Gas prices ARE high in WA with a shortfall seen for 2026 or so. Earlier decline of some small fields such as devil Creek and Macedon feeding domestic gas coupled with domestic gas production out of Pluto and NWS being to the tune of 3 to 5% rather than 15% reservation policy (many older projects have their own nuanced domestic supply agreements).
There is only one cause of the supply imbalance over east and that is the approval of all the Gladstone projects without them having enough upstream resource to supply 100% of the capacity. Hence they then picked up gas on open market until the export JKM LNG price was reached.
Talking several MTPA or 50-100 mmboe of shortfall in supply.
Woodside, page-1548
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