Session 3. Oral Presentation for: Australia is still an attractive investment destination for exploration and development

Abstract

Presented on 27 May 2025: Session 3

Australia is widely considered to be facing gas shortfalls for supply to the domestic markets, from Western Australia to the east coast. Gas shortfall forecasts have previously been addressed through the addition of new resources from greenfield and backfill developments, both onshore and offshore. Continuing this trend will offer exploration and investment opportunities across the country. However, current production outlooks, which include developed and production-ready assets, forecast that new gas supplies will not be adequate despite declining gas demand. Thus, the Future Gas Strategy was released by the Federal Government in May 2024. Onshore exploration incentives are available, and offshore acreage has again been awarded in a holistic approach to bring new production online. But are there existing plays and proven assets ready to be matured or developed that are unattainable through regulatory restrictions? Across the Australian states and territories, moratoriums, policies and temporary/permanent bans have prevented much-needed exploration as remaining reserves fail to match demand forecasts. Within basins covered by past and present government interventions, there are recognised exploration potential hotspots currently out of bounds to explorers. This paper looks at the domestic gas outlook and considers how restrictive policies can impact exploration, which is needed to secure the future gas requirements.

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