The nation’s peak oil and gas industry body today said Origin’s decision to materially increase gas supply to customers in southern markets shows the market is working and is further proof that Australia’s oil and gas industry continues to deliver for the Australian economy.
APPEA Chief Executive Andrew McConville said Origin’s four-year supply agreement with Australia Pacific LNG, has secured up to an additional 91 PJ of gas from January 2022.
“Not only have domestic gas prices consistently fallen since 2016, our industry is continuing to do the heavy lifting to provide more supply to domestic users despite some states not allowing onshore developments,” Mr McConville said.
“The oil and gas industry underpins around 80,000 direct and indirect jobs – and hundreds of thousands of Australian jobs rely on the reliable, affordable and sustainable supply of oil and gas.
“Australia’s oil and gas industry is helping ensure we keep the lights on at home, and our hospitals and other public facilities operating, by continuing to deliver energy to the domestic market.
“Today’s announcement is another reminder that intervention by Government isn’t needed to get more supply into the market.
“A recent EY report found that there is a national economic boost of over $350 billion and a boost to employment of around 220,000 jobs over the next 20 years if we can get the investment settings right.”