New gas supply key to gas reservation success

Opening new gas supplies will be critical to the success of a new domestic gas reservation scheme to balance domestic supply with exports, according to the Queensland Resources Council (QRC).

Today’s release of the National Gas Market Review supports existing agreements while introducing a prospective gas reservation scheme linked to new supply.

The QRC, which made a detailed submission to the Review, welcomes today’s announcement and the Government’s preference for a national point of export model that will be developed in consultation with the sector.

The Government has listened to Queensland gas producers and LNG industry by respecting existing contracts that provide jobs, royalties and $21.7 billion in economic contributions to Queensland in 2024-25.

Acting QRC CEO, Judy Bertram, said that boosting new supply and streamlining approvals was critical to putting downward pressure on gas prices.

“The review highlights the need for new supply sooner and the importance of new reserves for energy security,” Ms Bertram said.

“Queensland has long done the heavy lifting for the east coast supply along with our role in export markets.

“The next six months of consultation with Queensland’s gas and LNG producers must be genuine to open new opportunities for the state and ensure the long-term sustainability of the sector.”

The QRC will work closely with its members and the Federal Government to ensure this Review reflects the needs of Queensland gas producers, LNG exporters, manufacturers, the resources sector and consumers.

Miguel Holland – [email protected]