I sent a message to Stuart this afternoon to get some clarification on the WA government gas policy, along with the announcements by BPT in relation to Waitsia gas supply to NWS.
Below was the response:
“The update to the WA domestic gas policy is not unexpected. As we have been forecasting for some time, WA’s security of supply for its large and mature domestic gas market was delicately poised on requiring new LNG investment. The events of 2020 have significantly undermined these investments and cast doubts over some of the revised plans.
The updates to the policy are about trying to ensure future (Perth Basin) gas resources are directed into the WA market over export. However, the market is expected to be short and void of new supply sources right at the time when the Waitsia JV has been granted an exception to these new rules.
In the short term (whilst Waitsia supplies the NWS) this will create a less competitive WA gas market which will in turn cause prices to rise. However, at Strike we are ready to pick up the slack as we are firmly focussed on our development program, ensuring that gas in WA remains an abundant, affordable and a competitive source of energy.”
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