The Carroll Labor Government is securing gas for Victorian homes and industry.
The production licence for GB Energy’s $1 billion Golden Beach Gas Project off Ninety Mile Beach in Gippsland has been approved.
It will boost the state’s gas storage capacity by around 70 per cent.
The project will produce gas before converting the offshore field into storage, helping meet peak winter demand forecasted by AEMO and keep pressure off prices.
Gas production can begin from 2028, with storage from 2029.
We have been clear that gas has a role in Victoria’s energy transition, particularly for industries that rely on it.
That’s why Labor has backed the new supply we do have and expanded storage:
- Esso and Woodside have made a final investment decision on the $350 million Kipper and Turrum fields development in Bass Strait.
- Woodside has identified four further potential development wells that could deliver up to 200 petajoules of gas, subject to investment decisions.
- ConocoPhillips and 3D Energi have discovered gas in the Otway Basin after investing around $100 million in exploration drilling.
- Amplitude Energy and OG Energy are partnering on a $400 million exploration program in the Otway Basin, targeting first gas in 2028.
- Lakes Blue Energy is appraising an onshore gas field in Gippsland, while Lochard Energy is expanding Iona, the east coast’s largest underground gas storage facility.
Labor is also making sure Victorians can keep cooking with gas.
If an existing gas stovetop break – under Labor households and small businesses can replace it with another gas stovetop.
While electrifying new homes and helping households switch to cheaper electric appliances brings down bills – Labor knows Victorians value cooking with gas and is protecting it.
This is all part of Labor’s plan to preserve limited gas supplies and find new sources of gas for industry.
Victoria’s investment in renewables is helping keep wholesale electricity prices down.
Jess Wilson’s One Nation–Liberal Coalition wants to rip up renewables – leaving Victorian households facing higher bills and a greater risk of blackouts.
It's a fact that our gas supplies are declining – we're focused on securing the supply we do have.
Jess Wilson’s plan to rely solely on gas falls apart the moment you ask where the supply is coming from.
If their plan relies on opening Victoria to fracking, they need to come clean with Victorians.
Quotes attributable to Minister for Energy and Resources Jaclyn Symes
“Golden Beach will boost Victoria’s gas storage capacity by around 70 per cent – more gas ready for winter, less pressure on prices.”
“Ripping up renewables won’t put more gas in the ground. If Jess Wilson’s answer is fracking, she needs to come clean with Victorians.”
“Only Labor will deliver cheaper energy and secure gas for the industries that keep Victorians in jobs.”