Australia has $80 billion worth of LNG projects under construction, with natural gas companies spending a total of $130 billion since 2012 in the country. Chevron’s LNG project, the most expensive project globally, equating to $54 billion, is also established in Australia.
Australia exported 106.0 billion cubic meters of LNG to Asia-Pacific in the year 2020. The country’s largest LNG export goes to China, estimated at approximately 40.6 billion cubic meters. However, Japan’s imports plummeted to nearly 37% of the Australian export volume in 2020.
Onshore petroleum activities in Australia are regulated by respective state departments in each jurisdiction. Every state’s Environment Protection Authority (EPA) is authorized to regulate environmental considerations associated with waste and pollution. While New South Wales has the Resources Regulator, the state’s work health and safety body predominantly for petroleum and mines’ sites, every Australian state has a work health and safety regulator.
On the other hand, the National Offshore Petroleum Titles Administrator (NOPTA) preserves the titles register for the country’s offshore oil and gas operations. As a result, these factors are mainly attributable to the Australia LNG market growth.
Key LNG companies in the country are Origin Energy Ltd, BHP Billiton, Caltex Australia Ltd, etc.