Energy Investing - Australian states press for gas exporters to boost local supply - Energy Investing - InvestorVillage


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Msg  440728 of 452457  at  8/12/2022 8:19:04 AM  by

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Australian states press for gas exporters to boost local supply

"Australian state energy ministers said on Friday local gas production should be prioritised for the domestic market to ensure there is no shortfall, as forecast for 2023 and 2024, raising pressure on exporters to boost local supply.

Comments from the ministers from the two most populous states, New South Wales and Victoria, came as Resources Minister Madeleine King considers whether to curb exports from three east coast liquefied natural gas (LNG) export plants, run by Shell Plc (SHEL.L), ConocoPhillips (COP.N) and Santos Ltd (STO.AX).

Ministers held a second round of talks on Friday with national energy minister Chris Bowen on gas supply and energy market reforms following a power and gas crisis in June.

"It's fair to say the challenges remain. Challenges remain this year, they remain next year, into the immediate future," Bowen told reporters after the meeting.

The ministers agreed to extend powers to the Australian Energy Market Operator to line up gas reserves in underused storage facilities ahead of winter 2023 and require it to come up with an annual winter readiness plan each year for the east coast to identify risks well ahead of time.

"We produce more than sufficient gas to meet our needs, but the problem is too much of it has been allowed to be exported at our own cost, and that's got to change," Victoria state energy minister Lily D'Ambrosio said at a televised media conference.

New South Wales energy minister Matt Kean said the gas shortfall forecast for 2023 and 2024 needed to be met. read more

"And what we need to do is prioritise Australian gas for Australian gas users ahead of companies making super profits and exporting that gas offshore," Kean told reporters."



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