Gas industry to work with Government to ensure supply

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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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Australian Parliament House

Australia’s upstream gas industry is committed to working with the Federal Government to ensure sufficient gas is available to meet peak demand in the National Electricity Market.

APPEA Chief Executive Dr Malcolm Roberts said the meeting between the Prime Minister and gas producers in Canberra today had been constructive.

“The Australian Energy Market Operator has highlighted that gas-fired generation must stay in the energy mix to protect energy security,” Dr Roberts said.

“APPEA welcomes the Prime Minister’s initiative to work with the industry to remove the barriers to more gas supply.

“The gas industry will always work to ensure there is sufficient gas to meet Australia’s domestic needs.

“This is despite the fact that some state and territory governments have made this task more difficult than it should be with unnecessary restrictions, moratoriums and blanket bans on new onshore gas projects.

“Australia will secure its long-term energy future only when unnecessary restrictions on natural gas development are removed.”

Summary of Outcomes – East Coast Gas Market Meeting

1) Peak Electricity Demand – Gas Supply Guarantee

  • Gas producers guarantee that gas will be available to meet peak demand periods in the National Electricity Market (such as during heat waves).
  • Implementation arrangements will be developed with the market bodies and other industry participants – AEMO will be given a power to direct the market.
  • This arrangement will be in place in time for next summer.

2) New gas production

  • The gas producers have agreed to make more gas available to the domestic market as soon as possible, to keep downward pressure on prices.
  • Producers will revise their domestic gas production forecasts, and the Australian Energy Market Operator will produce an updated supply outlook.
  • Two of the LNG exporters gave a commitment to being net domestic gas contributors, as part of their social licence. The third has taken the matter on notice.

3) Market transparency

  • The ACCC and Dr Mike Vertigan will advise on options to quickly improve transparency in the gas market, to facilitate competition between producers and information for purchasers.
  • The scope will include the full supply chain – producers, transporters, retailers.

4) State regulation

  • The meeting called on the state and territory governments to revisit restrictions on gas exploration and development.

5) Community support

  • Industry acknowledged the importance of community support.

6) Gas market reform

  • Gas market reforms arising from the recent ACCC gas review will be accelerated.  These reforms will improve pipeline capacity trading and gas trading markets.
  • Further reforms to improve the gas market will be urgently considered.

7) Implementation arrangements

  • The Government is establishing a Taskforce that will manage implementation of the above outcomes, and report to the Cabinet Energy Committee.
  • The Taskforce will include key Departments (PM&C, Energy, Industry, Treasury) and agencies (Geoscience Australia) and energy market bodies (AEMO, ACCC/AER, AEMC).
  • The parties agreed to meet again in a month to review progress.
  • Ministers Frydenberg, Sinodinos and Canavan will meet with gas pipeliner and customers over the next few weeks