LNG Dominates Australia’s $280.5 Bil List of Resources Projects
Australia’s current palate of 87 committed major resources projects, worth a total of A$268.4 billion ($280.5 billion), is dominated by LNG developments, according to a report released this week by the Bureau of Resources and Energy Economics.
Oil, gas and LNG projects account for 18 of the total and are worth more than 70% at A$194.9 billion. BREE excluded Shell’s Prelude floating facility from its list of committed LNG projects, which comprised Gorgon and Wheatstone in Western Australia, Ichthys in the north, and Gladstone, Queensland Curtis and Australia Pacific LNG on the east coast.
“To put this in perspective, and to show the scale of the pipeline in Australia, the total committed expenditure on Australia’s oil and gas projects is comparable to the total cost of the Apollo Moon Program in 2012 prices,” BREE Executive Director and Chief Economist Quentin Grafton said in a statement.
In the six months to October, the major approval in the petroleum sector was the second production train at Australia Pacific LNG’s project on Curtis Island in Gladstone. APLNG gave the go-ahead for the 4.5 million mt/year train two in July this year, and the project is expected to cost around A$9 billion.
Projects in the feasibility stage, including the big A$36 billion Browse and A$24 billion Arrow LNG projects, are estimated to be worth around A$104.5 billion.
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