Beach Energy Limited (ASX:BPT) has forecast gas prices on Australia’s east could jump from around $4 to $9 per gigajoule.
The prediction comes one week after fellow oil and gas producer Santos Limited (ASX:STO) said it believes increasing demand could see the price of gas more than double in the next 20 years.
Santos recently secured Eastern Star Gas Limited (ASX:ESG) and its coal seam gas resource in New South Wales, in a deal worth in excess of $700 million.
Earlier this week Beach Energy launched an unconditional $93 million cash bid to acquire all the shares it does not already own in junior energy explorer, Adelaide Energy Limited (ASX:ADE).
Yesterday Beach advised its stake in Adelaide Energy had risen from 19.95 per cent to more than 40 per cent.
Shares in Beach Energy closed 0.82 per cent higher yesterday at $1.24.
In the 2011 financial year Beach Energy booked a net loss of $97.5 million
