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LNG exports to hit A$90bn this year

22nd March 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Australia’s liquefied natural gas (LNG) exports are expected to hit A$90-billion this year, federal Resources Minister Madeleine King said this week.

“It is often forgotten, but our exports also make an important contribution to our neighbours’ energy security, stability and reliability. Moreover, we know that Australian gas will play an important role in our trading partners’ own net zero pathways,” King told delegates at the Australian Domestic Gas Outlook conference.

“We welcome foreign investment in our resources and energy sectors, especially from our LNG customers. Without the significant international investment of tens of billions of dollars over many decades, Australia would not have access to the gas produced off the coast of Western Australia, and inland in Queensland, or the Bass Strait off Victoria.

“Australia remains a stable investment environment, with strong legal, financial and economic frameworks. Our nation can be both a reliable energy trade and investment partner, as well as a positive contributor to global energy security and decarbonisation,” King said.

Pointing towards local demand for gas, the Minister noted that gas remained a critical component in manufacturing, with gas accounting for around 42% of energy use in Australia’s manufacturing sector last year.

“Gas is important - indeed it is absolutely essential - in the mining sector for energy-intensive projects such as extraction, concentration and processing of critical minerals.

“In order to decarbonise, the world needs our resources industry and our critical minerals. So for emphasis: No gas means no processing of critical minerals and therefore no batteries for the storage of renewable energy, and that makes our pathway to net zero emissions all the more difficult,” King said.

She added that the government was committed to reaching the net zero emissions target by 2050, and added that natural gas would assist in reaching that target, and would be a critical fuel in the decarbonisation of Australia’s economy.

 

Edited by Creamer Media Reporter

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