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Australia’s revenue from exports of liquefied natural gas hit a record in October, topping $7 billion, benefiting from record prices and a weaker Australian dollar.
LNG export volumes have been at record highs over the first ten months of the year amid the energy crunch in Europe that sent ripples around the world, lifting prices and benefiting producers.
Revenues from energy and mineral exports from Australia rose by 33 percent in the first ten months of this year, Argus reported, adding that this was already higher than the energy and mineral exports from any previous full calendar year. The drivers of these higher revenues were soaring demand and the weaker local currency, which made Australian commodities more affordable.
Australia’s biggest export market for its liquefied natural gas is Asia, with Japan topping the list of buyers this year, followed by China and South Korea. Taiwan, Singapore, and Malaysia were also big buyers of Australian LNG.
There was also a European newcomer on this list. Last month, Germany joined buyers of Australian LNG with the first deal ever for deliveries of gas from Down Under to Europe.
The 75,000-ton cargo was shipped by Woodside to Uniper, the troubled German gas utility the government had to effectively nationalize.
“At such times it is more important than ever that buyers and sellers work together to flexibly respond to market dynamics. Our relationship with Uniper is an example of such cooperation. The delivery of a North West Shelf LNG cargo to Europe also highlights the role that Australian LNG can play in supporting global energy security,” Woodside executive VP Mark Abbotsford said at the time.
October was the sixth consecutive month of record LNG revenues for Australian producers this year, Argus noted in its report. Its other energy exports, notably those of coal, were also up significantly this year amid higher demand.
By Irina Slav for Oilprice.com
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Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.