Business

APLNG partner sounds warning on potential of gas glut

A PARTNER in the construction of the APLNG plant on Curtis Island has warned new LNG plants here, in Europe, North America and Africa may outstrip demand, contrasting with recent bullish comments from the industry.

In a speech to an industry conference in Darwin on Wednesday, ConocoPhillips head of commercial in Australia, Mike Nazroo, warned that supply tightness might prove short-lived, News Ltd reports.

"In the longer term, capacity additions look set to catch up with, and even overtake, demand," Mr Nazroo said.

"Much of this supply growth is set to come from the Australian project wave, but there will be competing projects from North America, East Africa, Nigeria and Russia."

Mr Nazroo referred to McKinsey estimates that if 50% of all non-approved LNG capacity was built, there could be excess production by 2020.

"Therefore, we need to carefully consider how we invest and develop competitively here in Australia," he said.

Conoco operates the Darwin LNG plant, the smallest of three operating plants in Australia, and is building the Australia Pacific LNG plant at Gladstone with Origin Energy.

Read the full story here.

>> For more LNG stories click here.

Topics:  aplng curtis island gas origin energy resources



National Geographic to feature local roo sanctuary

GLOBAL EXPOSURE: Renowned Italian photographer Stefano Unterthiner (left) with Horizons Kangaroo Sanctuary owner Garry McLean and an eastern grey kangaroo.

Agnes Water is hopping on to the world stage.

Four men still missing after divers clear trawler wreck

FOUR MISSING: Inspector Darren Sommerville addresses the media outside Gladstone Police Station.

Four families may be yet to find closure.

Local Partners