FOR a clear indication of the speed with which US liquefied natural gas exports are taking shape and the impact they could have on Australia, there are few better places to turn than the earnings presentations of BG Group, the most advanced coal-seam gas export developer in Queensland.
In BG's third-quarter outing in October, the only project mentioned in slides as a definite LNG growth option out to 2020 was a third production train at the Curtis Island gas plant at Gladstone, where work on two trains has already begun.
By February, in BG's full year presentation, the target of 30 million tonnes of LNG exports annually by 2020 remained, but purchases from Sabine Pass in Louisiana had replaced QCLNG as the strongest growth option.
QCLNG Train 3 has been left to fight it out with another US project, Lake Charles, and one in Tanzania.
When BG chief Frank Chapman was asked about Train 3, for which BG has since reportedly been seeking equity partners, he said: "It's important to remember that the momentum in LNG supply is coming from the existing two trains that have been sanctioned and Sabine. That will really drive very powerfully the volume equation.
"I don't feel in a hurry to get this thing out of the blocks," and it was important to develop the right projects in Queensland.
The Australian
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