Australia will require liquefied natural gas exporters to reserve 20% of new
supply for the domestic market from July 1, 2027, aiming to curb prices and
prevent shortages on the east coast, Energy Minister Chris Bowen and Resources
Minister Madeleine King said. The rule will apply to new contracts and spot
market sales and mainly affect Queensland LNG projects including Australia
Pacific LNG, Gladstone LNG and QCLNG, involving shareholders such as
ConocoPhillips, Shell plc, Origin Energy and Santos Ltd. Australia was the
world’s third-largest LNG exporter last year, with all 10 export terminals
located in western and northern regions, while east coast gas fields are
declining and new projects face opposition. The policy follows the government’s
decision to drop plans for new gas export taxes in the upcoming budget.
