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Gas

Australian LNG supply

Australia s growing gas industry 16000646 800501174 0 0 14047801 300

The Australian liquefied natural gas (LNG) industry is a significant and growing industry on a national and global scale.

This week in Texas, the world's largest LNG conference is taking place, and a discussion of the significance of Australia's LNG supply to global energy security is on the agenda.

Over 5,000 industry professionals and 10,000 business leaders and officials coming far and wide from over 80 countries will attend the week-long event, titled the LNG17.

Australia's minister for resources, Gary Gray, will emphasise how Australia can help meet the global demand for energy in the coming decades, particularly with its LNG gas suppliers

"The International Energy Agency predicts a 50 per cent rise in global demand for natural gas by 2035, making it the world’s fastest growing energy source," Mr Gray said.

"The global gas trade balance is also shifting to Asia-Pacific, providing Australia with an opportunity to help service the needs of our regional trading partners."

Mr Gray also asserted that Australia has seven LNG projects currently under construction which will provide approximately 80 million tonnes of LNG per year.

One such project under construction is the Gorgon LNG in Western Australia - the country's single largest investment in its resource history and even one of the world's largest LNG projects.

The Gorgon LNG plant will provide 15 million tonnes annually and will provide 300 terajoules per day to supply gas to Western Australia.

It's predicted that the plant will be operational by April 2016, when the Australian city of Perth hosts LNG18, the next global LNG conference.

"Our three coal seam gas to LNG projects will also have commenced production by the time of the Perth conference, and the world's first floating LNG project, Prelude, will be on the cusp of operation," Mr Gray said.

Mr Gray also highlighted some of the challenges Australia faces in the energy and gas industries. These included rising costs and capacity constraints.

However, Mr Gray reiterated Australia's commitment to an efficient energy market, labour force development and investment attraction - factors which will allow Australia to continue to be a major LNG supplier on the global field.

While such developments indicate positive movements in the gas industry, if you're worried about rising gas prices it may pay off to consult a costs comparison service.

Posted by Callum Fleming