Page 11 - AsianOil Week 27 2022

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Russia mulls rubles-for-LNG scheme

Australia mulls extending gas

security mechanism

POLICY AUSTRALIA’S government has proposed domestic supply in times of a supply shortfall,”
extending a gas security mechanism until 2030 King said.
Australia’s energy crisis that would enable it to restrict LNG exports if The minister is set to hold top-level meetings
has been brought on there were an insufficient supply of gas at home. with Australia’s leading gas suppliers, and the
by surging demand and Announcing the move, Australian Resources government may also renegotiate the previously
outages at coal-fired Minister Madeleine King said the Australian agreed heads of agreements (HoAs) with East
power plants. Domestic Gas Security Mechanism (ADGSM) Coast LNG producers.
was an important tool that the government Australia’s gas industry association APPEA
could use to ensure the country’s energy security. said it would work constructively with the gov-
Australia is in the grip of an energy crisis, caused ernment on the extension to the mechanism.
by soaring demand as a result of colder weather, “Australia needs to be conscious of the sig-
and outages at coal-fired power plants. nal any consultation sends to our long-stand-
The mechanism was first introduced in Aus- ing trade and investment partners who have
tralia in 2017, and had been due to expire at the invested in the Australian economy because of
end of this year. Under it, Australia Pacific LNG, our investment stability and purchase our gas at
Queensland Curtis LNG and Gladstone LNG great benefit to the Australian people,” APPEA
have all agreed to keep Australia’s East Coast gas acting CEO Damian Dwyer said.
market supplied if necessary. Dwyer said it was critical that any policy
“We are opening public consultations on changes in response to recent problems in the
extending the ADGSM to January 1, 2030, to East Coast energy market recognised the issues
ensure the government continues to have access with coal plant outages and the intermittency of
to the emergency mechanism to reserve gas for renewables. ™

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