The Australian Competition and Consumer Commission has accused big gas companies of exploiting joint marketing arrangements to delay the development of gas and push up prices.into the domestic market to avoid shortfalls in eastern Australia, the ACCC said some gas companies were gaming the current system to withhold supply and raise prices.The gas industry said joint marketing, especially in some big consortiums, helped share the costs of exploration and production.
These four JVs – the three big LNG exporters and Arrow – account for 83 per cent of 2P reserves and 73 per cent of production in the east coast gas market in 2021.The ACCC said if the parties behind these JVs were to separately market gas in the east coast, then it would result in the number of producers competing to supply the gas produced by the JVs potentially increasing from four to 12.
But some smaller producers and industry groups, including the Major Energy Users and the Energy Users Association of Australia, said joint ventures were no longer needed on the east coast market, with buyer competition having increased considerably over the past two decades.
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