NEW DATA reaffirms the resource sector’s importance to the Queensland economy with recordliquefied natural gas (LNG) exports from the Port of Gladstone totalling 20.58 million tonnes (mt) in 2018, according to the Queensland Resources Council (QRC).
QRC chief executive Ian Macfarlane said the data released by Gladstone Ports showed a new record which eclipsed the previous record set in 2017 (20.23 mt).
“Queensland’s LNG sector is forecast to continue its record export growth that is being driven by an energy hungry Asia. China was again the largest customer buying nearly 14.25 mt followed by South Korea at 3.22 mt while Japan imported 1.6 mt,” Mr Macfarlane said.
“The world wants our commodities and over the 12 months Queensland LNG was exported to seven different countries - China, South Korea, Japan, Malaysia (0.88 mt), Singapore (0.47 mt), United Arab Emirates (0.06 mt) and the Philippines (0.06 mt).
“China’s demand for our LNG in 2017 was 57 percent of total exports but last year it was 69 percent. According to the Office of the Chief Economist’s latest report, China plans to increase the share of gas in its energy mix from 7 percent to a range of 8–10 percent by 2020.
“The same report found Australia had become the world’s largest single gas exporter, ahead of Qatar, and is on track for annual exports of 77 million tonnes.
“LNG is likely to play a major role in servicing the rising Chinese gas demand with the country’s LNG imports forecast to reach 53 million tonnes or 73 billion cubic metres in 12 months.
“Resource exports help pay for Queenslanders’ everyday needs through royalty taxes, for the teachers that educate our children, the nurses and doctors who look after our health and the police force that keeps us safe.”
QRC’s current economic data shows the oil and gas industry delivered a $8.2 billion economic contribution in 2017/18 and supported more than 39,000 full time employees across the State and invested $3 billion with businesses locally and community organisations.