Page 13 - AsianOil Week 44 2022
P. 13
AsianOil OCEANIA AsianOil
Australian energy firms gain big
on global energy crunch
PERFORMANCE AUSTRALIAN energy companies have followed The good news for APLNG and other Aus-
their international peers in enjoying a steep tralian LNG exporters is that the federal gov-
Australia's energy climb in profits for the third quarter, on the back ernment has opted against limiting deliveries in
companies have of surging oil, gas and LNG prices both in Aus- order to ensure enough supply to the domestic
benefitted from the tralia and in export markets. market. A domestic supply gap has been flagged
international price The country’s top gas producer Woodside up as a risk by the Australian Competition and
spike. posted $5.85bn in revenue for the three-month Consumer Commission in July, warning of a
period, up 272% from the third quarter of last potential shortfall of 56 petajoules in the domes-
year, while producing 51.2mn barrels of oil tic market next year, mainly in the eastern and
equivalent in hydrocarbons, versus 22.2mn southern states. Government-imposed restric-
boe a year earlier. Company CEO Meg O’Neil tions were averted when authorities reached a
also attributed these gains to the closure of the heads of agreement with the exporters on pro-
purchase of BHP’s former petroleum business. viding an extra 157 petajoules for the domestic
Woodside wrapped up the purchase in June this market in 2023, in line with seasonal demand.
year. “This agreement will ensure Australians con-
Woodside has also updated its full-year pro- tinue to have access to secure and reliable gas,”
duction guidance. It now anticipates producing Australia’s resources minister Madeleine King
between 153 and 157mn boe this year, up from a said. “The new supply commitments, and heads
previous forecast of 145–153mn boe. of agreement, will deliver gas to the domestic
Santos took made a record A$2.15bn in earn- market when needed, and ensure future uncon-
ings in the third quarter, and saw a 88% jump tracted gas will be offered to the domestic mar-
in net income. Australia Pacific LNG (APLNG) ket first, on competitive and reasonable terms,
also booked a 64% growth in revenues, Origin, before it is offered for export.”
one of the partners in the liquefaction project, Higher profits and revenues mean Australia’s
said last month. Other partners include Cono- gas industry is set to almost triple its financial
coPhillips and China’s Sinopec. The consortium contribution to public coffers this financial year,
is the largest producer of coalbed methane in set to pay an extra A$9bbn to federal and state
Australia, and also delivers gas to the domestic governments, the country’s main oil and gas
market. body APPEA said in early October.
Week 44 08•November•2022 www. NEWSBASE .com P13
