Australia requires LNG exporters reserve 20% of gas for east coast market
The rule covers new and spot sales only and is aimed at easing long-term shortages and reducing pressure on electricity and gas bills, officials said.
- On Thursday, Energy Minister Chris Bowen unveiled an east coast gas reservation policy requiring exporters to set aside 20 per cent of production for domestic use starting July 2027.
- Modeled on Western Australia's 2006 scheme, the measure aims to shield Australians from "global price volatility" as domestic gas prices rose from $4 to as high as $12 per gigajoule in recent years.
- The mandate applies only to new contracts at Queensland and Northern Territory export terminals, ensuring the government does not disturb existing supply agreements with Japan, Malaysia, and South Korea.
- Prime Minister Anthony Albanese ruled out a new gas export tax in next week's budget, rejecting independent senator David Pocock's campaign to force companies to pay their "fair share."
- Federal Resources Minister Madeleine King also invited companies to bid for exploratory drilling rights in the Gippsland Basin and Bass Basin, seeking to bolster fuel supplies despite environmental concerns.
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Gas companies to reserve 20 per cent of supply for Australia under new rule
Gas companies will have to reserve one-fifth of their exports for Australian use first in a proposed move hoped to boost supply and reduce prices.Energy Minister Chris Bowen today announced the east coast gas reservation policy would mandate the three big Queensland-based gas exporters to reserve 20 per cent of their supply to sell to Australian users from July 1, 2027."It will ensure a modest oversupply of Australian gas use, which will put dow…
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The Epoch Times
anr.newsAustralia to Mandate Gas Exporters Reserve 20 Percent Supply for Domestic Market
Energy companies will be required to set aside a fifth of their gas production for the domestic market from July next year, Energy Minister Chris Bowen has announced. The move will affect new contracts and the spot market. Resources Minister Madeleine King explained that the policy meant gas companies such as Woodside—which was recently granted an extension on its North West Gas Shelf Project until 2070—must demonstrate they will supply a fifth …
Australia requires LNG exporters reserve 20% of gas for east coast market
The Australian government said on Thursday energy exporters must reserve 20% of their natural gas for the domestic market on the country's east coast to avert supply shortfalls and help lower energy bills.
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