The Australian government and East Coast LNG producers have struck a new gas supply agreement to circumvent a shortfall and the ADGSM energy EnergySupply resources SantosLtd APPEALtd
PERTH – The federal government and East Coast liquefied natural gas exporters have inked a new heads of agreement to prevent a gas supply shortfall and secure competitively priced gas for the domestic market, negating the need to activate the Australian Domestic Gas Security Mechanism .
Furthermore, LNG exporters have committed to offering gas on terms consistent with a code of conduct; and to enhanced transparency and accountability, with quarterly compliance reporting to the Minister for Resources, with oversight by the competition regulator the ACCC. “The industry has always been committed to delivering reliable and competitively priced gas supplies to the domestic market and today’s agreement confirms that,” Appea CEO“The importance of gas in our energy mix has never been clearer. Australian households and businesses can be assured that local supply will continue to be prioritised, despite broad energy market challenges locally and globally.
“The HoA is a good outcome for Santos and very welcome to remove sovereign risk and ensure long-term LNG supply contracts are honoured. Australia is arguably the most important energy-producing nation in the Asia Pacific.
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