A major energy executive has called on Anthony Albanese and Peter Dutton to roll back red tape and prioritise the future of gas in Australia after revealing a new $27b project in the United States.
Woodside Energy’s chief executive Meg O’Neill made her plea in the lead up to a hotly contested Federal Election, where the future of energy, and its costings, has been a key issue.
It also followed the company revealing its decision to proceed with a massive Louisiana project that could see Woodside produce more than five per cent of the world’s liquefied natural gas.
However, the role of gas in Australia, which is included in both major parties’ net zero plans, could be up in the air as a Labor-led minority government with the Greens may be the outcome of the coming Federal Election.
Ms O’Neill was pressed on what this type of minority government could mean for the nation as the Greens has vowed there would be no more new gas projects – including Woodside’s plans to extend the life of the Northwest Shelf Project.
“One of the things that’s been really positive in this election campaign is that both Labor and the Coalition have affirmed the importance of gas in meeting Australia’s future energy needs,” Ms O’Neill told Sky News.
“The thing that I’d like to see from whichever party is elected is action to underpin that.
“We’ve got to be taking practical steps to tackle the red and green tape that is preventing developments from progressing.”
She reiterated her plea to whoever emerged successful after Saturday’s vote when Sky News’ Business Editor Ross Greenwood asked whether Woodside could build its Louisiana project at the same speed if it was in Australia.
“Could you get the seven-year payback in Australia that you can get from that project which is a massive $27b investment?” Greenwood said.
Ms O’Neill praised the US$12.5b of investment Woodside has made in the Scarborough gas field on Western Australia’s coastline before turning back to the Prime Minister and Mr Dutton.
“Those opportunities are out there, but again, it’s a bit of a challenge of needing to roll up your sleeves (and) work through the environmental approvals,” she said.
“That’d be the kind of pitch I’d make to whoever’s elected. We need to be taking practical steps to tackle red and green tape in this country.”
Under the Coalition’s energy plan, about eight per cent of the grid will be made up of gas and storage, while Labor’s plan will see six per cent of the grid become gas and storage.
