Woodside Energy boss Meg O’Neill says developing new energy supplies to prevent possible shortages later this decade will remain challenging after the Albanese government’s tax deal with the Greens., the federal government secured the minor party’s support for new vehicle pollution limits and changes to the tax regime for oil and gas projects in exchange for a pledge to delay reforms aimed at streamlining the offshore approval regime, which the industry says is “broken”.
“This helps us make future investment decisions,” she says in a speech to be delivered at the group’s annual conference in Perth. “The industry stands ready to work with the government to progress these necessary reforms as soon as possible.” The Albanese government’s “future gas strategy,” released by Resources Minister Madeleine King this month, endorses energy market operator warnings that new supplies are necessary to avoid shortfalls. It also recognises that gas will play a key role in the shift to net zero emissions because it generates fewer emissions than coal but can still be relied upon to back up weather-reliant renewables.
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