Further to commencement of new reporting obligations for gas market participants under the National Gas Amendment (Market Transparency) Rule 2022, the AER has published a guidance note on reserves and resources reporting by gas field owners. This follows the release of the AER’s Compliance bulletin – Gas market transparency reform (reporting) in February 2023, which outlined all new reporting obligations and the AER’s approach to enforcing compliance.
The National Gas Rules require gas field owners to annually provide reserves and resources estimates to the Australian Energy Market Operator (AEMO), including timely updates if there is change to submitted estimates. At the same time the estimates are provided to AEMO, gas field owners must also provide to the AER the gas price assumptions used in preparing the estimates.
The AER‘s Guidance Note: Reserves and Resources Reporting by Gas Field Owners outlines the AER’s compliance expectations for gas field owners when they report reserves and resources information to AEMO and the AER. The guidance note focuses on reporting requirements for gas field owners when they submit their gas price assumptions to the AER. It includes AER expectations when submitting verification statements on price forecasts for uncontracted reserves.
Gas field owners are asked to use the AER’s reserves reporting template when submitting their gas price assumptions to the AER. The reporting template has been published alongside this guidance note and includes a reporting checklist. Gas field owners are asked to consult the reporting checklist to ensure their submission is consistent with the AER’s reporting expectations.