‘Money where our mouth is’: Matt Kay’s Beach Energy hunting for gas amid fears of south-east shortfall

Matt Kay spends much of his time focused on a fast-approaching problem: south-eastern Australia is running out of gas.

It might seem bizarre that Australia – with its abundant natural resources and mantle as the world’s biggest shipper of liquefied natural gas – could possibly be facing a shortfall of supply. But most LNG is produced in the nation’s north, far away from the big demand centres in Melbourne and Sydney, and is contracted to overseas buyers.

“We are putting our money where our mouth is,” says Kay. “We are a circa $4 billion market-capitalisation company and we are investing $1 billion in the east coast side of the business alone to get more gas into the system.”With the only active drill rig currently in Victoria, Beach has recently landed two important discoveries in the Otway Basin: the near-shore Enterprise-1 gas field, and the Artisan-1 field 30 kilometres off the coast.

“Unfortunately, I think it’s an admission of failure – a failure of the system to have to get to this point,” he says. “People scratch their heads, ‘How can this possibly be, in such a resources-rich country?’Although the looming supply crunch means gas will be in hot demand in the near term, what lies ahead longer term as the world decarbonises is less certain.

NickToscano1 Howard sold our gas rights, as well as water rights

NickToscano1 Yep. Bass Strait is almost done.

NickToscano1 The gas which should be in the ground until our community has need of it was sold by the global parasites to other global parasites as though there was no local population

NickToscano1 But never mind, let's hitch our wagon to gas to power electricity. Never mind solar, wind, hydro and wave power.

NickToscano1 Providers make more money exporting many of our resources, the price is jobs and royalties ?

NickToscano1 Australia's South-Eastern gas shortages were entirely foreseeable. Already Howard mentioned gas decline in his 2004 energy white paper but argued it away by referring to coal seam gas. His scholars are still in power, employing the same flawed methodology

NickToscano1 Yet, we the people get gouged on how much we pay for our own gas.

NickToscano1 Yeah but think of all those juicy royalties we're getting paid for all that sweet, sweet LNG. Wait, what?

NickToscano1 Bullshit

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Source: SkyNewsAust - 🏆 7. / 78 Read more »