SYDNEY, March 20 (Reuters) - Prime Minister Anthony

Albanese has asked Australia's Treasury to model options for a

tax on the windfall profits of gas companies, the Australian

Broadcasting Corporation reported on Friday, as well as to

suggest reforms to the Petroleum Resources Rent Tax ahead of the

annual budget in May.

Australia is the world's third-largest LNG supplier,

shipping A$65 billion ($46 billion) in exports last year, but

the value of those shipments is expected to soar this year with

the disruption to oil and gas trade from the U.S.-Israeli war on

Iran and the closure of the Strait of Hormuz.

Asia spot LNG prices have doubled to three-year

highs since the U.S. and Israel attacked Iran in February.

Profits earned on long-term contracts linked to oil prices,

which make up 75% of Australia's export shipments, are also

expected to surge in three to six months.

The country's top gas lobby Australian Energy Producers

said, however, that higher taxes would stop investment in new

supply and lead to even higher energy prices.

"This would be the worst possible time for Australia's

economy and energy security to impose a new, retrospective tax

on an essential energy sector," said Samantha McCulloch, CEO of

the producer group.

"Australia is already struggling to compete for investment

in gas supply projects as a result of regulatory uncertainty,

high taxes, approval delays and unchecked activism."

Energy Minister Chris Bowen, when asked about the reported

tax changes at a news conference in Queensland, said he could

not comment on cabinet processes.

"The budget will be delivered in May, and I won't be

commenting on cabinet processes today, tomorrow, or anytime

before budget day, and the budget will be delivered by the

treasurer," he told reporters.

He said the government in its first term had already

increased the petroleum rent tax, which is aimed at capturing

profits from offshore oil and gas projects, raising an

additional A$2 billion.

Australia has 10 LNG plants run by companies including

Woodside, Chevron ( CVX ), Santos, Japan's

Inpex ( IPXHF ), Origin and Shell.

LNG exporters have long been criticised for their low tax

bills through rules that allow them to earn back the capital

deployed to build their plants before paying taxes.

($1 = 1.4112 Australian dollars)