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Canavan bullish about gas production

The latest report from EnergyQuest says the gas production on Australia’s east coast hit record numbers in the third quarter of 2019.

The energy analyst’s latest report said 500.1 PJ of gas was produced in the east in Q3, with LNG exports increasing by 9.1 PJ, creating an east coast surplus of 17 PJ.

The surplus was the largest since LNG exports began and a marked improvement on the 2018 corresponding period, which saw a deficit of 17.9 PJ.

EnergyQuest also reports CSG production increased by 6.8 per cent to a record 377.2 PH in Q3, while production in Western Australia rose 11.5 per cent to 108.5 PJ.

Federal Resources Minister Matt Canavan said the numbers were a win for the national government’s policies, taking aim at southeast markets that were continuing to shun onshore gas production.

“The Andrews Government seems intent on shutting down industries, from vegetable processors to aluminium smelters operating in regional areas of Victoria while they pander to green activists and Greens in inner city Melbourne,” said Minister Canavan.

“We recognise that many businesses are still doing it tough with energy prices and I am focused on keeping gas prices down so we have a vibrant manufacturing and processing sector in rural and regional areas.

“WA has shown that a successful LNG export industry can survive and thrive with a gas reservation policy.

“I will ensure that gas is available and affordable for industry on the east coast as well and will work with states and the Northern Territory and industry to implement a National Gas Reservation Scheme.”

EnergyQuest said short-term east coast gas prices averaged $8.23/GJ in Q3, down 7.8 per cent from the same period in 2018 and down 13.1 from Q2 in 2019.

Prices in the south were higher than those in Queensland, while WA’s wholesale domestic gas prices remained steady.

For more information visit the EnergyQuest website.

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