Australian energy industry calls for gas supply boost in federal budget

Australia’s oil and gas sector is encouraging the government to prioritise opening new gas supplies in the Federal Budget to turn away projected deficiencies for cost-of-living pressures and secure economic and emissions reduction benefits from abundant natural gas resources.

The Australian Energy Producers, in their budget submission, emphasised the basic requirement for an exhaustive arrangement to address approaching shortages on the two drifts and guarantee a consistent stock of reasonable and dependable energy for households and businesses.

Samantha McCulloch, CEO of Australian Energy Producers, expressed worries about the strategy instability, government interventions, and delays in project approvals that have plagued the industry for over a year.

“We are calling on the Federal Government to work with gas producers, energy users and state governments on an Action Plan to bring on new supply to address near-term structural shortfalls,” McCulloch said.

Moreover, the government is encouraged to review the energy needs for critical minerals processing, guaranteeing a steady gas supply to drive the assembling of minerals essential for achieving net-zero emissions.

The submission highlights the essential role natural gas will play in Australia’s energy transition to net zero, emphasising opportunities for LNG products to help local emanations decrease.

Proposals include streamlining environmental approvals, fixing the offshore regulatory system, and laying out an Australian LNG Producer-Consumer Taskforce to strengthen local connections.

The submission likewise advocates for Australia to turn into a regional hub for carbon capture, use, and storage.