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    Offshore Oil Lease Plan By Biden Sparks Climate Concerns

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    UN Condemns Energy Giants For Ignoring Science of All Things

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    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

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    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

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    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

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Fresh Gas Supply Need Is Created By Australian Energy Crisis

venkat by venkat
August 29, 2022
in Market Reports
0
Neptune Energy producing natural gas from Merakes project in Indonesia

According to a report, Australia’s ongoing energy crisis has increased price controls by 400% to AU$40 per gigajoule, necessitating the need for new gas supplies.

A perfect storm of underinvestment in new energy sources, cold weather that coincided with coal outages and supply problems, low renewable generation, and high global commodity prices led to the current situation. The market was pushed to the brink of collapse by this extraordinary combination, according to Principal Analyst, Global LNG at Wood Mackenzie, Daniel Toleman.

The crisis did demonstrate the necessity for new sources of energy supplies to fulfil current and future demand, but LNG producers intervened to reroute gas to locations that needed it. The winter’s record-breaking price increases for gas, coal, and electricity set off the nation’s dilemma.

In the middle of Australia’s clean energy transition, the crisis presents a challenge to the nation in maintaining its efforts to attain its net zero target by 2050 while preserving its energy security.

The federal government must tread a fine line in order to control the energy balance along Australia’s east coast. Prioritizing Australian gas resources for Australian customers is very much in the limelight following this winter’s energy crisis, according to Lucy Cullen, Principal Analyst, Global Gas. But in addition, the government must oversee new gas developments and gas supply, especially LNG projects.

Australia needs gas, says Wood Mackenzie, alongside other industrial uses like fertilisers, chemical manufacturing, mineral processing, and mining.

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