Woodside CEO: Australia’s Energy Security Is at Stake | OilPrice.com
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Breaking News:
Australia needs to boost its competitiveness as an energy supplier by accelerating approvals of new oil and gas projects amid the easing of regulations in the United States, Meg O’Neill, CEO and Managing Director of Woodside Energy said on Thursday.
Australia is the world’s third-largest LNG exporter after the U.S. and Qatar and has a vast mining industry. But slow project approvals in recent years have led to concerns about domestic gas supply in some regions.
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Australia’s energy policy debate should be based on science and facts, not on “wishful thinking,” O’Neill said in a speech to the Melbourne Mining Club today.
“Australia’s energy security and ongoing national prosperity are what’s at stake,” the executive added.
“Amid rising global protectionism and greater competition for capital, Australia must sharpen its competitive edge even further.”
The Trump Administration’s move to deregulate the energy sector and incentivize new investments made Australia’s challenge to compete “even more acute,” O’Neill noted.
Woodside’s chief executive gave an example with a project in Western Australia, where the North West Shelf Project Extension was given the green light by the Western Australia government in December. But this happened after six years of assessment and appeals within WA’s environmental approvals system, “despite bipartisan support for the proposal.”
“We understand the need for robust environmental assessment, but when an approval to continue to use existing infrastructure takes more than six years, it’s in nobody’s interests,” O’Neill said.
“It does not give Australia a competitive edge, or better environmental outcomes.”
Australia is betting on boosting natural gas production, but state and federal approvals are delaying some projects.
Australia is backing its gas industry and it will continue to back exploration and increased production of natural gas as the fuel will play a key role in the country’s transition to a net-zero economy by 2050 and help provide a reliable source of energy to Australia’s allies, the Australian government said in its Future Gas Strategy unveiled last year.
By Tsvetana Paraskova for Oilprice.com
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