Beach Energy has been granted two production licenses for the Artisan and La Bella gas fields located offshore Victoria. Federal Minister for Resources Madeleine King approved the licenses for the Otway Basin projects on Friday, aiming to increase gas supply to the domestic east coast market.
These production licenses will be dedicated solely to domestic use, directly assisting Victoria and New South Wales in putting downward pressure on prices. Gas will be supplied to Beach Energy’s Otway Gas Plant near Port Campbell, Victoria, for processing.
“As Australia transitions to renewable energy, it is essential to ensure a stable gas supply to the market,” the Minister’s office stated. “We need to maintain downward pressure on prices, bolster energy security, and keep the lights on as we work towards net zero.”
The Future Gas Strategy emphasizes that while gas demand will decrease over time, ensuring adequate supply now is crucial for lowering prices and enabling gas to play a vital role in supporting the transition to net zero.