Oslo - Australia is poised to become the world’s largest producer of liquefied natural gas (LNG) next year and to retain that position until 2024, when Qatar will reclaim the top spot. That is the conclusion of a recent forecast by Rystad Energy, an independent energy research and consulting firm in Norway with offices across the globe.
“Australia has no intention of relinquishing its hard-earned LNG crown without a fight. Over the next two years, pending approvals on up to seven Australian integrated LNG projects could challenge Qatar as the country with the largest sanctioned LNG volumes from integrated projects during that period,” says Readul Islam, Research Analyst on Rystad Energy’s Upstream team.
These seven Australian LNG projects will collectively supply just over 30 million tonnes per annum (tpa) at full capacity, and will require a total expenditure of nearly US$31 billion from final investment decision to the first export of LNG. “However, though sanctioned Australian LNG supply volumes could run neck and neck with Qatar over the next couple of years, Qatari LNG production should retake the top producer crown midway through the next decade,” Islam added.