Energy crises in Europe and Asia are delivering windfall profits to Australian oil and gas producers, which are raking in up to $200 million for shipments of gas.Australian gas producers are making up to $200 million on single cargoes of liquefied natural gas
Prices for natural gas have reached historic highs in recent weeks as surging demand for the fuel in the Northern Hemisphere collides with tight supplies to send the market soaring. One industry veteran also noted that LNG cargoes sold for as little as $3 million in 2000 during a period of oversupply."If you can make $US100 million extra on a single cargo. I mean that's happy days. It's a lot of money."Driving the recent market has been booming demand for gas in Asia, where the fuel is increasingly preferred as a cleaner alternative to coal.
"Energy is elastic – it doesn't take much to flick the switch and make prices go up when there's a shortage."Despite the eye-watering prices, Mr Hanna said the ability of Australian producers such as ASX-listed Woodside and Santos was somewhat constrained.which were invariably set at more conservative prices.
"This is why we expect demand for LNG to be sustained, especially in Asia. We expect that demand to underpin investment in new supply like Scarborough.
Source: Energy Industry News (energyindustrynews.net)
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