Australia began to develop its liquefied natural gas (LNG) sector a little over a decade ago and quickly became one of the world’s largest exporters of the commodity.
The fall in oil and gas prices, weak economic outlook, lowering LNG demand and supply glut have hit hard on the country’s LNG sector, says data and analytics company GlobalData.
“The unparalleled price crash had prompted LNG companies to reduce capex and defer financial investment decisions (FID) on their respective projects,” said Haseeb Ahmed, Oil and Gas Analyst at GlobalData.
“Woodside is contemplating to defer FID for its Pluto Train 2 by a year to 2021, which is likely to push the start year to 2025 from the previously expected 2024.”
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