Could this spell good news for the Woodside share price?

The Woodside Energy Group Ltd (ASX: WDS) share price is steaming ahead this year.

Woodside shares have soared more than 50% year to date to $32.95. For perspective, the S&P/ASX 200 Index (ASX: XJO) has fallen nearly 11% year to date.

A recent Federal Government report predicts LNG (liquefied natural gas) export earnings to lift in the 2023 financial year. Let's take a look at this in more detail.

LNG export earnings tipped to rise

Woodside is a major oil and gas producer. In fact, around 70% of Woodside's assets are used for gas production.

A recent resources and energy report from the Federal Industry Department is predicting LNG export earnings to soar by 28.6% in the 2023 financial year from $70 billion to $90 billion.

However, the author tips LNG export volumes will ease and stabilise to 81 million tonnes by 2024. Export revenue is predicted to fall to $81 billion in the 2024 financial year.

The fallout from Russia's invasion of Ukraine is placing "upward pressure on LNG spot prices," the report states, adding:

Russian gas flows to Europe have fallen 78% year-on-year from 373 million cubic meters per day mcm/d) in September 2021 to 81 mcm/d in September 2022. If the current flows are sustained for a year, Europe could lose roughly 78 Mt of LNG-equivalent gas.

This figure is roughly equivalent to 21% of the global LNG trade in 2021 or 92% of Australia's total LNG exports in FY21-22.

Globally, the report noted lockdowns are impacting Chinese LNG imports. However, imports account for only 25% of China's gas. Japan's LNG imports rose 8.5% in the June quarter, while Chinese LNG imports fell 28%. Total European LNG imports in the June quarter fell 4.9%.

Meanwhile, the department forecast oil export earnings to lift in the 2023 financial year before declining. The report said:

Australian oil export earnings rose by 88% to $14.0 billion in 2021-22, due to the surge in oil prices. Elevated prices and a weak AUD/USD should see earnings reach $15.0 billion in 2022-23. Earnings for 2023-24 are forecast at $13.4 billion, as prices fall from 2022-23 levels.

Woodside share price snapshot

The Woodside share price has risen 30% in the past year, while it has climbed nearly 1% in the last month. In the last week, however, Woodside shares have fallen 3%.

For perspective, the ASX 200 has fallen 8.4% in the past year.

Woodside has a market capitalisation of nearly $63 billion based on the current share price.