The starting point of the Albanese government’s discussion paper for a long-term gas strategy sends the wrong signal to investors, producers say.
Gas producers warn the Albanese government is ignoring major Asian trading partners’ increasing demand for LNG, with a discussion paper that makes reducing demand faster than supply will fall the centrepiece of its strategy during the energy transition.
“The fact is that the Asian region is going to need more gas supply, not less, over the coming decades, for energy security and to reach net zero goals,” Mr Gallagher said.“Australia has to decide whether or not it wants to unlock the wealth of its extensive gas resources for the benefit of our own economy and the economies of our trading partners, or whether the gas that will continue to be needed is going to come from the Middle East or elsewhere,” he said.
“Gas shortages, supply disruptions and high prices are among the consequences of reducing supply faster than demand.”The gas industry lobby group reacted benignly, apparently relieved the paper stepped back from outlining an even bleaker future for the fuel, saying the consultation paper kick-started an important process to plan future supply.
They noted that Australia has no shortage of gas, but that the constraints on output come from unreliable regulatory approvals, ad hoc market interventions and state government restrictions.
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