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
The Diverse Midcontinent And Its Varied Potential
The western half of Oklahoma may get more publicity but there’s great potential on the state’s eastern side as well.
Update: Haynesville’s Economics, LNG Exports Lead To Renaissance
Speakers at Hart Energy’s DUG Haynesville tout the region’s proximity to terminals and low-cost gas as a springboard for companies in the play.
Exciting Times In The Austin Chalk
Southeast of the Haynesville, the eastern Louisiana Austin Chalk is making headlines from the great interest gained by EOG Resources, ConocoPhillips, Marathon Oil and others.