Australia's biggest oil and gas company, BHP Billion has recently announced that the company has finalized its plans for developing the Macedon gas field offshore in the Western Australia region.

It is to be mentioned here that the approval from the door of BHP clearly means that the miner has joined the list f interested companies who are eying to gain from the fuel supply shortage in the booming mining sector in the region.

The diversified miner has also said that the company owns close to 71.43% of the resource, mentioning the fact that the rest of the stake is with Apache Corp.

It may be noted here that BHP Petroleum chief executive Michael Yeager said that the development of these lines will be a boon for the region as it will improve the gas supply security in Western Australia both for the short-run and the long-run.

For the record, the gas supplied to the domestic market in Australia is priced at a lower level as compared to the LNG prices at which it is exported internationally.

However, the Western Australia region attracts higher margins as compared to the other parts of the economy.

Gas supplied to Australia's domestic market gets lower prices than liquefied natural gas exported internationally.