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- Green light for Annie gas field development
- First gas planned for 2028
- Project could provide the equivalent of more than a third of Victoria’s annual gas
- Delivering cheap gas to power industry
Amplitude Energy (ASX: AEL) has confirmed it has received production licence VIC/L37, which covers the discovered Annie field off the coast of Victoria.
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Annie was first discovered in 2019, with first gas planned for 2028. Timely approvals and regulatory certainty for oil and gas projects remain critical given the length of investment cycle required.
All gas produced from Annie is expected to be supplied into the east coast domestic market for Australian consumers.
The Victorian and Federal governments have both approved the production licence for the Annie gas field project.
Victorian Minister for Energy and Resources, Lily D’Ambrosio, said the project could provide the equivalent of more than a third of Victoria’s annual gas use, delivering more cheap Victorian gas to power industries which can’t make the switch to cheaper electric alternatives.
Works will start next year to deliver gas from 2028, kicking in at a crucial time for the East Coast Gas Market.
“This approval unlocks more affordable, locally produced gas for Victorians helping to secure supply for the industries that still rely on gas.”
The positive decision comes as the Australian Energy Market Operator (AEMO) has pushed back its peak‑day gas shortfall forecast by one year to 2029.
This was driven by lower demand from electrification initiatives which help households and businesses move off gas, easing pressure on supply and protecting families from rising bills.
Minister D’Ambrosio said gas is part of Victoria’s energy transition – but legacy supplies from Victoria’s Bass Strait are dwindling and prices are going up.
“That’s why it’s critical we continue to drive down Victorians’ energy bills by going electric and working to secure the gas supply Victoria needs.
The project will use existing infrastructure from the Casino-Henry-Netherby gas field in the Otway Basin.
AEL is up 1.62% to $1.69. Mkt cap $499.3M.
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