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Oil and gas industry calls for funding

Oil gas funding

Australia’s oil and gas industry has called for more funding through the Federal Budget to unlock new gas supply.

In its 2024-2025 Federal Budget submission, Australian Energy Producers (AEP) has outlined a plan to avoid shortfalls on each coast and continue to deliver affordable and reliable energy for Australian homes and businesses.

AEP chief executive Samantha McCulloch said a “recalibration of policy” is needed to secure the country’s energy future.

“We are calling on the Federal Government to work with gas producers, energy users and state governments on an Action Plan to bring on new supply to address near-term structural shortfalls,” she said.

“Whether it’s through streamlining environmental approvals or fixing the broken offshore regulatory system, Australia needs to move quickly to secure the economic, energy security and emissions reduction benefits of natural gas.”

The submission also highlights the long-term role natural gas will play in Australia’s energy transition to net zero.

“The release of new offshore petroleum exploration acreage is long overdue and this annual process needs to get back on track to maintain our domestic and regional commitments,” McCulloch said.

“We have proposed the establishment of an Australian LNG Producer-Consumer Taskforce to strengthen regional relationships and ensure Australia benefits from a potential 10-fold growth in Asian LNG demand.”

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