Instead of taking LNG exports off the global market, Australia’s focus should be on extracting more gas from its onshore reserves.
Australia’s energy minister Chris Bowen has missed a huge opportunity for Australia to step up in this crisis as an energy superpower. Prime Minister Anthony Albanese, set to speak to the developed country club of the OECD in Paris tonight, leaves no doubt Australia’s energy hardships – and those of Europe and the rest of the world – are shared ones, directly the result of Vladimir Putin’s aggression.
Industrial action has stopped ships loading at Shell’s Prelude floating LNG platform off Western Australia. Australia may have little spare LNG beyond contracted volumes to Asia. But Labor could say something about, where the largest floating object in the world has stopped loading ships as the Australian Workers Union and the militant Maritime Union of Australia seek more perks for workers on $250,000 for working 40 per cent of the year.
Mr Bowen said yesterday that domestic supply is part of the gas industry’s “social licence”, for which he does not apologise. But the grubbier reason to go that far is because state politicians have capitulated to unscientific populism about onshore gas extraction and won’t develop onshore reserves sitting next to the industries they are so anxious to protect.
But finding new energy is not as easy as in the 1970s, when Middle East oil was quickly replaced with more oil from elsewhere. Now, we have to balance geopolitically secure supply with climate-safe sources.
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