Victoria’s handling of gas development and the state government’s attitude towards investment came under fire when Santos chief executive Kevin Gallagher lashed out at a conference in Brisbane.

“If I think about Queensland, South Australia, Western Australia – these are very supportive, very development-friendly jurisdictions,” Mr Gallagher said.

“Victoria? North Korea. They’re different altogether.”

On the sidelines of the same conference, Beach Energy CEO Brett Woods said getting gas projects approved in Victoria had “been a challenge”.

“Victoria still have had quite a negative policy in terms of what the role of gas is in the state,” Mr Woods said on Sky News’ Business Weekend.

“I think the recognition now, with industry shutting down and foreclosures and other things, (is) that they need more gas.

“We're ready to help, we just want to get after our projects so we can move them forward.”

Victoria continues to be the most gas-dependent state in the country as the fuel is critical for warming homes and businesses during winter.

However, a green energy focus, depleting offshore gas supplies and historical moratorium banning gas exploration, which was lifted in 2022, means Victoria faces looming shortfalls and may have to begin importing liquefied natural gas in the coming years.

Mr Woods said red tape and delays meant it took more than 40 approvals to get a single gas well online in Victoria.

“That was challenging. It took considerable time,” he said.

“That really challenges our ability to continue to explore and invest. I think in recent months we've seen positive energy out of Victoria to see more gas, so that's been great.

“But when you have these challenges, it's hard to bring shareholders and boards along to the journey about deploying company capital.”

Victoria was formerly a major gas powerhouse and exported the fuel source to NSW and South Australia, however, concerns about the future of gas in the state are now common.

The Australian Competition and Consumer Commission earlier this year warned about winter shortfalls in south-eastern states, while the Australian Energy Market Operator (AEMO) projects shortfalls during peak demand from 2028.

AEMO also forecasted annual supply gaps from 2029.

While some smaller players look for gas onshore, the major players are avoiding this and looking towards more development of offshore gas.

ExxonMobil and Woodside have recently approved a $350m investment to launch new drilling projects in the Bass Strait, while ConocoPhillips will spend more than $100m on drilling two exploration wells in the area.