Australia’s reputation as a destination for LNG investment among Asian customers has been dealt a blow by a shock court ruling that could delay Santos’ $4.7 billion Barossa gas project by up to 18 months.
It is expected to rattle investors in Australia’s LNG sector such as Chevron, ExxonMobil and Japan’s Inpex Corporation, which It called for Australian governments to urgently address the resulting uncertainty over project approvals “to reduce risk for trade and investment in projects around the country”.when the Full Court rejected a trial ruling supporting a Melbourne schoolgirl who argued an environment minister owned a special duty of care to young people to consider climate harm when assessing projects.
“The ability for a project to be halted, once well into construction and after achieving good-faith regulator approvals, presents a material risk to the investment environment, in our view.”
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