The government has reached an agreement with the major gas companies to fill the domestic shortfall in Australia's gas market next year.

Prime Minister Malcolm Turnbull called Santos, Origin Energy, and Shell in for a meeting, and threatened to cap their exports unless they directed more gas to the local market.  It apparently worked.  The exact amount of gas to be quarantined just for Australia will be determined in a meeting next week.

"They have given us a guarantee that they will offer to the domestic market the gas that was identified as the expected demand shortfall by AEMO (Australian Energy Market Operator) in 2018," said the Prime Minister.  "They stated that they will provide a similar guarantee over two years, that’s their intention, and will respond further in more detail on 2019 when we meet again next week.  They've stated that they will offer first, as a first priority, domestic customers any un-contracted gas in the future as a priority."

Prior to Wednesday's meeting, AEMO and the Australian Competition and Consumer Commission warned of a shortfall of up to three times higher than the government first anticipated.