According to The Australian Financial Review, the Albanese government has approved two small gas projects off the coast of Victoria, as the ACCC warned that a supply buffer has shrunk due to more gas being shipped overseas.
The competition watchdog’s latest gas inquiry report said the projected gas surplus on the east coast had shrunk for the first quarter of next year, raising the possibility of Queensland LNG exporters needing to divert more uncontracted gas to the domestic market. The gas supply surplus in the east coast market is forecast to be between 12 and 27 petajoules in the first three months of 2025, down from the predicted surplus of 26 to 35 petajoules outlined in June. https://www.afr.com/companies/energy/new-gas-projects-approved-but-supply-buffer-shrinks-20240927-p5ke2e
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