The watchdog said the three LNG exporters on the east coast still haven’t released enough gas locally to head off a shortage this year.
Deep dissatisfaction
The ACCC on Friday also released a separate report that surveyed the attitude of commercial gas buyers on the east coast and found a deep level of dissatisfaction. Demand for gas in the southern states was expected to exceed local production by 52PJ, or about 12 per cent of forecast demand, the ACCC said.“While the latest information suggests forecast gas production from the Gippsland Basin will increase in 2023, this is offset by a reduction in forecast production from the Otway Basin due to unexpectedly poor performance of gas wells,” the watchdog said.
The period reported on by the ACCC pre-dates the government’s move in December to impose price caps and to introduce legislation that envisages continuing control over east coast wholesale gas prices through “reasonable pricing” provisions. Penalties for breaches are as high as $50 million.from proposed investments. Senex Energy has put on ice its proposed $1 billion Atlas domestic gas project in Queensland, while Cooper Energy is reviewing a $400 million project off Victoria.
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