Gas industry secures local supply – despite counterproductive state government policies

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20 August 19, 11:04am Visiting the picturesque Arcadia Valley in the Central Highlands region of #Queensland as part of an #oilandgas tou… https://t.co/9cTblkv5re
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14 August 19, 4:49pm CEO @sententia_gas interviewed by @MikeySlezak from @abc730 about Australia's #natgas sector working with governmen… https://t.co/nB9e0RbBxR
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14 August 19, 12:21pm Australia's innovative #oilandgas industry supports #scienceweek, which encourages young people to engage with scie… https://t.co/8HVca5503l
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13 August 19, 5:04pm Attempts by @AusChemistry to compare different industries and portray them as being in competition does little to c… https://t.co/Zdy3cGDaod
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by APPEALtd

The latest ACCC gas market report confirms that the gas industry – and Queensland’s LNG industry in particular – has secured domestic supply for 2018 and 2019.

“The industry is meeting the commitment it gave to the Prime Minister in October to ensure eastern Australia has sufficient gas supply,” said APPEA Chief Executive Dr Malcolm Roberts.

“The ACCC finds LNG producers have made significant additional quantities available to the domestic market over the past few months and that prices have eased significantly.

“Beyond the hyperbole that has been a feature of much of the debate this year, the ACCC report underlines a simple truth – the only sustainable way to place downward pressure on gas prices and to improve energy security is more gas supply and more gas suppliers.”

The ACCC notes that while action by the industry has reduced short-term pressure on the market, longer-term challenges remain.

As it states on page 16: “… the best way to address the supply shortage in the Southern States is to increase production of gas in the Southern States …”

“The report places the blame for higher-than-necessary prices squarely at the feet of governments,” Dr Roberts said.

“The report highlights – again – the need for governments in New South Wales and Victoria, to remove their unscientific bans and restrictions and the need for ongoing reforms to reduce the costs of exploration and development.

“The report also highlights the need for ongoing reform to reduce transmission costs, which can add $2-$4 a gigajoule to gas prices for customers in southern states.”

Dr Roberts said the report continued a trend this year of dramatic revisions to demand forecasts, with a 55 petajoule (PJ) shortfall in gas supply for 2018, reported in late September, now a 20 PJ surplus, all in less than six weeks.

“This highlights the dangers of using short-term demand forecasts to justify market interventions that have serious long-term consequences and raise sovereign risk concerns for international investors,” said Dr Roberts.

“Cooler heads must prevail in 2018.  The focus must move back to where it belongs – the need to ensure more gas supply and more gas suppliers.  This is the only way to place downward pressure on prices and enhance gas supply security.”