LNG industry predicted royalties of up to $0.5b by 2018-19

THE Queensland Government is projecting total petroleum royalties, mostly from LNG, of over $0.5 billion by 2018-19, an EnergyQuest report has revealed.

The EnergyQuest quarterly report, released this month, on Australian oil and gas reserves has brought together all of the statistics for the June quarter of 2015 and the 2014 - 15 year.

It found that Australian's east coast gas market is one of the few energy markets in the world without substantial over-capacity.

In Gladstone, as of mid-August QCLNG had shipped 36 cargoes since the first cargo in January 2015.

They estimated that the cargoes constitutes 2.4 Mt of LNG from production of 150 PJ of natural gas.

Meanwhile, GLNG is close to shipping its first LNG cargo following the introduction of feed gas into Train 1 at the end of August.

More industry news:

>> BSL manager named as one of the best leaders in the state

>> Gladstone refinery keen to expand oil recycling

>> Tax office clarifies what Bechtel workers can claim

Once all the Queensland LNG projects are fully operational, they will contribute to the majority of petroleum royalties in the state.

The state government has predicted the industry's royalties will be worth over $0.5 billion by 2018 - 19.

To read the full report, click here.

Click here for more Gladstone industry news.



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