Natural gas
Overview
Natural gas has been fuelling industrial and economic growth across developed and developing countries. Its usage is set to increase as it is also being considered as a low-carbon fuel that can help make the transition to a no-to-low-carbon economy. Argus is your irreplaceable source of price information, news, expert analysis and fundamentals data for international natural gas markets.
Whether you need access to key gas prices and indexes, expert commentary on all the latest industry developments, or market data to aid your business planning, we give you the information you need and the expert view to understand it.
Latest natural gas news
Browse the latest market moving news on the global natural gas industry.
Santos agrees 200PJ gas sales deal with South Australia
Santos agrees 200PJ gas sales deal with South Australia
Sydney, 20 February (Argus) — Australian independent Santos will deliver about 20 PJ/yr (534mn m³/yr) to Whyalla steelworks under a 10-year binding term sheet signed with the South Australian (SA) state government. The total of 200PJ of gas will supply the 1.2mn t/yr Whyalla steelworks after it transitions into a low-emissions iron facility, subject to a gas supply agreement being signed by 30 June, Santos said on 20 February. Deliveries will start from 1 March 2030. Delivered ex-Moomba using indexed pricing with a prepayment structure, the deal will coincide with the expiry of Santos' Horizon contract with the 7.8mn t/yr Gladstone LNG joint venture that began in 2016. Santos' gas will enable Whyalla to deploy direct reduced iron technology to process magnetite ore into low-carbon iron, chief executive Kevin Gallagher said on 20 February, cutting emissions by about 50pc compared to the former coal-fired blast furnace operations. The steelworks were forced into administration on 19 February 2025 after SA's government passed laws to remove control of the plant from UK-based GFG Alliance. Australian steelmaker BlueScope is leading a consortium hoping to acquire the works , while the aid of more than A$2.5bn ($1.76bn) in subsidies is aimed at moving the works towards a low-emissions facility. The 20 PJ/yr Whyalla will draw on is about 30pc of Santos' current gas production from the Cooper basin, the Adelaide-based firm said. SA's Labor government previously planned to build a green hydrogen sector based at Whyalla but last year abandoned plans for a 250MW electrolyser and 200MW hydrogen-fired power station and instead redirected unspent funds to saving the steelworks. Australian think-tank Climate Energy Finance has been sceptical of the gas-led steel output strategy backed by the federal and state governments, due to Australia's uncompetitive domestic gas prices, it said. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia’s APA to expand gas pipeline network
Australia’s APA to expand gas pipeline network
Sydney, 19 February (Argus) — Australian gas pipeline operator APA will progress works to expand capacity on its gas network in the eastern states, increasing transmission between Australia's gas-rich northeast and relatively poorer southeast, where shortfalls are expected later this decade. Stage 3 of the East Coast Gas Grid (ECGG) expansion will go ahead, APA said in its results for the half-year to 31 December 2025 on 19 February, with A$480mn ($339mn) to go towards new compressors boosting capacity ahead of the 2028 winter months. The plan was first funded a year ago when A$35mn was earmarked for early works on stages 3, 4 and 5 of the ECGG expansion. Under ECGG expansion 3A, APA will build new compressors and undertake debottlenecking works on the 512 TJ/d (13.7mn m³/d) South West Queensland pipeline (SWQP) and the 590 TJ/d Moomba-Sydney pipeline (MSP). Capacity on the SWQP will rise by about 58 TJ/d, MSP by around 10 TJ/d and APA will deliver an expansion increasing the Young-Culcairn section's lateral capacity by about 39 TJ/d. A further A$220mn will be spent on ECGG 3B to buy pipe and progress a works programme for the proposed 340km, 800 TJ/d Bulloo Interlink, connecting the SWQP and the MSP between Queensland and New South Wales. The project is estimated to cost a total of A$800mn. But a final investment decision for ECGG 3B will depend on policy settings, Canberra's final response to the Gas Market Review and board approval. The projects align with identified market needs, APA said, and also support a necessary increase in gas-fired power generation to support the energy transitions. LNG vs pipeline The company's ambition to pipe more gas southwards may conflict with plans for LNG imports in southern Australia from next year. There are three proposed terminals, plus the Port Kembla Energy Terminal built by Squadron Energy aiming to bridge the identified gap in supply via seaborne imports. APA modelling shows gas delivered from Queensland into southern markets is "materially below the cost of imported LNG," the firm said, proposing that expanding pipelines and increasing northern Australia's output is a better solution than importing LNG. Argus ' Gladstone fob price, an LNG netback indicator calculated by subtracting freight and costs associated with production from the delivered price of LNG to Asia-Pacific, was A$13.65/GJ ($10.25/mn Btu) on 12 February, lower from A$24.46/GJ a year earlier. The AVX, the Argus assessment for month-ahead spot gas deliveries to Victoria, stood at A$11.367/GJ, down by about A$0.07/GJ on the week. Other companies are investing in projects designed to offset the predicted shortfall in southern states, particularly in Victoria where gas exploration spending rose by more than five-fold on the year in July-September 2025. Australian utility Origin this month pledged a further A$25mn for a planned gas storage facility in Victoria APA's revenue for July-December totalled A$1.614bn, slightly down from A$1.621bn over July-December 2024. Underlying net profit after tax was A$126mn, up from A$122mn a year earlier. By Tom Major APA's ECGG expansion plans Project Status Year complete Investment Capacity increase SWQP + MSP compression complete 2023-2024 A$300mn 25% increase across ECGG north to south MSEP conversion complete 2025 A$40mn 20 TJ/d from Moomba to Victoria or 25 TJ/d to Sydney MSP off-peak capacity expansion underway 2026 80–120 TJ/d summer capacity ECGG 3A FID taken Jun-Aug 2028 A$260mn SWQP: 58 TJ/d, MSP: 10 TJ/d, Young-Culcairn lateral: 39 TJ/d ECGG 3B pre-FID 2028 A$800mn 800 TJ/d north-south Future stages pre-FID 2029+ tba 450 TJ/d northern gas to Victoria, 500TJ storage — APA Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia’s NT releases Beetaloo shale gas acreage
Australia’s NT releases Beetaloo shale gas acreage
Sydney, 18 February (Argus) — About 4,000km² of new prospective acreage has been opened for bidding in Australia's onshore Beetaloo subbasin, as the Northern Territory (NT) government aims to attract more shale gas explorers to the remote region. The exploration acreage release was announced to delegates at the North American Prospect Expo (NAPE) in Houston, Texas, NT energy minister Gerard Maley said on 18 February. A total of 50 full and part blocks are open for bidding until 31 July. The subbasin already has two pilot projects under development, with first gas expected within months. Australian gas developer Beetaloo Energy has taken a final investment decision (FID) to build the 25 TJ/d (668,000 m³/d) Carpentaria pilot project in the basin, with first gas targeted for mid-2026. Earlier last year, Tamboran Resources' 40 TJ/d Shenandoah South pilot project also reached FID. Tamboran is additionally working with Australian independent Santos on studies to expand Santos' operated, single-train 3.7mn t/yr Darwin LNG (DLNG) terminal, which holds permits for up to 10mn t/yr of capacity. The firm has also begun engineering studies for a proposed 6.6mn t/yr NTLNG terminal , but has not provided a recent update on the project. Santos plans appraisal drilling Santos has posted 1.4 trillion ft³ (39.6bn m³) of contingent (2C) resources based on results from three previously developed exploration wells, and is planning a fresh appraisal programme starting later this year. Three wells will be drilled, fractured and stimulated over 9-12 months from July-December 2026 to produce appraisal results ahead of a FID, Santos said. Santos plans to deploy the latest US shale technologies and remains optimistic about meeting its cost of supply target for Beetaloo volumes. Santos aims to book a total of 5 trillion ft³ of 2C resources following appraisal, chief executive Kevin Gallagher said on 18 February. "We've looked at that cost of supply to both [the 7.8mn t/yr] Gladstone LNG (GLNG) and to DLNG, we've started work with governments on pipeline approval processes," Gallagher said. The earliest possible FID would be in late 2028, Gallagher added, with early 2029 more likely — followed by a three-to-four-year development phase to build a pipeline with sufficient capacity to feed either DLNG or GLNG. Supportive centre-right governments in both the NT and neighbouring Queensland state, where GLNG is located, have backed further gas production and are regarded as supportive jurisdictions for the upstream sector. The NT's shale gas reserves total about 257,000PJ (6.87 trillion m³), according to 2018 estimates from Australian government agency Geoscience Australia, with around 70pc located within the Beetaloo. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia to develop new alternative waste ACCU method
Australia to develop new alternative waste ACCU method
Sydney, 17 February (Argus) — The Australian government has prioritised the development of a new Alternative Waste Treatment (AWT) carbon-crediting method that could boost emissions abatement by offering a potentially longer crediting period and by adding biomethane generation as an eligible activity. The new methodology will be the first method remake to progress under the proponent-led development process launched in 2024 , which opened the development of new Australian Carbon Credit Unit (ACCU) methods to proponents outside government. The Australian Resources Recovery Council (ARRC) will lead the process, the Department of Climate Change, Energy, the Environment and Water (DCCEEW) said today. A total of 5.57mn ACCUs have been issued to projects registered under the AWT method, representing just 3pc of the 180.78mn ACCUs issued since the scheme started in 2012. But AWT units were the fifth-largest source of ACCU surrendered under the safeguard mechanism for the July 2023-June 2024 compliance year , behind avoided deforestation, landfill gas, human-induced regeneration and savanna fire management methods. ACCUs from AWT projects are typically sold under the generic no-avoided deforestation (No AD) label — the most liquid ACCU product in the secondary market. Developers earn ACCUs from projects that avoid methane emissions from decomposing organic waste in landfill, typically through anaerobic digestion or process-engineered fuel technologies. New project registrations under the method ceased on 31 March 2025 when it expired, although existing projects can continue generating ACCUs until the end of their seven year crediting period. Significant uptake potential Only 11 projects have ever earned AWT ACCUs, with the biggest operators including waste management firms Veolia and Cleanaway — which are also among Australia's largest landfill gas ACCU project operators — as well as carbon developer Corporate Carbon Group , according to the latest project register data from the Clean Energy Regulator (CER) ( see table ). But a "significant increase in uptake" could occur if a new AWT method is developed with key proposed changes, several submissions to a 2024 consultation by the Emissions Reduction Assurance Committee (Erac) said. Erac is the statutory body overseeing integrity in Australia's carbon crediting framework. Erac concluded that the AWT method continues to meet Australia's offset integrity standards. It recommended that assistant minister for climate change and energy Josh Wilson consider several changes if the method is remade to encourage greater uptake and abatement, including extending the crediting period beyond seven years and allowing the biomethane generation as an eligible activity. Longer crediting period favoured Most submissions supported extending the crediting period if the method is remade, to at least 20-25 years, Erac noted. This is mostly because of increasing capital and operating costs of AWT facilities, which typically run for more than 20 years, companies have argued. Some firms also noted that landfill gas projects enjoy a 12-year crediting period , despite lower capital and operating costs than AWT projects involving process-engineered fuel production or anaerobic digestion. "Several submissions argued that resource recovery should be prioritised over landfill gas capture as it aligns with the Australian government's targets for emission reductions, waste diversion, and recycling," Erac said in its review. The crediting period under a remade AWT method should at least match the landfill gas method's crediting period, companies asked. A new method could also include activities covered by the Source Separated Organic Waste (SSOW) method, which will expire on 31 March 2026. Erac reviewed that method last year, alongside beef cattle herd management, reforestation and afforestation 2.0, and land and sea transport , but recommended against creating a new SSOW method, according to an update published today. Biomethane inclusion Most submissions also called for the inclusion of biomethane generation under the new method. ACCUs would be issued for the abatement generated when biomethane is burned and when it displaces fossil-fuel natural gas consumption in domestic applications. A biomethane variation to the AWT method was previously considered in 2022 and underwent public consultation, but was not advanced for Erac's consideration at the time. High costs, regulatory barriers and a limited ACCU pathway have prevented a higher uptake of carbon crediting projects for biomethane facilities in Australia. But new certification options — including renewable gas guarantees of origin (RGGOs) under GreenPower's Renewable Gas Certification and new product guarantee of origin (PGO) certificates under the CER managed guarantee of origin GO scheme — are expected to encourage investment. RGGOs and PGOs can now be used by companies to reduce their scope 1 emissions under the National Greenhouse and Energy Reporting (NGER) scheme following long-awaited rule changes in 2025. More anaerobic digestion projects could be registered under the new ACCU method, driven by demand from gas users for renewable biomethane to meet their corporate decarbonisation targets, one submission said, according to Erac. "Several submissions stated that with proper support, the AWT industry could abate an additional 13-14mn t of carbon dioxide equivalent (CO2e) per year," Erac added. By Juan Weik Australia's largest alternative waste treatment ACCU project operators Operator ACCUs issued Veolia 2,833,937 Global Renewables Eastern Creek (Cleanaway) 1,762,305 Corporate Carbon Group 709,024 Port Macquarie Hastings Council 202,605 Benedict Recycling 52,587 Northmore Gordon 8,055 IWS Group Asset 2,503 Source: CER Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Spotlight content
Browse the latest thought leadership produced by our global team of experts.
Explore our natural gas products
Key price assessments
Argus prices are recognised by the market as trusted and reliable indicators of the real market value. Explore some of our most widely used and relevant price assessments.
