According to latest news, Australia is enjoying a gas boom in the here and now. How come? Read on to know more.
Statistics show that Australia’s exports and national gas supplies are expected to develop fast by the end of 2020. This will attract a lot of big oil and gas players from all over the world. Although most earning of Australia comes from gold, coal and ore, analysts say that the increasing demand for energy in Asian countries will contribute to a high growth in the production of gas. So, if Australia starts to export LNG to Asian countries, it can surely earn huge revenues.
An imminent boom is expected in the LNG exports of the country because China and Japan are the biggest importers of LNG from Australia. However, some analysts are in doubt whether the exciting predictions are realistic because the risks associated with demand. Because the gas boom will occur only if the demand for gas comes from a lot of gas suppliers.
According to the federal government’s forecasts, the country is going to become the second largest experts of LNG in the next two years.
In Australia, 7 big projects are under construction. Three projects are being built in Queensland, 3 in Western Australia and 1 in the Northern Territory.