Speaking at the Australian Energy Producers conference in Brisbane, Federal Minister for Resources Madeleine King laid out the government’s plans for gas.
“One of the Albanese Government’s main objectives for this second term is to leverage this country’s energy resources to drive productivity and deliver practical outcomes for all Australians,” she said.
Leaning on the Future Gas Strategy, the government aims to strike a balance between securing supply for the domestic market, progressing the energy transition, and delivering greater stability for the gas industry.
“An improved approvals process is a key focus for this government,” King said.
“We must effectively balance environmental and social impacts with the best interests of households, businesses and the wider energy industry.
“The decisions we make will be transparent and in accordance with the law.”
The government is already working to deliver a few priority actions outlined in the Future Gas Strategy.
“My department is consulting on changes to retention lease policies to encourage more timely development of existing gas discoveries,” King said.
“We are working with regulators and industry to reduce and, where possible, eliminate gas venting and flaring.
“We are also reframing future Commonwealth offshore petroleum acreage releases to enhance exploration.”
King also said a comprehensive review of the role of market bodies in the system is on the agenda.
“As planned, we are also about to review the Australian Domestic Gas Security Mechanism, Heads of Agreement, and Gas Market Code to make sure they’re delivering as intended,” she said.
“The various parts of the current policy settings have emerged over successive governments and in response to crises of supply or prices, or both.
“The review we are about the undertake is an opportunity to achieve important reforms in the national gas system:
- to drive sustainable investment
- to improve supply
- to put downward pressure on prices and enable our manufacturing industry.
“The review will be open to the public, and we want stakeholders to make their views known to us.”
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