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A new gas extraction project has been approved in Victoria for the first time in a decade, and the government has not ruled out ticking off new exploration sites in the state. Beach Energy will pipe gas from an offshore field near Port Campbell, close to the Twelve Apostles, from the end of June. The gas is intended to be used in Victorian homes and businesses with supply already factored into forecasts, meaning it will not impact shortfalls predicted by the Australian Energy Market Operator.
It found total available supply would fall 48 per cent between 2024 and 2028 and there would be a higher chance of outages. State Opposition Leader John Pesutto called on the government to approve more projects or risk “significant gas shortfalls”. He claimed the government had sent signals to the market that it would not approve more gas projects.
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