Some key takeaway points:
Walyering gas has been even better than expected in terms of energy content, so we are getting better pricing than spot.
SE Phase 1 will only come online early/mid 2025 as had been suspected here. By the time we enter FID by end of this calendar year say, it will be 12-16 months from start to being trucked and assembled on site.
With industrial gas consumption taking up 90% of the current gas production in WA, new industrial projects to come online will incrementally add to the total consumption. I believe the next one off the rank is WES's Mt Holland Lithium project. It wouldn't surprise me one bit if they are our customer for half of the SE Phase 1 gas.
As WA approaches full decommissioning of its coal-powered plants, it will add 20% to the daily total gas demand. In essense, with no other large supply to come online within the next 2-3 years, STX will be the key clog in that supply/demand tug of war.
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South Erregulla #3, page-132
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