Multinationals such as Chevron and Exxon have warned of damaging the country’s reputation as a stable regulatory environment though new intervention.
Australia’s reputation as a stable regulatory environment is at risk of damage through new intervention measures, according to some of the country’s biggest overseas energy investors.Billions of dollars of further investments are being made at the Gorgon LNG venture in Western Australia.
ExxonMobil Australia chairman Dylan Pugh said gas had come to the fore to sustain energy supplies for the eastern states after a big drop-off in wind generation between May 8 and 13, exposing the critical role the fuel plays as the country moves towards lower carbon energy. “The situation that we’ve found ourselves in reinforces why it’s absolutely critical that governments preserve a stable investment environment that supports a diverse range of energy solutions for Australia,” he said.Chevron Australia’s head Mark Hatfield said stable policy had been a major drawcard for the US energy major to invest here, where it is probably the biggest overseas investor through its huge LNG investments in the Gorgon and Wheatstone projects in Western Australia.
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