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.”
OPEC and its allies, including Russia, have been cutting output since May by 9.7 million bbl/d, or 10% of global supply, after the virus destroyed a third of global demand.
OPEC expects to cover the lion's share of the massive projected oil demand spike in 2021 with demand for its crude rising by 6 million bbl/d to reach 29.8 million bbl/d.
An OPEC panel called the Joint Ministerial Monitoring Committee meets on July 15 to recommend the next level of oil production cuts.