australia’s lengthy and arduous project approval processes. Monthly LNG statistical summary Based on shipping data, EnergyQuest estimates that Australia exported 6.40 Mt of LNG in May 2025, totalling 93 cargoes. This was a decrease compared to April 2025, when Australia exported 6.90 Mt and 98 cargoes. When annualised, May’s exports represent 75.4 Mtpa, equivalent to 87.6% of total Australian nameplate capacity. EnergyQuest estimates that Australian LNG export revenue in May was $5.00 billion – lower than April’s $5.53 billion, but lower by 6.2% year-on-year from May 2024 ($5.33 billion). WA projects earned $2.90 billion in export revenue, Queensland projects earned $1.42 billion, and Northern Territory projects earned $0.69 billion. Combined, the five WA projects (NWS, Pluto, Gorgon, Prelude, and Wheatstone) shipped 53 cargoes for 3.71 Mt during May compared to shipping 56 cargoes during April for 3.97 Mt, 59 cargoes for 4.17 Mt in March, 48 cargoes for 3.38 Mt in February, 54 cargoes for 3.80 Mt in January. During May 2025, Queensland’s three Gladstone projects shipped 28 cargoes for a combined total of 1.82 Mt, down on the 31 cargoes for 2.11 Mt shipped during April and down on the 33 cargoes for 2.26 Mt shipped during March. The May liftings were also lower than February’s total of 29 cargoes for 1.95 Mt. This was primarily due to scheduled maintenance undertaken by the Queensland Curtis LNG project during May. During May 2025, the NT (Ichthys only) shipped 12 cargoes for 0.88 Mt compared to shipping 11 cargoes for 0.82 Mt during April, nine cargoes for 0.68 Mt in March, and 10 cargoes for 0.74 Mt in February. |