Pressure is building on local liquid natural gas producers as global supply is rapidly growing.
Head of Asia Pacific Gas and LNG research at consultants Wood Mackenzie, Kerrie-Anne Shanks, said there was a flip side in that it was improving liquidity and security.
There are another 18 major gas projects yet to start producing, including four in Australia: Prelude, the floating LNG facility off the far north-west coast of Western Australia;
Wheatstone, also off the WA coast, near Onslow; Icthys in Darwin in the Northern Territory; and a third train for the Gorgon Project on Barrow Island off the WA coast, near Exmouth.
Ms Shanks said it will be a difficult few years for high cost new producers, but the move towards lower emissions energy, especially in China, India and South East Asia, means the global market will be able to absorb much of that within a few years.