Western Australia’s Premier Colin Barnett has told Asian business leaders at the Boao Forum for Asia Conference that Western Australia has the potential to be the world’s largest LNG exporter by 2020.
Currently the state produces a mere 9% of global LNG output with 17 million tpa of LNG output. However, he said, “Given projects that are already committed or under production or likely to proceed to construction, I am confident this state will be producing something around 60 million tonnes of liquefied natural gas by 2020.”
“That will put this state second only to the Gulf state of Qatar and in fact may even exceed Qatar,” he added.
With the rise and rise of China, LNG demand in the region is set to boom and the Chinese government has set targets for the increased use of gas, currently China is planning to triple its gas use by 2020, this demand can be met with LNG from Australian projects.
Australia’s proximity and experience of dealing in the Asia Pacific markets leave it well disposed to increase its share of the market and fill the demand that will arise as China and the rest of Asia grow.
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