OPERATIONS

Re-jigged shipping schedule hits nation's LNG earnings

In a demonstration of the importance of liquefied natural gas sales to the nation's balance sheet...

Figures released yesterday by national economic forecaster ABARE showed the nation earned $13.2 billion from the minerals and energy sector for the three months to the end of March, down 3.5 per cent on the previous quarter.

Crude oil was down 13% ($189 million) to $1319 million while LNG was down 22% ($167 million) to $598 million.

A Woodside spokesman said the fall in LNG export earnings was caused by the rescheduling of "some" cargoes, which was unusual because most sales are governed by long-term contracts and controlled by tightly programmed shipping schedules.

The current quarter would see LNG resume its normal earnings pattern as shipping schedules were resumed, he said.

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