US-Iran conflict lifts Queensland gas exploration into focus
The US-Iran conflict slashed global LNG supply by about 20 per cent, doubling prices and spurring Queensland gas companies to accelerate projects.
The US-Iran conflict has disrupted shipping through the Strait of Hormuz, cutting world LNG supply by roughly 20 per cent. Asian spot prices have risen sharply.
Recent cargoes have commanded prices past US$24 per MMBtu. Queensland explorers including Omega Oil & Gas, Elixir Energy, Denison Gas and Comet Ridge have accelerated onshore drilling, sensing a window to sell at peak prices.
Omega's Canyon-4 well hit 197 metres of net oil and gas pay, lifting its shares 15 per cent. Comet Ridge took full control of the Mahalo Gas Hub in the Bowen Basin.
The company is targeting a final investment decision in the first half of 2027. Onshore projects are favoured because existing gathering networks connect to Asian export terminals and development costs far less.
- About 20 per cent
- Global LNG supply cut
- Past US$24 per MMBtu
- Asian LNG price
- Nearly 15 per cent on October 12 2026
- Omega shares rise
- 197 metres net oil and gas
- Canyon-4 well pay
Why it mattersA geopolitical crisis is reshaping Australia's energy strategy. Smaller explorers now have a rare chance to develop major gas reserves while global prices remain elevated.
AustraliaQueensland gas projects could generate jobs and export revenue, though success depends on whether the Strait of Hormuz crisis persists or shipping resumes.
✓ Claims checked against the source and corrected before publish. checked 2 h ago
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