Is exploring Australia’s south east coast advantaged? ​

Australia may be one of the world’s biggest LNG players, but in its key east coast domestic gas market its facing a supply shortage, and prices are rising. With traditional sources declining, the local market is getting tight. Prices are rising, and any temporary outages are sparking volatility. Supply from three offshore basins – the Bass, Otway and Gippsland – meet over 50% of domestic demand, but output is falling. Imported LNG is needed mid-2020s to meet domestic requirements. The government has launched the 2021 offshore license round, with ~35,000 km2 of acreage available in the Gippsland and Otway. This is far larger than all existing active acreage. Other access opportunities exist, with ongoing M&A and farm-in processes. Advantaged resources are low cost, low carbon and can be commercialised quickly, via good markets with low above-ground risks. Our focus areas tick a lot of these boxes, but do they tick enough?