Santos (ASX:STO), the operator of the Narrabri Gas Project in New South Wales, was modestly higher Tuesday after the federal government said Monday it opened a comprehensive review into gas market regulations to ensure access to affordable gas and adequate supplies.

Shares of the company rose almost 1% in recent trade.

The Australian government will examine the Australian Domestic Gas Security Mechanism, the Gas Market Code, and the Heads of Agreement with major east coast gas exporters, per the statement.

The review will also assess whether the market and current regulations are fit-for-purpose, and if they can be improved.

Santos did not immediately respond to a request for comment by MT Newswires.