Victoria State Approves AU$1 Billion Gas Project to Address Supply Shortage

Deep News10-23

Victoria has granted a production license for a natural gas project valued at AU$1 billion (US$700 million) in order to tackle an anticipated gas shortfall.

According to a government announcement, the Golden Beach gas project operated by GB Energy Pty Ltd is scheduled to begin gas production in 2028, with the storage facility set to become operational one year later.

The facility will increase the state's gas storage capacity by approximately 70%.

Forecasts indicate that the densely populated east coast of Australia will face a domestic gas supply gap by the end of this decade.

Industry and government regard natural gas as a backup energy source when wind and solar power generation are insufficient.

Climate organizations argue that this approach could hinder the country's ability to meet its emissions targets.

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