Australian Energy Minister Chris Bowen
Australian upstream laments government grip on gas prices
The industry is calling for the return to market-led price-setting on the east coast
The Australian government cemented its grip over the east coast gas market last year with two major regulatory changes. Between implementing reforms to the Australian Domestic Gas Security Mechanism in April 2023 and enacting the Gas Market Code (GMC) in July 2023, Canberra has several mechanisms that are intended to avoid east coast supply shortfalls or price spikes. Indeed, the government has already closed several domestic deals with major producers using the GMC's exemptions mechanism. Nevertheless, critics argue these measures do not address the more significant issue of encouraging investment, arguing greater government control over gas sales does little to improve production. Forecast
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
