EnergyQuest Australian LNG Monthly Report – June 2024

On July 15, 2024 EnergyQuest released their Australian LNG Monthly Report – June 2024. Overview data for July 2024 is below. Information about the EnergyQuest Australian LNG Monthly is available by clicking here.

Australian LNG Imports Outlook

• Positive Progress for LNG Terminals:
• NSW: Squadron Energy’s Port Kembla Energy Terminal could supply the east coast by winter 2025 if immediate action is taken by the government, with winter 2026 being more likely based on market feedback.
• Victoria: Viva Energy has updated its environmental studies for its LNG import project at Geelong Refinery.
  
  

Monthly Statistical Summary

• Annual Shipment and Revenue:
• FY 2023-24: 81.7 Mt of LNG shipped, $69.5 billion in revenue.
• FY 2022-23: 81.9 Mt of LNG shipped, $92.2 billion in revenue.
• FY 2021-22: 82.5 Mt of LNG shipped, $70.6 billion in revenue.
  
  
• June 2024 Revenue and Shipments:
• June revenue: $5.66 billion (up from $5.47 billion in May 2024).
• Annualized shipments for June 2024: 81.5 Mtpa (compared to 81.1 Mtpa for 2023 and 75.3 Mtpa for May 2024).
• June 2024 shipments represented 92% of nameplate capacity.
  
  
• Regional Revenue Breakdown:
• WA projects: $3.38 billion.
• Queensland projects: $1.66 billion.
• NT projects: $0.62 billion.
  
  

Gas Flows and Market Dynamics

• Record Gas Flows from Queensland:
• Reached 428 TJ/d on 13 June, a record daily rate since January 2020.
• Indicates operational additional pipeline capacity.
  
  
• Support for Gas-Fired Power Generation (GPG):
• Increased 93% in June 2024 compared to June 2023 due to a ‘wind drought’ and lower solar production in winter.
• Resulted in a 19.7% increase in spot market gas prices compared to May 2024 and 29.7% compared to June 2023.
• Average spot price in June 2023 was $15.98/GJ, 33% above the $12/GJ government cap.
  
  
• Northern Gas Pipeline:
• No flow from NT to Queensland in June and May.
• Blacktip issues led to substantial support from Darwin’s two LNG projects into the NT domestic market.
• Darwin LNG averaged 16 TJ/d to the domestic NT market (25% of the NT average annual demand rate for 2023).
• No gas flows noted from Ichthys.