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Beyond this year, the outlook deteriorates even further. The entire east coast gas market is expected to be in structural deficit by 2028 due to rapidly declining output from ExxonMobil’s legacy fields in Bass Strait, which have traditionally supplied the bulk of domestic needs.

The additional supply to be unlocked by Beach Energy’s Enterprise has been welcomed by industry groups amid escalating worries that a lack of new projects is leading to higher prices and potentially crippling shortages for consumers, such as manufacturers, which depend on gas for energy or as raw material in their factories’ processes.