Australia exports more liquefied natural gas than any country except the United States and Qatar. Yet its own eastern states face recurring supply shortfalls because 70-80% of production flows to overseas buyers. Queensland, the source of most east coast gas, just opened the Taroom Trough—potentially the nation's first major new oil province in 50 years—with a mandate that any discoveries must serve Australian households first.
The February 2026 exploration award to Omega Oil & Gas, Tri-Star E&P, and Beach Energy represents the Crisafulli government's bet that new supply can solve what policy interventions have not: a structural gap projected to widen after 2028 unless production expands. The Australian Competition and Consumer Commission forecasts a possible 8 petajoule shortfall as early as the second quarter of 2026 if LNG exporters ship all their uncontracted gas overseas.