Information about EnergyQuest’s ‘LNG and energy essentials’ report is available by clicking here.
Australia remains heavily reliant on oil
This month’s LNG and energy essentials looks at the role played by oil in Australia’s economy. While much of the media and public focus has been on the transformation of Australia’s electricity grid to renewables, a look a the macro level data shows that oil remains Australia’s largest source of primary energy supply – as it was in the 1970s. Fossil fuels more broadly are the source of over 90 per cent of Australia’s energy.
Energy systems at a national scale do not transform easily or quickly. A combination of increased oil production, a larger emergency oil reserve for the next crisis, and reduced demand would assist in managing exposure to trade shocks.
However, while the war in the Middle East and associated trade disruptions will pass in due course, the Australian economy will remain exposed to global oil market disruptions for many years to come.
Based on shipping data, EnergyQuest estimates that Australia exported 6.85 Mt of LNG in March 2026, totalling 99 cargoes. This represented an increase of 9.5% from February 2026, when exports totalled 6.26 Mt, for 90 cargoes. When annualised, March’s exports represent 80.7 Mtpa, equivalent to 93.8% of the total Australian nameplate capacity of 86.0 Mtpa.
Monthly LNG statistical summary
EnergyQuest estimates Australian LNG export revenue of $4.27 billion in March 2026 – up by $0.29 billion (+7.3%) from $3.98 billion in February 2026, but lower than $4.80 billion in January 2026. The March 2026 result was also lower than the December result of $5 billion, the November result of $4.95 billion and the October result of $4.60 billion.
Combined, the five WA projects (NWS, Pluto, Gorgon, Prelude, and Wheatstone) shipped 53 cargoes for 3.77 Mt during March 2026, three cargoes for 0.21 Mt more than the 50 cargoes for 3.56 Mt they shipped in February, but six cargoes for 0.38 Mt less than the 59 cargoes for 4.15 Mt they shipped during January 2026.
The Ichthys LNG project and the Darwin LNG project together shipped 12 cargoes (Ichthys only) for 0.89 Mt during February 2026, which was up by one cargo compared to 11 cargoes for 0.81 Mt in February and equivalent to the 12 cargoes for 0.89 Mt in January 2025 and 12 cargoes for 0.91 Mt (Ichthys only) in December 2025.