“This is the first time within Asia where there is a shortage, and it makes me think long-term it’s a positive for Australia,” Bryan Sheffield, chief executive of investment firm Formentera Partners, said at an industry event today, as quoted by Reuters.

“Japan is now all of a sudden looking at buying more gas from Australia, and it’s going to lead to more development,” Sheffield noted. Formentera Partners has a stake in the Beetaloo shale gas basin in Australia’s Northern Territory, where it is partnering with Japanese Inpex, a major player in the Australian energy industry and operator of the Ichthys LNG project.

Japan is one of the biggest clients of Australian LNG producers. In fact, it is their second-biggest client, after China, accounting for close to a third of exports. Earlier this month, the governments of Australia and Japan inked a deal for closer cooperation in the energy space, including critical minerals.

Australia’s shale gas resources provide it with a major advantage, Formentera’s Sheffield also said, as quoted by Bloomberg. Australia’s shale resources are concentrated in the Beetaloo basin, which is estimated to hold some 500 trillion cu ft of gas. It has been compared to the giant Marcellus shale play in the United States.

Development, however, has been slow, as the industry has focused on conventional deposits for growth. Now, however, it seems like an opportune moment to move on to shale—especially in light of worries that Australia may begin to experience domestic gas shortages on the east coast before long.