Santos and Woodside see a solution to energy shock

, while O’Neill expressed her support for the people of Ukraine.

Left to right: Michael Stutchbury, editor-in-chief of The Australian Financial Review; Meg O’Neill, CEO of Woodside; Amanda Lacaze, CEO of Lynas Rare Earths; and Kevin Gallagher, CEO of Santos.But neither energy veteran is about to waste a crisis they say has confirmed the importance of oil to the global economy, raised fresh questions about energy security around the world, and emphasised the need to carefully manage the energy transition over decades.

“When we talk to customers, they want affordable energy, they want lower carbon energy, but first and foremost, they want reliable energy. And I think this is going to cause the world to think really hard about energy security, and where we buy energy from.” Countries like Australia and the United States, she argued, would be in the box seat to help provide energy security to like-minded allies no longer keen to rely on regimes such as those in Russia and the Middle East.

Gallagher issued a similar warning, saying that with oil and gas still part of the energy mix out to 2050 – under even the most aggressive energy transition scenarios – supply provides the only solution to the current crisis.“I just don’t see how the supply side can fill the gap in any sort of meaningful timeframe to address these high prices,” he said.

Source: Energy Industry News (energyindustrynews.net)

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