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Australia’s LNG Exports to Fall in 2024: Argus

LNG

Australia’s LNG exports are set to fall in 2024 as increasing regulatory bureaucracy thwarts attempts to offset field declines.

  • Exports from the world’s third largest seaborne gas exporter are forecast to hit 81m mt in they year to June 30, 2024, and down to 79m mt in the fiscal year 2024-2025. This compares to 82m mt in 2022-2023.
  • Australia’s Woodside Energy is likely to take one of its 2.5m mtpa trains at Northwest Shelf offline.
  • Santos’ 3.7m mtpa Darwin LNG will sit idle as it prepares to backfill from the Barossa field.
  • While some capacity is coming offline, there is a growing environmental movement attempting to scupper Australia’s LNG exports.
  • Litigation by climate activists has already delayed the Barossa and Scarborough field. The Australian government also announced changes to taxes on export profits.
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