Exxon warns Australia faces sharp drop in gas supply, calls for policy stability [Reuters]
News Corporation - Class B (NWS)
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Source: Reuters
supply, joining other gas producers in calling for policy stability and more investment in the sector. There is an urgent need for new investment in domestic gas supply and infrastructure to provide energy security and affordability for households and businesses, ExxonMobil Australia's Commercial Director David Berman said in a speech to the Australian Domestic Gas Outlook (ADGO) conference in Sydney. "Without investment, ExxonMobil Australia estimates by 2030 domestic gas supply available to southern states will decrease by 44%," Berman said. Exxon operates the Gippsland Basin joint venture, the biggest single gas supplier into the country's southern region, which includes New South Wales, Victoria, Tasmania, the Australian Capital Territory and South Australia. Berman said it takes just months to apply for and receive an onshore and offshore drilling permits in the U.S. but in Australia it can take up to two years. "Chasing sizably lower domestic gas prices requires signif
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