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(Bloomberg) — Australia’s government touted the country’s ability to supply LNG reliably as global energy markets are roiled by the Middle East conflict, while calling on trading partners to boost investment in its gas resources.
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The US-Israeli war against Iran has forced major supplier Qatar to suspend the world’s biggest liquefied natural gas export facility, and commodity shipments through the vital Strait of Hormuz have all but ceased, sending oil and gas prices soaring.
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“The vulnerabilities of global energy supply chains have been exposed by the current conflict in the Middle East,” Australia’s Minister for Resources Madeleine King said in a speech at the Indo-Pacific Energy Security Ministerial and Business Forum in Tokyo on Sunday. “Australia by contrast has remained a trusted and reliable supplier.”
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“Reliable investment from Japan and other nations represented here at the Forum built Australia’s resources industry and these partnerships are more important now than ever,” she added, calling for further investment.
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Some buyers of Australian LNG have been reshaping their portfolios, with Jera Co. selling its stake in the massive Gorgon and Ichthys sites to MidOcean Energy LLC, while Tokyo Gas Co. offloaded its interests to the same firm in 2022 and has since shifted its investment focus to the US.
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Shell Plc. is also looking to sell its holding in the North West Shelf export plant in Australia, according to people with knowledge of the matter.
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Australia was the world’s top LNG exporter until it lost its crown to the US and Qatar as they ramped up investment in new projects. Australia’s biggest gas company, Woodside Energy Group Ltd., has turned its attention to the US for growth, though it is also on track to bring its massive Scarborough LNG project in northern Australia online later this year.
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Over the weekend Israel and the US continued striking Iran, which in turn carried on attacking Arab Gulf states. A tense global hunt for LNG cargoes is now underway as shipments once bound for Europe are diverting to Asia, in an unprecedented shift of physical supply flows.
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