Southern Australian states are heavily reliant on the gas produced in Queensland. Earlier this year, they prompted the government to try and force producers to set aside a certain amount of the energy commodity for the domestic market. Big Oil immediately responded with warnings that this could discourage further investment in the country’s gas industry, which is necessary to boost supply for the future.
The only silver lining is that EU gas storage is pretty much full for the winter, and meteorologists are predicting a mild one.
Last year, when the European Union found itself in a position to urgently find a replacement for pipeline Russian gas, U.S. LNG producers were hailed as saviors. Dozens of tankers with super chilled liquid gas began arriving at European ports and, from there, into storage for the winter.
As the MSGBC region gradually positions itself as a globally competitive gas economy, the MoU will be instrumental in accelerating the adoption and monetization of gas.