The Australian government has reached a new agreement with major gas exporters to secure sufficient gas supply for the domestic market in 2023.
On Sept. 29, Resources Minister Madeleine King signed a new heads of agreement with several large gas companies after weeks of negotiation.
Under the new agreement, uncontracted gas would be offered first to Australian buyers for reasonable supply periods to prevent a shortage in the domestic market.
In addition, liquefied natural gas exporters would supply an extra 157 petajoules (one petajoule equals 278-gigawatt hours) to the domestic market in 2023.
The figure nearly triples the amount of gas that the domestic market is expected to be short of (56 petajoules) in a previous forecast for 2023 by the Australian Competition and Consumer Commission….