Photo: For illustration purposes only (Image courtesy of Woodside)

Australian production hits record high

Australian oil and gas production hit a new record in the year to June 2018 as more LNG export projects were brought online, according to a report by the energy consultancy, EnergyQuest.

Petroleum production rose by 13.2 percent year-on-year to 870.4 million barrels of oil equivalents (MMboe), the consultancy said in its September 2018 EnergyQuarterly report released on Tuesday.

Gross LNG production in the year to June 2018 was at record 61.4 million tonnes, 19.4 percent higher year-on-year, the report said.

Additionally, revenue coming from the LNG exports for the year in review stood at $31 billion.

“LNG prices and revenues have surged thanks to rising oil prices and strong Chinese demand,” the report said.