The Albanese Government has granted new gas production licences to bring more gas to the domestic east coast market.
The Minister for Resources and Northern Australia Madeleine King has granted two production licenses to Beach Energy over the Artisan and La Bella fields offshore of Victoria.
Easing cost of living pressures for Australian families remains the number one priority of the Albanese Government.
Gas produced from the Artisan and La Bella fields will help to boost domestic supply and keep downward pressure on the cost of energy.
These production licences will produce gas for domestic use only – directly assisting Victoria and NSW to put downward pressure on prices.
As Australia makes the transition to renewable energy, we need to ensure stable gas supply to the market. We need to keep downward pressure on prices, shore up energy security and keep the lights on as we move to net zero.
As the Future Gas Strategy makes clear, while gas will be needed in smaller quantities over time, ensuring adequate supply now is crucial to lowering prices and ensuring gas can play its key role in supporting the transition to net zero.
The Albanese Government’s Gas Code of Conduct continues to secure more Australian gas at reasonable prices for Australia’s east coast gas users, with more than 600PJs of domestic gas now secured for east coast users out to 2033.
The June ACCC Gas Inquiry Interim Report makes clear that the domestic east coast market may experience gas supply shortfalls as early as 2027, and that new sources of supply are urgently needed.
Production from Artisan and La Bella will help to mitigate projected gas shortfalls toward the end of this decade.
Minister King said that gas will be important to ensure Australia’s increasingly renewable grid is reliable and affordable. Minister King said that gas is a key insurance policy to back up increasing amounts of solar and wind.
