Gas industry secures local supply – despite counterproductive state government policies

Recent articles


Tweets

16 October 19, 11:04am It was a full house at @QldMediaClub listening to the debate about the importance of #natgas to Queensland and the… https://t.co/9XoSx4YSHs
array(24) { ["created_at"]=> string(30) "Wed Oct 16 01:04:08 +0000 2019" ["id"]=> int(1184273787144925184) ["id_str"]=> string(19) "1184273787144925184" ["text"]=> string(327) "It was a full house at @QldMediaClub listening to the debate about the importance of #natgas to Queensland and the… https://t.co/9XoSx4YSHs" ["truncated"]=> bool(true) ["entities"]=> array(4) { ["hashtags"]=> array(1) { [0]=> array(2) { ["text"]=> string(6) "natgas" ["indices"]=> array(2) { [0]=> int(85) [1]=> int(92) } } } ["symbols"]=> array(0) { } ["user_mentions"]=> array(1) { [0]=> array(5) { ["screen_name"]=> string(12) "QldMediaClub" ["name"]=> string(14) "Qld Media Club" ["id"]=> int(3281276952) ["id_str"]=> string(10) "3281276952" ["indices"]=> array(2) { [0]=> int(23) [1]=> int(36) } } } ["urls"]=> array(1) { [0]=> array(4) { ["url"]=> string(23) "https://t.co/9XoSx4YSHs" ["expanded_url"]=> string(52) "https://twitter.com/i/web/status/1184273787144925184" ["display_url"]=> string(29) "twitter.com/i/web/status/1…" ["indices"]=> array(2) { [0]=> int(116) [1]=> int(139) } } } } ["source"]=> string(71) "Twitter Web App" ["in_reply_to_status_id"]=> NULL ["in_reply_to_status_id_str"]=> NULL ["in_reply_to_user_id"]=> NULL ["in_reply_to_user_id_str"]=> NULL ["in_reply_to_screen_name"]=> NULL ["user"]=> string(8) "APPEALtd" ["geo"]=> NULL ["coordinates"]=> NULL ["place"]=> NULL ["contributors"]=> NULL ["is_quote_status"]=> bool(false) ["retweet_count"]=> int(2) ["favorite_count"]=> int(1) ["favorited"]=> bool(false) ["retweeted"]=> bool(false) ["possibly_sensitive"]=> bool(false) ["lang"]=> string(2) "en" }
by APPEALtd
16 October 19, 9:00am #Oilandgas industry leaders call for onshore #exploration restrictions to be removed to increase #natgas supply… https://t.co/bXtY2cy14N
array(24) { ["created_at"]=> string(30) "Tue Oct 15 23:00:48 +0000 2019" ["id"]=> int(1184242749840617472) ["id_str"]=> string(19) "1184242749840617472" ["text"]=> string(407) "#Oilandgas industry leaders call for onshore #exploration restrictions to be removed to increase #natgas supply… https://t.co/bXtY2cy14N" ["truncated"]=> bool(true) ["entities"]=> array(4) { ["hashtags"]=> array(3) { [0]=> array(2) { ["text"]=> string(9) "Oilandgas" ["indices"]=> array(2) { [0]=> int(0) [1]=> int(10) } } [1]=> array(2) { ["text"]=> string(11) "exploration" ["indices"]=> array(2) { [0]=> int(45) [1]=> int(57) } } [2]=> array(2) { ["text"]=> string(6) "natgas" ["indices"]=> array(2) { [0]=> int(97) [1]=> int(104) } } } ["symbols"]=> array(0) { } ["user_mentions"]=> array(0) { } ["urls"]=> array(1) { [0]=> array(4) { ["url"]=> string(23) "https://t.co/bXtY2cy14N" ["expanded_url"]=> string(52) "https://twitter.com/i/web/status/1184242749840617472" ["display_url"]=> string(29) "twitter.com/i/web/status/1…" ["indices"]=> array(2) { [0]=> int(113) [1]=> int(136) } } } } ["source"]=> string(71) "Twitter Web App" ["in_reply_to_status_id"]=> NULL ["in_reply_to_status_id_str"]=> NULL ["in_reply_to_user_id"]=> NULL ["in_reply_to_user_id_str"]=> NULL ["in_reply_to_screen_name"]=> NULL ["user"]=> string(8) "APPEALtd" ["geo"]=> NULL ["coordinates"]=> NULL ["place"]=> NULL ["contributors"]=> NULL ["is_quote_status"]=> bool(false) ["retweet_count"]=> int(2) ["favorite_count"]=> int(6) ["favorited"]=> bool(false) ["retweeted"]=> bool(false) ["possibly_sensitive"]=> bool(false) ["lang"]=> string(2) "en" }
by APPEALtd
15 October 19, 4:42pm A sincere thanks to @QldMediaClub for hosting the lively discussion about the important role of #natgas in Queensl… https://t.co/3W5dNWr7Hh
array(24) { ["created_at"]=> string(30) "Tue Oct 15 06:42:10 +0000 2019" ["id"]=> int(1183996467779751937) ["id_str"]=> string(19) "1183996467779751937" ["text"]=> string(328) "A sincere thanks to @QldMediaClub for hosting the lively discussion about the important role of #natgas in Queensl… https://t.co/3W5dNWr7Hh" ["truncated"]=> bool(true) ["entities"]=> array(4) { ["hashtags"]=> array(1) { [0]=> array(2) { ["text"]=> string(6) "natgas" ["indices"]=> array(2) { [0]=> int(97) [1]=> int(104) } } } ["symbols"]=> array(0) { } ["user_mentions"]=> array(1) { [0]=> array(5) { ["screen_name"]=> string(12) "QldMediaClub" ["name"]=> string(14) "Qld Media Club" ["id"]=> int(3281276952) ["id_str"]=> string(10) "3281276952" ["indices"]=> array(2) { [0]=> int(21) [1]=> int(34) } } } ["urls"]=> array(1) { [0]=> array(4) { ["url"]=> string(23) "https://t.co/3W5dNWr7Hh" ["expanded_url"]=> string(52) "https://twitter.com/i/web/status/1183996467779751937" ["display_url"]=> string(29) "twitter.com/i/web/status/1…" ["indices"]=> array(2) { [0]=> int(117) [1]=> int(140) } } } } ["source"]=> string(82) "Twitter for iPhone" ["in_reply_to_status_id"]=> NULL ["in_reply_to_status_id_str"]=> NULL ["in_reply_to_user_id"]=> NULL ["in_reply_to_user_id_str"]=> NULL ["in_reply_to_screen_name"]=> NULL ["user"]=> string(8) "APPEALtd" ["geo"]=> NULL ["coordinates"]=> NULL ["place"]=> NULL ["contributors"]=> NULL ["is_quote_status"]=> bool(false) ["retweet_count"]=> int(5) ["favorite_count"]=> int(12) ["favorited"]=> bool(false) ["retweeted"]=> bool(false) ["possibly_sensitive"]=> bool(false) ["lang"]=> string(2) "en" }
by APPEALtd
15 October 19, 1:26pm A vibrant panel discussion is underway about the important role #natgas can play for regional centres and across Qu… https://t.co/CnpJx5vjRO
array(24) { ["created_at"]=> string(30) "Tue Oct 15 03:26:03 +0000 2019" ["id"]=> int(1183947116416102400) ["id_str"]=> string(19) "1183947116416102400" ["text"]=> string(265) "A vibrant panel discussion is underway about the important role #natgas can play for regional centres and across Qu… https://t.co/CnpJx5vjRO" ["truncated"]=> bool(true) ["entities"]=> array(4) { ["hashtags"]=> array(1) { [0]=> array(2) { ["text"]=> string(6) "natgas" ["indices"]=> array(2) { [0]=> int(64) [1]=> int(71) } } } ["symbols"]=> array(0) { } ["user_mentions"]=> array(0) { } ["urls"]=> array(1) { [0]=> array(4) { ["url"]=> string(23) "https://t.co/CnpJx5vjRO" ["expanded_url"]=> string(52) "https://twitter.com/i/web/status/1183947116416102400" ["display_url"]=> string(29) "twitter.com/i/web/status/1…" ["indices"]=> array(2) { [0]=> int(117) [1]=> int(140) } } } } ["source"]=> string(82) "Twitter for iPhone" ["in_reply_to_status_id"]=> NULL ["in_reply_to_status_id_str"]=> NULL ["in_reply_to_user_id"]=> NULL ["in_reply_to_user_id_str"]=> NULL ["in_reply_to_screen_name"]=> NULL ["user"]=> string(8) "APPEALtd" ["geo"]=> NULL ["coordinates"]=> NULL ["place"]=> NULL ["contributors"]=> NULL ["is_quote_status"]=> bool(false) ["retweet_count"]=> int(2) ["favorite_count"]=> int(10) ["favorited"]=> bool(false) ["retweeted"]=> bool(false) ["possibly_sensitive"]=> bool(false) ["lang"]=> string(2) "en" }
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.”