The Australian Energy Market Operator's estimates that there is 33,487PJ of 2P reserves in reach of the east coast market - of which only 8084PJ is developed.
Based on this, Phillips said that given neutral gas demand, the industry must spend about $3 billion a year just to develop the 25,403PJ of undeveloped 2P reserves between now and 2036, over which time the neutral case for gas demand is 40,000PJ.
Phillips said that undeveloped 2P, contingent resources and prospective resources are needed to meet that demand.
East Coast gas price to stay high, page-3
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