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July 2023

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Editorial comment

We’ve now made it to July, and this can only mean one thing: sports. This year, there is the FIFA Women’s World Cup 2023. Ahead of the tournament, which is going to be co-hosted by Australia and New Zealand, the World Cup is forecast to reach 2 billion viewers worldwide – nearly one-quarter of the population. This would represent an increase of approximately 79% on the 2019 tournament,1 which was watched by more than 1.12 billion people.2

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The matches will be taking place in various stadiums across Australia and New Zealand. In Australia, these matches are spread out across Brisbane (Queensland), Adelaide (South Australia [SA]), Melbourne (Victoria), Perth (Western Australia), and Sydney (New South Wales). Despite recently being overtaken by the US and Qatar as the world’s largest LNG exporter, Australia is still one of the top exporters of LNG. It is geographically well positioned to serve Asia in its quest to reduce its reliance on fossil fuels, and replace this with LNG. In 2022, Australia supplied 40% of its LNG exports to Japan, 15% to South Korea, 10% to Taiwan, 3% to Singapore, and 2% to both Malaysia and Thailand.3

There is also a fair amount of recent news being released in relation to Australian LNG. A joint study by South Australian LNG import terminal developer, Venice Energy, and SEA Gas, the owners of a 680 km pipeline between Victoria and SA, has confirmed that the pipeline can be reconfigured to facilitate bi-directional flow between the states. As a result, the proposed LNG terminal in the Outer Harbor at Port Adelaide will ensure that both states can secure their gas supplies, particularly during the peak winter period.4

Elsewhere in Australia, Tamboran Resources Ltd has been awarded exclusivity by the Northern Territory government for over 170 ha. on the Middle Arm sustainable development precinct for a proposed LNG development, Northern Territory LNG (NTLNG). The site is expected to host an LNG development with an initial capacity of 6.6 million tpy, with first production targeted by 2030.5

Not long after this announcement, it was declared that Tamboran has signed two memorandum of understandings with BP Singapore Pte. Limited and Shell Eastern Trading (Pte) Ltd for each company to purchase up to 2.2 million tpy from the proposed NTLNG project over a 20-year period, which Tamboran’s CEO, Joel Riddle, believes further emphasises the importance of LNG demand growth in the Asia Pacific region.6

For more on the Asia Pacific region, make sure to read Charles River Associates’ regional report which looks at key trends in the Asia Pacific LNG market, and considers how relevant global developments are affecting the region.

  1. ‘Total television audience of the FIFA Women’s World Cup in 2019, with a forecast for 2023’, Statista, (5 June 2023),www.statista.com/statistics/1386733/womens-world-cup-total-tv-viewership/
  2. ‘2019 world cup watched by more than 1.12 billion’, FIFA, (18 October 2019), www.fifa.com/tournaments/womens/womensworldcup/france2019/news/fifa-women-s-world-cup-2019tm-watched-by-more-than-1-billion
  3. ‘Australia’s 2022 LNG exports, by country’, Wood Mackenzie Lens Gas & LNG,www.woodmac.com/news/opinion/japan-australian-lng-exports/
  4. ‘SA LNG Import Terminal can serve the east coast – study confirms’, Venice Energy, (4 May 2023), https://veniceenergy.com/wp-content/uploads/2023/05/Media-Release-Pipeline-Study-230504-WEB.pdf
  5. ‘Tamboran secures land at Middle Arm Sustainable Development Precinct for proposed Northern Territory LNG (NTLNG) Development’, Tamboran Resources, (9 June 2023), www.investi.com.au/api/announcements/tbn/c2224152-5fb.pdf
  6. ‘Tamboran signs two MOUs with bp and Shell for supply of 4.4 MTPA of LNG from the Company’s proposed NTLNG development’, Tamboran Resource, s, (23 June 2023), www.investi.com.au/api/announcements/tbn/23dcafe8-1f9.pdf

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