Leading markets for LNG exports from Australia FY 2023, by export value

Japan was Australia's top export market for LNG in the fiscal year 2023, with an export value of about 35 billion Australian dollars. Australia's exports of liquefied natural gas to Japan saw an increase in value compared to the previous year, maintaining Japan's place as Australia's top LNG current importer. 

Oil and gas industry in Australia

The oil and gas industry in Australia is a significant contributor to the country's economy. In fiscal year 2022, the EBITDA of the oil and gas extraction sector was about 51 billion Australian dollars, which marked the highest EBITDA recorded over the reported period. The largest share of the industry's revenue is derived from the production of natural gas. Liquefied natural gas exports from Australia reached a total value of about 177 million megaliters during the fiscal year 2023. 

Liquid natural gas worldwide

Liquefied natural gas (LNG) is natural gas that has been converted into a liquid state by cooling it to minus 162 degrees Celsius, making it more practical and cost-effective to transport over long distances by sea or land. It is an increasingly important energy source worldwide, used as a fuel for power generation, heating, and transportation. The worldwide supply of LNG was forecast to increase by some 25.1 million metric tons in 2022. As the need for cleaner energy sources grows, LNG is anticipated to be crucial in the shift to a more sustainable energy source.