Gas Supply Concerns for Australia

Australia’s oil and gas industry is urging the government to address gas supply concerns in the upcoming Federal Budget, emphasizing the need to avert projected shortages, reduce prices, and capitalise on the economic and emissions reduction advantages of the country’s abundant natural gas resources. The 2024-25 Federal Budget submission from Australian Energy Producers emphasizes the necessity for a strategic plan to prevent impending shortfalls on both coasts, ensuring continued access to affordable and reliable energy for homes and businesses.

Samantha McCulloch, Chief Executive of Australian Energy Producers, said: “After more than a year of policy instability, government interventions and project approval delays, a recalibration of the policy and investment environment for natural gas is needed to secure our energy future.” The industry calls for the release of new acreage for petroleum exploration, which has been on hold since August 2022, and the resumption of overdue annual acreage releases.