According to the Australian Energy Market Operator (AEMO), southern and southeastern Australian states will have to import LNG by 2024 to avoid gas shortfalls on peak winter days, as the southern gas supply is forecast to fall by more than 35% over the next five years. Indeed, several existing gas fields in Victoria are expected to stop production between mid-2023 and mid-2024. Consequently, new gas fields could be developed and gas pipelines should be expanded - at least pipeline capacity limitations should be addressed - to delay shortfalls until 2026.
The state of New South Wales (NSW) plans to add 70 PJ of gas supply into the energy markets by 2022, from the Narrabri coal seam gas project or from LNG imports. Several LNG import and regasification terminals are under consideration in Australia, including AGL Energy's 3.8 bcm/year Crib Point LNG project in Victoria (by 2022), ExxonMobil's import terminal project in Victoria, 2.2 bcm/year Port Adelaide LNG project in South Australia, 2.7 bcm/year Port Kembla LNG project and 8.4 bcm/year Newcastle LNG project in New South Wales.
