Thanks to changes to legislation, gas can now be stored offshore in underground reservoirs allowing additional gas storage to be developed in Victoria.
The Offshore Petroleum and Greenhouse Gas Storage Amendment Act 2024 is now in effect, permitting the state's gas storage capacity to be increased to help supply reliability and security.
The Golden Beach Energy Storage Project off the Gippsland coast could become Victoria's first offshore gas storage facility and increase the state's storage capacity by almost 50 per cent.
The project has undergone a rigorous Environment Effects Statement process that included public consultation.
Should it go ahead, the project would produce gas for a short time before transitioning to a storage facility. From 2028 the project could deliver stored gas sufficient for about a quarter of Victoria's annual gas requirements.
