One of Australia’s biggest fuel suppliers says there is growing recognition that time is running out to avert a gas crisis in the nation’s south-east.
One of Australia’s biggest fuel suppliers says there is growing recognition that time is running out to stop crippling gas shortages hitting homes and businesses in the nation’s south-east as it prepares to resubmit a bid for approval to start importing liquefied gas into Geelong.
Viva Energy, which owns the Geelong oil refinery and the national Shell and Liberty petrol station chains, said on Monday it was close to resubmitting its environmental studies to extend a refinery pier in Corio Bay to park a vessel capable of receiving LNG cargoes from other parts of Australia or overseas and turn it back into vapour.
If the Victorian approval process concluded by the end of the year or early 2025, he added, Viva was confident it could sign necessary commercial deals with gas retailers or industrial buyers to underpin the investment, and could start delivering gas to the market by “mid-2028” – in time to help ease the threat of shortfalls.
With gas shortfalls approaching and the long lead time it typically takes to develop new gas production fields, Wyatt said an LNG import terminal was among the only options left for Victoria to avert an energy crisis.Another project in NSW, which is being built by billionaires Andrew and Nicola Forrest’s Squadron Energy, is looming as Australia’s first LNG import facility.
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