Australian Energy Minister Chris Bowen
Australian upstream laments government grip on gas prices
The industry is calling for the return to market-led price-setting on the east coast
The Australian government cemented its grip over the east coast gas market last year with two major regulatory changes. Between implementing reforms to the Australian Domestic Gas Security Mechanism in April 2023 and enacting the Gas Market Code (GMC) in July 2023, Canberra has several mechanisms that are intended to avoid east coast supply shortfalls or price spikes. Indeed, the government has already closed several domestic deals with major producers using the GMC's exemptions mechanism. Nevertheless, critics argue these measures do not address the more significant issue of encouraging investment, arguing greater government control over gas sales does little to improve production. Forecast
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
