The executives travelled to Canberra for crisis talks with Malcolm Turnbull one week after the national energy market operator warned the country was on track for massive gas shortages.
The companies promised to sell more gas locally rather than export it but the prime minister has not ruled out imposing new regulations in the future if the companies fail to comply.
The Prime Minister told the executives of the East Coast gas companies to expect a frank conversation.
Now he's emerged from the meeting with a promise from the industry.
"They have given us a commitment, a guarantee, that gas will be available to meet peak demand periods in the national electricity market."
The PM called the meeting with the heads of Shell, Exxon, Origin and others after a damning report from the market operator showed the country was on track for widespread gas and power shortages by 2019.
The report found producers were favouring the lucrative export market and failing to provide enough gas for Australian homes and businesses.
Now the executives are promising to shift that balance, with two companies promising they will become net contributors to the domestic market.
But Mr Turnbull has left open the option of tighter regulations on exports if the companies fail to solve the problem themselves.
"The commonwealth government has enormous power in this area, as you know. We have the ability to control exports. So what we're seeking from the industry - and they understand the context in which their commitments are being sought - what we're seeking from them are commitments that ensure that the domestic gas market is well supplied. That's fundamental. They understand that, they understand it very well."
Last week's report by AEMO, the national energy market operator, concluded that state bans on fracking were making gas less available.
The gas executives agreed with Malcolm Turnbull that more pressure needs to be put on states like Victoria, to overturn its effective ban on all onshore gas extraction.
Opposition leader Bill Shorten says if the premiers are so vital to discussions, they should have been at the table.
"He didn't even think to invite the states, who have a lot of the say over the planning and the rules around gas development in this country. He didn't think to bring along the manufacturers, who are feeling the pinch, plus the tens of thousands of jobs that are at risk."
Labor's preferred policy is a national-interest test on new gas developments to ensure local needs are met.
Mr Turnbull says he will hold another meeting with the companies in one month to make sure they are keeping to their word.
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