Australia Faces Domestic Gas Supply Shortfall by 2027
January 10, 2025 at 8:37 AM GMT+0

Australia Faces Domestic Gas Supply Shortfall by 2027

Australia's east coast is projected to encounter a deficit in domestic gas supply from 2027 unless new gas fields are rapidly developed, states a recent report from the country's primary consumer watchdog. Details of the report can be accessed here.

Currently, Sydney and Melbourne, the major capitals of the most populous states New South Wales and Victoria, are already experiencing seasonal gas shortages during the winter months as existing offshore gasfields are depleted. According to a report published by the Australian Competition & Consumer Commission (ACCC), supply constraints in New South Wales and Victoria have traditionally been alleviated by piping gas from other states, such as Queensland. The ACCC suggests that LNG imports could offer more flexibility and security in supply.

Despite being among the world's top three exporters of liquefied natural gas, Australia has for years struggled to ensure sufficient supply for its domestic market, leading to governmental regulatory changes to potentially restrict LNG exports. In December, the country's first LNG import terminal was completed in New South Wales, developed by billionaire Andrew Forrest's Squadron Energy, to address domestic needs.

According to IndexBox data, Australia's export value for liquefied natural gas was a substantial USD 49.5 billion in 2023. The top export destinations included Japan (USD 8.6 billion), South Korea (USD 6.6 billion), China (USD 6.4 billion), Taiwan (Chinese) (USD 4.1 billion), and Thailand (USD 845.2 million). On the import side, Australia imported LNG worth USD 2.9 million in 2023, with the primary sources being Indonesia (USD 1.9 million) and Qatar (USD 761.7K).

As Australia moves to balance its role as a leading global LNG exporter and meet domestic energy needs, new developments alongside ongoing regulatory frameworks may be crucial to addressing the predicted supply shortfalls.

Source: IndexBox Market Intelligence Platform

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  13. LIST OF FIGURES

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    10. Production Volume And Growth
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    15. Imports And Growth
    16. Import Prices
    17. Production, In Physical Terms, 2012–2024
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    19. Production, By Country, 2024
    20. Production, In Physical Terms, By Country, 2012–2024
    21. Imports, In Physical Terms, 2012–2024
    22. Imports, In Value Terms, 2012–2024
    23. Imports, In Physical Terms, By Country, 2024
    24. Imports, In Physical Terms, By Country, 2012–2024
    25. Imports, In Value Terms, By Country, 2012–2024
    26. Import Prices, By Country, 2012–2024
    27. Exports, In Physical Terms, 2012–2024
    28. Exports, In Value Terms, 2012–2024
    29. Exports, In Physical Terms, By Country, 2024
    30. Exports, In Physical Terms, By Country, 2012–2024
    31. Exports, In Value Terms, By Country, 2012–2024
    32. Export Prices, 2012–2024

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