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New Gas Supply in Western Australia Is Critical to Avoid Blackouts and Obtain Economic Benefits, According to WA Director.
Gas shortages in Western Australia (WA) are becoming an increasingly imminent reality, according to a statement made by the Australian Energy Press Association (AEP), which warns state and federal governments to release the vast reserves of the state or face blackouts and higher prices.
Amid the growing demand for gas over the past decade, the Australian Energy Market Operator emphasizes the crucial importance of gas in meeting WA’s energy needs, being essential to support the transition to net zero emissions. However, the supply shortage becomes even more imminent next year, which could result in energy shortages and upward pressure on prices for families and businesses in WA. It is crucial that measures are taken to address the gas supply situation as quickly as possible.
The Importance of Gas in the Energy Matrix
WA Executive of Australian Energy Producers, Caroline Cherry, highlighted the need to unlock new gas to avoid supply issues and higher prices. She stresses that WA has abundant gas reserves but emphasizes the importance of political will to help unlock more reserves quickly. The increasingly alarming alerts reinforce the urgency of policies that support gas supply development. Furthermore, she points out that the state government should rethink its ban on onshore projects to access export markets.
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The Need to Expand Onshore Gas Exports
A recent study by Rystad Energy shows that allowing onshore gas export projects expands the number of viable projects, unlocking new domestic supply and reducing internal prices. Additionally, it is urgent to correct the offshore approval system affecting key energy supply projects and threatening economic security. It is worth noting that dependence on diverting LNG exports can be avoided, given that there is both unexplored gas and many economic benefits from developing a new supply.
The Increase in Gas Demand in WA
Gas demand in WA is expected to grow by 2.2% annually over the next decade, surpassing a 0.9% annual decline in supply. The Western Australia Gas Opportunities Statement of 2023 concluded that domestic supply will increase the demand gap next year until 2029, before deficiencies return in 2030 and worsen.
Abroad Production Oil and Gas
Source: AtCoMedia. Inc
