Australia’s Northern Territory recorded its highest levels of international trade in the year to 2019, reaching $8.1 billion with a 111.5% increase on the previous year, according to government figures. The result was mainly due to recent exports from INPEX’s Ichthys LNG project in Darwin, according to the Australian Petroleum Production and Exploration Association (APPEA).
The US$34 billion Ichthys LNG Project—one of the world’s largest oil and gas projects —is expected to supply more than 8.9 mtpa of LNG over the next 40 years.
Darwin’s two LNG plants, Ichthys and the Darwin LNG facility, operated by ConocoPhillips, employ almost 1,000 full-time workers with the vast majority being NT-based.
APPEA Chief Executive Andrew McConville said it was impressive to see LNG exports providing a major economic boost for the Territory.
“As we are seeing right across Australia, the LNG export industry is a significant source of strength for our economy and will provide decades of future growth and prosperity,” McConville said in a statement. “The oil and gas industry has invested more than $350 billion in the economy over the last decade and this investment will deliver decades of growth, exports and jobs for Australia.
“However, for the LNG sector to continue to thrive and be a key driver of the economy, exploration and development must be fostered not restricted —and industry must continue to have confidence to invest.”
Recommended Reading
Waha NatGas Prices Go Negative
2024-03-14 - An Enterprise Partners executive said conditions make for a strong LNG export market at an industry lunch on March 14.
Energy Transfer Asks FERC to Weigh in on Williams Gas Project
2024-04-08 - Energy Transfer's filing continues the dispute over Williams’ development of the Louisiana Energy Gateway.
‘Oversupplied’ NatGas Market Aiding Williams’ Storage Business
2024-05-08 - Midstream company Williams saw overall demand growth as heavy gas volumes passed through its network.
Kinder Morgan Sees Need for Another Permian NatGas Pipeline
2024-04-18 - Negative prices, tight capacity and upcoming demand are driving natural gas leaders at Kinder Morgan to think about more takeaway capacity.
Williams CEO: Louisiana Energy Gateway Start Temporarily in Limbo
2024-03-21 - Williams CEO Alan Armstrong said the project still moving forward after hitting a snag in a dispute with Energy Transfer but lacks a definitive start date.