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Fuel giant says it’s time to get on with gas import plan

ByNick Toscano

August 26, 2024 — 6.03pm

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One of Australia’s biggest fuel suppliers says there is growing recognition that time is running out to stop crippling gas shortages hitting homes and businesses in the nation’s south-east as it prepares to resubmit a bid for approval to start importing liquefied gas into Geelong.

Rapid declines from the giant offshore gas fields in Bass Strait have intensified warnings that supplies are tightening in Victoria, NSW, South Australia and Tasmania during winter and could be in deficit by 2028, raising the risk of gas shortages and runaway energy bills.

Viva Energy, owner of the Geelong oil refinery, is seeking approval to begin importing liquefied natural gas into Victoria for the first time.Credit:Nic Walker

Australia is one of the world’s top shippers of liquefied natural gas (LNG), but large volumes of Queensland production are locked into long-term export contracts, while pipeline limitations restrict how much gas can flow south on days of heavy demand and gas from WA cannot be transported east.

Viva Energy, which owns the Geelong oil refinery and the national Shell and Liberty petrol station chains, said on Monday it was close to resubmitting its environmental studies to extend a refinery pier in Corio Bay to park a vessel capable of receiving LNG cargoes from other parts of Australia or overseas and turn it back into vapour.

The project was initially planned to start delivering gas by the winter of 2024, but a final investment decision was pushed back amid a drawn-out environmental approvals process and requests from the stategovernment for additional information on its potential local impacts.

From The Age newspaper today.