The Australian reported that Venice Managing Director Kym Winter-Dewhirst said shortages on the southeast coast were likely to increase “from the beginning of next year when the reserves in the Otway Basin start to decline quite rapidly”?”> “from the beginning of next year when the reserves in the Otway Basin start to decline quite rapidly”?.
The forecast is divergent to the Australian Energy Market Operator’s June assessment that the gas market would continue to improve and no supply gaps were expected before 2030.
Mr Winter-Dewhirst, who previously worked as a government relations executive for BHP, also said Venice was expecting further constraints which would result in a tightening of gas prices.
Venice is currently seeking government approval to develop an LNG import terminal in South Australia, to be supplied by Japanese-based Mitsubishi.