Energy sector in race to fix gas crunch as supply fears deepen

Gas suppliers are warning that time is running out to avert major energy shortfalls and price spikes for homes and businesses in Australia’s south-east as domestic gas production plummets much faster than consumers’ use of the fossil fuel.

“Leaving Australian gas in the ground does nothing to help ensure supply will be sufficient to meet demand, put downward pressure on prices or secure the economic and emissions reduction benefits of natural gas,” he said.Australia’s enduring reliance on gas – a major source of greenhouse gas emissions that are dangerously heating the planet – has come into sharper focus as governments step up commitments to decarbonise.

“Without investment, ExxonMobil Australia estimates by 2030 domestic gas supply available to southern states will decrease by 44 per cent, more than four times the most credible forecast reduction in southern state gas consumption of 10 per cent,” Berman said.

Gas producer Senex Energy has struck deals to supply major Australian gas users and retailers including AGL and Energy Australia from its planned $1 billion Atlas gas project in the Surat Basin, but on Tuesday said the project was still waiting for federal environmental approval more than 500 days after applying.

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