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Australia set to become regional power in LNG exports: PwC
26-March-07 by AAP
Australia is poised to become a regional power in the export of liquified natural gas, with the global LNG market set to double in size within the next three years.

The LNG sector is one of the fastest growing sectors in the energy market and is expected to double between 2005 and 2010, a report by PricewaterhouseCoopers notes.

PwC said Australia along with Qatar and Nigeria are expected to head the list of LNG growth countries.

The report forecasts a shift of power in the Asia Pacific as Australia lifts exports by 78 per cent in 2015 while Indonesia reduces its exports by 50 per cent.

"This data gives a conservative estimation that by 2015, Australia will be exporting in excess of 26 billion cubic metres per annum of LNG - primarily to the Asia Pacific region," PwC Australia partner Nick Henry said.

"If the planned US West Coast regasification facilities were to go ahead, this will change the dynamics of of the Pacific Basin for exporters, providing further markets for Australian LNG and big piece in the jigsaw of a truly global market."

PwC said the growth in imports by the US is expected to account for up to a half of the increase in global LNG volumes while China is expected to be importing up to 12 billion cubic metres of LNG by 2015.

"LNG has big prospects for Australia and particularly in Western Australia," Mr Henry said.

There are a number of major LNG projects expected to come online in that period, including the Chevron controlled Gorgon project and Woodside's Pluto and Browse projects