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(Bloomberg) — A major export port handling iron ore, liquefied natural gas and other bulk commodities on Australia’s west coast has reopened after cyclone damage had forced a shutdown.
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The Port of Dampier, which hosts operations run by Woodside Energy Group Ltd., resumed activity at 9 a.m. Saturday in Western Australia, though all general cargo imports remain suspended, according to the port operator. The nearby Port of Ashburton, which services Chevron Corp.’s Wheatstone LNG Plant, is still closed.
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Cyclone Narelle has disrupted operations across mines and LNG facilities along Australia’s northern and western coasts. Output at three LNG plants operated by Woodside and Chevron has been curtailed, tightening supplies for mainly Asian buyers at a precarious moment for the global gas market.
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Global LNG supply has significantly reduced since Iranian attacks caused “extensive damage” to the world’s largest export plant in Qatar. The energy crisis from the US-Israeli war on Iran has left Asian nations among the worst hit due to the region’s dependence on Middle East supply. Those countries face renewed supply uncertainty due to the cyclone-induced delays as Australia is a major LNG supplier to the region.
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LNG prices in Asia have surged more than 90% since the the war began in late February. Gorgon, Wheatstone and North West Shelf — gas projects run by Woodside or Chevron — accounted for almost half of Australia’s exports last month, or about 8.4% of global trade, according to advisory EnergyQuest.
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Narelle has been downgraded to an ex-tropical cyclone as of 11 a.m. Sydney time and is continuing to move in a south-eastern direction across the state of Western Australia. A severe weather warning is still in place.
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(Adds details on the energy crisis in the fourth paragraph, chart.)
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