Australian LNG Exports May Surge 22%

Australian liquefied natural gas export sales may surge by 22 percent next fiscal year, thanks to the start-up of new plants to meet rising demand for the fuel in Asia, Bloomberg reported. The value of LNG exports is forecast to rise to $4.5 billion in the year ending June 30, 2007, after a forecast 56 percent jump this year. The ConocoPhillips-led Bayu-Undan LNG venture started shipping LNG to Japan from its Darwin plant this quarter, while the Woodside Petroleum Ltd.-operated North West Shelf venture is due to start LNG shipments to China in April from its expanded plant in Western Australia. Woodside, Royal Dutch Shell Plc and BHP Billiton are also among companies seeking to export LNG from Australia to buyers in North America. The value of Australia's LNG exports is expected to jump 127 percent in the six years ending June 30, 2011, to $5.4 billion, the bureau estimates. Australian export sales of crude oil and condensates may rise 8.4 percent next fiscal year to $6.9 billion, after an estimated 33 percent increase this year, the bureau said. Sales will be boosted by the start-up of Woodside's Enfield oil project off Western Australia later this year, of Anzon Australia Ltd.'s Basker-Manta project last November and of Roc Oil Co.'s Cliff Head venture this quarter. Output may also rise at Santos Ltd.'s Mutineer-Exeter project, (Source: Bloomberg)