By Keith Schaefer Falcon Oil and Gas is in a “Catch-22” situation in Australia. In fact, you could argue that natural gas consumers down the entire east side of the country is in the same “Catch-22”.
A “Catch-22”—the name of the famous 1961 book by Joseph Heller—is “a dilemma or difficult circumstance from which there is no escape because of mutually conflicting or dependent conditions.
You see, natgas prices in heavily populated eastern Australia have soared—up to $25-$30/GJ, or 6x North American pricing–as LNG exports have created international competition for demand. In fact, just yesterday, the Australian Energy Market Operator said they forecast
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