In 2020, the liquefied natural gas (LNG) trade saw a modest increase of 1%, which is in contrast to the strong growth of previous years. Recently, the global LNG trade has picked up following the easing of impacts from the pandemic and demand growth in Asia. An increase of 6% in the global LNG trade is expected in 2021 and 2022. Domestic demand for gas remains high, with gas being used both for residential supply and also as an essential feedstock for the manufacturing industry. With a projected domestic gas shortfall, the future exploration and development of oil and gas will play a key role in ensuring access to secure, reliable and affordable energy in the future as well as assisting economic recovery from the pandemic. The importance of remaining an attractive investment destination is essential. Our challenge is to not only strike the balance of being agile and adaptive to market disruptions but also provide robust policy and regulatory frameworks to underpin future investment in the sector. Against this backdrop, this paper provides details of the 2021 offshore petroleum exploration acreage release and information about the ongoing policy work of the department.
