CANBERRA, Dec. 22 (Xinhua) -- The Australian government on Monday announced plans for new laws that will require gas exporters to reserve a portion of supply for the domestic market.
Minister for Climate Change and Energy Chris Bowen said at a press conference in Canberra that the laws, which will be introduced to the federal parliament in 2026, will guarantee Australia's supply of liquefied natural gas (LNG) and put downward pressure on prices.
He said that the legislation will be developed in consultation with the gas industry, international parties and communities and will require exporters to reserve between 15 and 25 percent of LNG extracted in Australia for the domestic market.
"Most Australians think that Australians should have first rights to what's under Australian soil," Bowen said.
Australia is among the world's largest exporters of LNG. Still, a report published on Monday by the Australian Competition and Consumer Commission forecast that the country's south and southeastern states will face a supply shortfall in 2026.
Bowen said that he has briefed his counterparts in Asian nations, including South Korea, Japan and Singapore, who are among the biggest buyers of Australian gas, on the policy. ■