Federal Resources Minister, Gary Gray, has predicted the country will soon become the world’s largest liquefied natural gas.

In addressing the 17th International Conference on Liquefied Natural Gas in Houston, Texas, Mr Gray said that he expects Australia to become the top exporter within the next five years when it hits the projected 90 mkillion tonnes per year in 2018.

Australia is ramping up production to meet global demand for LNG with the International Energy Agency predicting a 50 per cent rise in gas demand by 2035. This makes it the world’s fastest growing energy source and likely to approach demand for coal in that period.

"The agency also notes that the global gas trade balance is shifting to the Asia-Pacific Region, with more than two thirds of LNG production now directed into these markets,” Mr Gray said.

"This is largely a story of economic growth as developing countries become developed countries.

"Emerging economies are set to account for 80 per cent of increased global gas demand over the next 20 years.”

The next global LNG conference is set to be held in Perth in April 2016. This week’s conference at Houston’s George R. Brown Convention Centre has attracted more than 6000 industry professionals.