Industry executive: Australia urgently needs to increase natural gas production

```htmlGolden Ten Data reported on May 19 that executives from the fossil fuel industry pointed out Australia must invest in the production of more natural gas to avoid domestic supply shortages towards the end of this decade. Shell Australia Chairman Waik stated: “Conflicts in the Middle East highlight the world's reliance on oil and gas. Our country urgently needs more natural gas.” Although Australia is one of the world's largest liquefied natural gas exporters, its east coast is expected to face a supply gap towards the end of the decade. To address this gap and protect domestic consumers from high international prices, the government this month approved the industry-opposed “Domestic Natural Gas Reserve Program,” requiring producers to reserve one-fifth of new output for domestic use. Santos CEO Gallagher criticized the plan, saying it will lower prices in the short term but stifle investment and supply. “Capital only flows to places where it feels secure. The industry needs to re-attract capital back to Australia.”```