The document analyzes developments in Australia's shale gas industry, which is looking to rapidly build its shale gas reserves to gain a foothold in the global shale gas market and increase natural gas exports, especially to Asia. It notes that Australia has 437 trillion cubic feet of recoverable shale gas reserves according to estimates, but developing these reserves will take a long time. Both domestic and foreign companies are obtaining licenses to explore and develop shale gas blocks in Australia, though there are challenges to overcome.