The federal government has formally extended the life of the so-called gas trigger until January 2030 as it seeks to shore up supply for the domestic market.
Resources Minister Madeleine King on Friday said regulations to extend the Australian Domestic Gas Security Mechanism had now taken effect following formal approval by Governor-General David Hurley.
The mechanism was due to expire on January 1.
The extension to 2030 means the minister can issue a notice of intent to make a determination to use it next year, if needed.
"This extension will ensure the ADGSM remains a lever for the government to use to help safeguard our domestic gas supplies and to ensure energy supplies to Australian households and businesses," Ms King said.
"There will be a further review of the mechanism in 2025."
The mechanism is a measure of last resort which allows the government, in the event of a predicted shortfall, to restrict exports to ensure enough gas is available for domestic use.
The government has also opened consultation on reform to the trigger "to ensure that it is an effective tool and fit for purpose".
It has also started negotiations on a new heads of agreement with major gas producers.
The heads of agreement is a deal that ensures uncontracted gas is offered to Australian users in the first instance to help avoid a forecast shortfall.
The Australian Competition and Consumer Commission earlier this month found a shortfall of gas would occur in 2023 if all the excess gas produced by exporters was sent overseas.
ACCC chair Gina Cass-Gottlieb said the watchdog was concerned about the high level of market concentration, noting LNG exporters and associates had influence over almost 90 per cent of the proven and probable reserves in the east coast in 2021.
The Australian Petroleum Production and Exploration Association said the ACCC report showed 167PJ of uncontracted gas was available for supply into the domestic market next year, which was more than enough to ensure no shortfall occurred.
